Investing.com – Bitcoin fell below $29,000 for the first time in over a month over the past few hours, but pared losses to climb back above $29,000.
The decline in most of the popular cryptocurrencies came as a result of the decline in the recovery that followed the announcement of a number of companies of their intention to launch exchange-traded investment funds for the currency, in addition to the decline in expectations about the steps of the regulators that are in favor of the crypto market.
The largest digital asset by market cap, Bitcoin, briefly fell by 4.2% to $28,865, the lowest since June 21, but is now hitting $29,140, down by 2.3%. Bitcoin is up about 75% this year.
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What drives crypto market prices?
“After a sharp rally in bitcoin supported by the announcement of the new exchange-traded funds, the cryptocurrency has been hovering around the $30,000 range for over a month. The market is now awaiting additional information on the emergence of a large number of regulatory filings for this purpose,” said Spencer Hallarn, derivatives trader at cryptocurrency investment firm GSR.
The recent jump in bitcoin coincided with a batch of filings requesting the launch of exchange-traded funds in the United States for the digital currency, and Wall Street giant BlackRock pioneered the move.
Meanwhile, XRP has nearly doubled in value after a federal judge ruled nearly two weeks ago that the digital currency is a security when sold to institutional investors, but not to the general public.
Hallarn added, “Following the (XRP) ruling, the enthusiasm associated with alternative currencies and the slight increase in stock exchange listings led to a reversal of the compass of capital, and instead of focusing on the major digital currencies during the past few months, this contributed to the loss of price momentum.”
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Mask coin goes against the market trend
The “Dogecoin” currency violated the general trend of the crypto market during the past few hours, as it was the only exception among the digital currencies with the largest market value, as it advanced by about 9.4% after the American businessman Elon Musk changed the “Twitter” logo, and replaced the site’s famous blue bird with the “X” (x) sign. Musk also added the Dogecoin ticker logo to his profile, sparking speculation that the meme will play a bigger role in the company after its name change.
Worldcoin, the digital currency co-founded by Sam Altman, CEO of OpenAI, rebounded on its first trading day, as investors infatuated with artificial intelligence flocked to it. The currency jumped to $3.58, compared to the initial price of $1.70.
The digital currency market now
The combined market value of the crypto market during these moments of today’s trading is about $1.17 trillion. The trading volume amounted to about 34.11 billion dollars.
It fell by 2.3% during the last 24 hours, to now reach levels of $29,140, while recording weekly losses of 2.9%. Its market capitalization is now $566 billion.
While “”, which is the largest digital currency by market value after Bitcoin, fell by about 1% during the last 24 hours, to reach $ 1851, with weekly losses of 2.6%, and a market value of about 222 billion.
Binance Coin fell 1.5% to $237. The price of a currency decreased by 5.2%, to record $0.68722, with a weekly loss of 7.4%.
And it witnessed a drop to $0.3040, down by 3.4%, and it has declined over the last 7 days by 0.8%.
On the other hand, it rose to levels of $0.077934, or 9.4%, with a weekly increase of 12.6%.
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2023-07-25 07:42:00
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