After a week of significant gains, the crypto market seems to be cooling-off with most digital assets witnessing declines.
Bitcoin’s price dropped 2.3% in the past 24 hours below $95,000, but is still up 5.8% on the weekly chart. The flagship cryptocurrency has a market cap of $1.896 trillion and a 24-hour trading volume of $48 billion.
During this period, positions worth $493.18 million were wiped out – $385.67 million in longs, and $107.51 million in shorts, according to data from Coinglass.
Despite this price drop, the 1-day technical analysis from TradingView remains bullish with the summary pointing to “buy” at 15, moving averages show “strong buy” at 13, and oscillators remain “neutral” at 7.
The total cap of the crypto market declined by 2.83% in the past 24 hours and is currently at $3.26 trillion.
Ethereum lost 3.6% of its value in this timeframe with a trading volume of $29 billion. Nevertheless, ETH is still up 6.4% in the past 7 days and has a market cap of around $399 billion.
The biggest loser today is XRP, which lost over 11% with volumes reaching $11 billion. The altcoins is still up 24.7% this week, following the major price surge we witnessed some days ago.
With the U.S. Securities and Exchange Commission (SEC) already greenlighting spot Bitcoin and Ethereum ETFs, attention is now turning to the next wave of crypto-backed exchange-traded funds.
European banking giant UniCredit is preparing to offer its professional clients a new investment product linked to BlackRock’s spot Bitcoin ETF (IBIT), according to a report by Bloomberg.
As crypto markets navigate another week of volatility and shifting sentiment, traders are increasingly turning their attention to emerging altcoins and high-momentum tokens.
Connecticut has officially distanced itself from government adoption of digital assets like Bitcoin. On June 30, Governor Ned Lamont signed House Bill 7082 into law, placing sweeping restrictions on how the state and its agencies can engage with cryptocurrencies.