Global cryptocurrency market declined by 3 per cent today closing at $1.40T as of 9am IST as Bitcoin (BTC) failed to breach the $35,000 resistance level. The total market trading volume also registered a drop of 3 per cent.
BTC, which continued to build momentum towards $35,000, failed to breach it yet again as it faced huge selling pressure that sent it back to the crucial support level of $33,000. If BTC drops below $30,000, it could bring the $25,000 levels into play down the road.
Ethereum (ETH) followed BTC’s bearish signals with a drop of 3.3 per cent after trading above the short-term trend line support of $2,300 earlier on July 7. ETH was trading at $2,250 on Thursday morning.
Other major altcoins also observed a bearish reversal losing 2-5 per cent overall in the past 24 hours with the exception of Solana (SOL) and Theta (THETA) which showcased gains of over 4 per cent.
This is the second time in the last seven days that BTC has experienced a huge sell-off near the $35,000 region. Bulls have a lot of work to do in the upcoming week if BTC has to break the $36,000 level to make a run for $40,000.
Top Gainers
1. Flow (FLOW): 36.1%
2. Stacks (STX): 18.4%
3. Axie Infinity (AXS): 14.9%
Top Losers
1. Telcoin (TEL): -12.2%
2. Compound (COMP): -11.5%
3. KuCoin Token (KCS): -10.6%
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[Analysis includes top 100 coins only as of 9am IST]
Source: CoinMarketCap
Crypto News at a Glance
1. Finance Minister Nirmala Sitharaman has said that a new cryptocurrency bill is ready to be tabled in the Monsoon Session of Parliament after taking inputs from industry stakeholders.
2. Sygnum, a Swiss digital assets bank, has announced that it will let its customers access to Ethereum 2.0 staking through its banking platform. Staking can generate yields up to 7 per cent per annum depending on the amount of ETH staked.
3. According to a report by DappRadar, a global app store for decentralised applications, Non-Fungible Token (NFT) sales rose to $2.47 billion in the first half of 2021.
4. Argentina’s national deputy for the Mendoza province, José Luis Ramón, has proposed a new bill that would allow certain workers to collect salaries in Bitcoin.
5. Russian lawmakers have claimed that the government is now developing new regulations to allow authorities to seize crypto obtained from illegal activities.
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