Bitcoin price continued to fall, staying below the $ 34,000 mark on Tuesday. The world’s largest cryptocurrency plunged 1.89 percent in the past 24 hours to $ 33,813.12 at 8 a.m. IST on July 6th on the coinmarketcap.com index. It has lost nearly 50 percent from its mid-April high when it cracked down on cryptocurrency around the world. Bitcoin fell around 40 percent in the second quarter, one of the largest quarterly declines in cryptocurrency history. Strategists have warned investors that breaking below the all-important $ 30,000 mark could mean trouble.
“Bitcoin has been pretty sector-specific for the past few days. The asset was trading between $ 32,500 and $ 36,500. The Bitcoin Taproot upgrade is due soon, and while the impact of the same prices remains to be seen, this move is likely to have a positive impact on the asset. The volumes have held up well and activity across the network is also good. Bitcoin remains the favorite as crypto markets ride the recovery trend, “ZebPay Trade Desk said.
“Bitcoin faces strong resistance at $ 36,000 to $ 36,500. Therefore, to continue to rebound, the asset will have to trade above $ 36,500 and close, “added ZebPay.
“Bitcoin’s critical level of support at the $ 30,000 mark would be closely monitored. If Bitcoin fell under this region, not only would multiple short positions be active, but the price of other altcoins would take its toll, ”said Edul Patel, CEO and co-founder of Mudrex-A Global Crypto Trading Platform.
The global cryptocurrency market plummeted 0.43 percent to $ 1.42 trillion. Ether fell to $ 2,232.44, 1.17 percent on the day. Ether fell to $ 2,239.84 in one day, up 0.68 percent. XRP fell 1.76 percent to $ 0.665. Dogecoin fell 2.98 percent to $ 0.2349. However, Binace Coin and Cardano rose on Tuesday. While the Binance coin rose 2.35 percent to $ 305.76, Cardano rose 0.69 percent to $ 1.42.
“The past 24 hours have been a period of profit posting across the crypto spectrum. Most of the cryptos lost the profits made over the weekend. This sell-off should come as no surprise as the general momentum in the markets is currently bearish, “added Patel.
Take a look at the top cryptocurrencies and their prices on July 6th (data from coinmarketcap.com at the time the article was published):
Bitcoin $ 33,930 -1.89 percent change in 24 hours
Ethereum $ 2235.90 -1.10 percent change in 24 hours
Binance Coin $ 305.16 1.95 percent change in 24 hours
Cardano $ 1.42 -1.95% change in 24 hours
Dogecoin $ 0.235 -2.95% change in 24 hours
XRP $ 0.664 -2.16% change in 24 hours
Polkadot $ 15.43 -1.23% change in 24 hours
Bitcoin Cash $ 512.23 -0.95 percent change in 24 hours
Litecoin $ 138.74 -1.86 percent change in 24 hours
On the plus side, the Philippine exchange is the first exchange to show interest in launching an integrated cryptocurrency exchange. It states that the importance of cryptocurrencies as an asset class can no longer be ignored. “This macro event is a huge boost for the crypto industry as more and more investors are turning to cryptocurrencies for much-needed diversification,” added Patel.
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