The overall market, especially BTC, seems to be rather immune to many macro developments in its current state. The latest example is the rise of jobless claims and treasury rates, which usually triggers a risk-off sentiment amongst investors,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said.
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Explore NowThe cryptocurrency markets were trading mixed in Friday’s trade. Bitcoin, BNB, Tron, and Shiba Inu were trading with gains, while XRP, Litecoin, Cardano and Polkadot were trading with cuts.
“The crypto market has experienced slight selling pressure in the last 24 hours. The crypto greed and fear index is up by 2 points and is currently in the neutral zone with a score of 54/100. The overall market, especially BTC, seems to be rather immune to many macro developments in its current state. The latest example is the rise of jobless claims and treasury rates, which usually triggers a risk-off sentiment amongst investors,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said.
Bitcoin (BTC) rose 0.55% to $29,180, meanwhile, its largest peer, Ethereum, was also trading higher and stood above the $1,800 level.
The total volume in DeFi is currently $2.41 billion, 8.31% of the total crypto market 24-hour volume. The volume of all stablecoins is now $27.03 billion, which is 93.14% of the total crypto market 24-hour volume.
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View Details »Meanwhile, the global cryptocurrency market cap was trading marginally higher, around $1.16 trillion, rising 0.08% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $567 billion. Bitcoin’s dominance is currently 48.73%, an increase of 0.17% over the day, according to CoinMarketCap. BTC volume stood at approximately $12.44 billion, falling 19.22% in the last 24 hours.
“Bitcoin continues to be in a range-bound between $29,000 and $29,500 for much of the past 10 days. This is likely due to a lack of fresh money flowing into the crypto market. Investors are waiting for more clarity on the regulatory environment and the potential approval of a Bitcoin ETF in the United States,” said CoinDCX research team.
Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, “Recent analysis of the Bitcoin market on the 4-hour time frame reveals limited trading range, which is hitting resistance around $30,000, while support is set at $29,000.”
“Technical metrics like RSI and MACD signal a bearish trajectory. The recent drop to $29,100 suggests a possible continuation of the decline, possibly targeting $28,700 as the next support level. Another violation could see it drop to $28,200,” Sathvik added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 13.30 hours, IST on August 4, 2023)
Bitcoin $29,180 0.58%
Ethereum $1,836 0.25%
Tether $0.9989 -0.01%
BNB $242 1.24%
XRP $0.6584 -1.69%
Cardano $0.293 -0.78%
Dogecoin $0.07444 0.44%
Solana $22.99 1.13%
Polygon $0.6671 -0.89%
Litecoin $82.86 -3.89%
Polkadot $5.01 -0.42%
Tron $0.07743 1.31%
Shiba Inu $0.000008553 3.97%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)