Crypto Markets Start New Week in the Red – Bitcoin Continues to Bleed
08.07.2024 9:30 2 min. read Alexander Stefanov
Last week Bitcoin and the wider crypto market experienced a significant down trend and this week might not be so different.
Last week saw major corrections across the board, with Bitcoin leading the herd. Today we can see this downtrend is continuing with Bitcoin and most altcoins being in the red.
At the time of writing Bitcoin (BTC) is trading at $55,741 after a 4% decline in the past 24 hours and a volume ot $25.6 billion. During the past 7 days alone the leading cryptocurrency lost 12.55%.
Although it showed some signs of recovering, trading between $57,000 and $58,000 during the weekend, the bearish santiment remains strong.
This is also illustrated by TradingView’s 1-day technical analysis – the summary points to “sell” at 14, the moving averages show “strong sell” at 13, while oscillators remain “neutral” at 9.
According to data from CoinGlass, $279.63 million were liquidated in the past 24 hours – $166.18 million in longs and $113.45 million in short positions).
Ethereum (ETH) also dropped below $3,000 and is currently trading $2,910 after a 4% price drop during the last day and $14.09 billion in trading volume. For the past week ETH lost 16.5% of its valuation.
The biggest losers today are two popular memecoins – Pepe (PEPE) and Dogwifhat (WIF).
PEPE lost 11.5% during the past 24 hours and is currently trading at $0.00008293, while WIF dropped by 11% and is now priced at $1.66. During the past 7 days both altcoins lost 30% and 28%, respectively.
The total market cap of all cryptocurrencies is now $2.03 trillion after a 3.88% decline.
Fears of continuied selling preassure from the German governemnt, which started selling their Bitcoin holdings last week, as well as the start of the Mt. Gox repayment plan furthers fuels the FUD and may lead to more price corrections this week.
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