Bitcoin
BTC$57 125.03

1.84%

Ethereum
ETH$3 256.32

1.07%

Tether
USDT$1.000514

0.03%

Binance Coin
BNB$398.06

-0.14%

Solana
SOL$108.72

-1.46%

XRP
XRP$0.578854

4.33%

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 65.2% 77 $57 125.03 1.84% 10.16% $1 121 917 971 187 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.4% 80 $3 256.32 1.07% 9.26% $391 249 577 993 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $1.000514 0.03% 0.05% $98 441 517 000 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 67.2% 70 $398.06 -0.14% 12.35% $59 527 517 481 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 79.6% 40 $108.72 -1.46% 2.19% $48 108 110 616 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 82.4% 29 $0.578854 4.33% 4.70% $31 602 076 437 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 94% 1 $0.999964 0.01% 0% $28 534 837 343 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 67.6% 66 $0.620017 -0.62% 2.74% $21 995 107 432 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 72.8% 52 $39.33 -0.13% 4.39% $14 836 058 547 AVAX 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 84.8% 27 $0.095642 5.26% 12.56% $13 701 198 520 DOGE 7 days price change
11 TRON (TRX) TRX TRON predictions 68% 63 $0.143274 1.71% 2.21% $12 607 201 135 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 66.8% 61 $0.143060 1.86% 2.23% $12 588 400 022 WTRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 76.4% 43 $18.98 -0.62% 0.27% $11 141 726 258 LINK 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 74.8% 50 $8.26 1.56% 10.00% $10 609 272 807 DOT 7 days price change
15 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change

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