Bitcoin recovers above US$30,000; Ether, top 10 crypto lose ground
Bitcoin briefly fell under US$30,000 in early Tuesday morning trading in Asia before recovering back above that support line. Ether and most other top 10 non-stablecoin cryptocurrencies declined, with Solana leading the losers. Polygon’s Matic was the exception, adding more than one percent at one point. U.S. stock futures edged lower after gains on Monday. The week ahead brings rafts of earnings, including from major U.S. banks on Wednesday.
Bitcoin, Ether slip
Bitcoin lost 0.55% over the last 24 hours to US$30,160.39 as of 06:40 a.m. in Hong Kong, falling 0.62% for the week, according to data from CryptoMarketCap. The token dipped to US$29,685.78 at one point in early morning Asia trading on Tuesday.
“On a weekly timeframe, Bitcoin is trending up on the highs and lows, but down on the close and open,” said Alex Kuptsikevich, senior market analyst at London-based online brokerage FxPro. “Failure to rally from current levels opens the door for a correction to the $27,000 area if risk-off sentiment intensifies later in the week.”
The world’s largest cryptocurrency with a current market capitalization of US$586 billion has attracted bouts of buying interest following several filings for spot Bitcoin exchange-traded fund (ETF) applications in June, including one by the world’s largest asset manager, BlackRock.
On July 13, the U.S. Securities and Exchange Commission (SEC) formally accepted the Bitcoin ETF applications from BlackRock, WisdomTree, VanEck and others for review.
When measured by investments in crypto-focused funds, Bitcoin has seen inflows of US$140 million in the last week, or 99% of the total invested in such funds, according to asset manager CoinShares. A total US$742 million was invested in crypto funds over the last 4 weeks, the largest since the final quarter of 2021, according to CoinShares data.
Ether declined by 1.07% to US$1,913.56, but was still holding gains of 2.03% in the last seven days. Most other top 10 non-stablecoin cryptocurrencies were in the red, though Polygon’s Matic added to weekly gains of 5.99%. Matic rose 0.37% to US$0.781 in early trade and gained further later in the morning.
Last Thursday, Polygon Labs announced a new, revamped version of its native token named Pol, which the company claims will be more secure, scalable and frictionless.
Solana was the biggest loser among the top 10 falling 3.26% to US$26.74. However that could be from profit-taking as the token has jumped 25.55% for the week.
The total crypto market capitalization fell 0.49% in the past 24 hours to US$1.21 trillion, while trading volume rose 42.52% to US$35.54 billion.
