Bitcoin
BTC$62 538.82

4.26%

Ethereum
ETH$3 337.33

4.27%

Tether
USDT$1.000431

-0.01%

Binance Coin
BNB$560.21

4.36%

Solana
SOL$151.78

4.46%

USD Coin
USDC$0.999957

-0.03%

Bitcoin’s continued slide down


03 Aug 2023

#Bitcoin

The crypto market cap fell 1.6% in 24 hours to $1.166 trillion. Risk assets in traditional markets came under pressure as the accumulated overheating in equities (especially in techs) accompanied a trigger – Fitch’s cut of the US rating. The initial flight of speculators into Bitcoin proved to be short-lived. Bitcoin closed Wednesday down 0.5%, losing over 3.1% from its peak at the start of the day, and failed to get back above the 50-day average.

This is another bearish signal in addition to the sequence of downward daily candles. So far, Bitcoin has managed to avoid accelerating the sell-off, but it looks like it's only a matter of time before it does.

On Wednesday, the Litecoin (LTC) network saw its third halving. The reward per block was reduced to 6.25 LTC. So far, 87.5% of the total LTC supply has been mined. The altcoin reacted with a decline and hit new month lows at around $86. This drop sent the coin below the 50 and 200-day averages, raising the question of a long-term trend change and opening the way down to $77-80.

News Background

Trading activity in the Bitcoin spot market has weakened to its lowest since November 2020, Santiment noted. Major players have so far refrained from entering exchanges, and this trend may continue in August. MicroStrategy founder Michael Saylor said the company had bought an additional 467 BTC worth $14.4 million in July. As of 31 July, MicroStrategy owns 152,800 BTC worth approximately $4.53 billion at $29,672.

BlackRock's filing to launch a bitcoin ETF is part of an "adoption cycle" that will allow the first cryptocurrency to hit record highs, Galaxy Digital CEO Mike Novogratz said.

The head of BlackRock believed in Bitcoin, he said, and that's the most important thing that has happened in the crypto market this year. The chances of the US Securities and Exchange Commission (SEC) approving a bitcoin-ETF application have risen to 65 per cent, Bloomberg analyst James Seyffarth said. Two weeks earlier, he estimated this probability at 50%; a few months ago – at 1%.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 72.8% 46 $62 538.82 4.26% 9.89% $1 233 633 214 996 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 74.8% 49 $3 337.33 4.27% 10.02% $401 207 056 171 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000431 -0.01% 0.03% $112 585 448 619 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 72.4% 47 $560.21 4.36% 9.35% $82 676 552 417 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 84.4% 29 $151.78 4.46% 8.67% $70 438 687 891 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999957 -0.03% -0.01% $34 041 675 514 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 76.8% 37 $0.534577 0.32% 23.30% $29 832 244 844 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 87.6% 21 $7.40 0.44% 2.90% $18 561 993 879 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 72.4% 49 $0.117155 3.59% 8.30% $17 002 052 588 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 80% 35 $0.434209 0% 16.01% $15 579 847 734 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 80.8% 40 $0.138233 0.21% 10.38% $12 043 056 081 TRX 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 75.6% 44 $26.78 2.81% -0.40% $10 565 219 011 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 81.6% 37 $0.000018 2.98% 8.01% $10 503 854 213 SHIB 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 94.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 95.2% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

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