News
Cryptocurrency Price Today: Cryptocurrency Price July 8: Bitcoin Falls Below $56K, Solana, NEAR Protocol Down Up To 7%
Cryptocurrency Markets fell on Monday, dragged down by Bitcoin, Ethereum and Solana. The global cryptocurrency market capitalization also fell 3.3% to around $2.04 trillion over the past 24 hours. As of 1:10 PM, Bitcoin (BTC) was down 2.5% to $55,667, while Ethereum was down 2.6% to $2,916. Bitcoin hit a low of $54,321 earlier in the day.
“The cryptocurrency market has been facing continued downward pressure, influenced by BTC’s Mt. Gox moves and mixed macro data. BTC has lost key support levels, hovering slightly above $55,000. Upcoming daily closes will determine the market’s direction, with a period of sideways consolidation expected. This week’s US CPI data will be crucial,” CoinDCX research team said.
Similarly, CoinSwitch Markets Desk noted that “the Crypto Fear & Greed Index fell to 29, its lowest point since January 2023, as Bitcoin price fell below $54,000. This decline is largely attributed to selling pressure from BTC sales seized by the German and US governments, as well as refunds to Mt. Gox users. Bitcoin could further fall to $50,000 due to these factors.”
Other major cryptocurrencies, including XRP, Toncoin, DogecoinCardano, Tron, Shiba Inu, Polkadot, and Polygon all fell by up to 5%. NEAR Protocol fell by 7.2%.
According to CoinMarketCap, the volume of all stablecoins is now $62.88 billion, or 92.76% of the total 24-hour cryptocurrency market volume.
In the last 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has fallen to $1.1 trillion. Bitcoin’s dominance currently stands at 53.84%, according to CoinMarketCap. BTC volume in the last 24 hours has increased by 27.8% to $26.2 billion.
Technical view of ZebPay Trade Desk
Bitcoin is experiencing a tough battle between bulls and bears. Buyers are trying to keep the price in the range of $56,552 to $73,777, while sellers are pushing to bring it down. On July 5, the price dropped to around $53,500, but this lower level has attracted buying interest from bulls. Data indicates that US-based spot Bitcoin exchange-traded funds recorded net inflows of $143.1 million on July 5, marking the largest monthly inflow.
After taking support at $56,000 (on May 1), Bitcoin rose to $71,979. The asset witnessed a sharp correction as the bulls failed to clear the new all-time high of $73,777 and failed to sustain above the $70,000 mark. The prices corrected by almost 25% and fell to $53,485. BTC has a strong support zone at $52,000 to $50,000. If it holds and sustains above these levels, then we might expect the bulls to resume the upward move.
(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)
(You can now subscribe to our ETMarkets WhatsApp Channel)