Bitcoin Price Hovers Over $29,000 Mark; Losses Strike Tether, Ripple, Polkadot

Bitcoin on Thursday slipped by 0.47 percent to trade at the price point of $29,567 (roughly Rs. 24.4 lakh). This marks another day in its struggle to breach the $30,000 (roughly Rs. 24.6 lakh) mark, which Bitcoin has not been able to accomplish in the last three weeks. The selling pressure on Bitcoin has risen in recent days. Industry experts believe a bullish trend is building up for Bitcoin at the moment, and it will result in a significant movement for Bitcoin in the coming days.

“Bitcoin is beginning to show some strength with investors foreseeing a see bullish trend building up for BTC. Currently trading around $29,500 (roughly Rs. 24.4 lakh), BTC even breached its $30,000 (roughly Rs. 24.8 lakh) resistance level momentarily, in the last 24 hours. According to market data, BTC’s open interest data is now at its highest level since October 2022 (FTX collapse), another indication suggesting a big move for BTC is on the cards,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

Taking after Bitcoin’s trajectory, Ether also registered a small loss of 0.10 percent on Thursday. At the time of writing, the value of ETH stood at $1,850 (roughly Rs. 1.53 lakh), showed the crypto price tracker by Gadgets 360.

“The total ETH locked on the Ethereum chain clocked a fresh all-time high of 27.03 million, representing a 40 percent jump since Shapella. The total amount staked equated to 21 percent of ETH’s circulating supply. With an increase in validators, the staking rewards have progressively reduced,” the CoinDCX research team told Gadgets 360.

Tether, Binance Coin, Ripple, Polkadot, Avalanche, Stellar, and Leo reflected price dips.

Small losses also struck Binance USD, Monero, Cronos, Near Protocol, and Bitcoin SV on Thursday.

In the last 24 hours, the overall valuation of the crypto sector dropped by 0.38 percent to sit on the capitalisation of $1.18 trillion (roughly Rs. 97,72,878 crore), showed CoinMarketCap.

The crypto fear and greed index has jumped three points since yesterday and is currently in the neutral zone with a score of 53/100.

Explaining the current volatility of the crypto market, the CoinDCX team said, “it comes as the Federal Reserve announced plans to introduce a ‘novel activities supervision program’ over the crypto activities of banks regulated within the US.”

Among profit-making cryptocurrencies, USD Coin, Dogecoin, Cardano, Solana, Tron, Polygon, Litecoin marked their presence.

Shiba Inu, Bitcoin Cash, Chainlink, Uniswap, Cosmos, Elrond, and Zcash also recorded small gains.

“The crypto market at large has traded sideways in the last 24 hours. There has been a new development in the ‘SEC vs XRP’ case. The SEC has submitted a letter of intent to appeal against Judge Toress’ summary judgment on July 13 calling the sales of XRP not a security,” Hudda from CoinSwitch said, indicating at a positive turn of events for the crypto sector in the coming days.

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