Bitcoin Holds Firm at USD 29k, More to Watch in the Crypto Market

The gains from the previous day were erased in today’s cryptocurrency market as Bitcoin and other popular tokens saw a negative trend. While Bitcoin was able to keep its value around USD 29,000, altcoins suffered more severe losses. As they considered whether to approve applications for spot Bitcoin ETFs, all eyes were on the US Securities and Exchange Commission (SEC).

On Thursday, August 3, Bitcoin saw a short upswing before dropping by 2% and holding the USD 29,000 support level. Ethereum, on the other hand, had a more severe decrease, trading down 1% and falling below the USD 1,850 mark. Altcoins also had trouble at the beginning of trade.

 

 

As a result of encouraging events like Fitch’s downgrading of US Treasuries and Microstrategy’s intentions to buy more Bitcoin, Bitcoin spiked above USD 30,000 on August 2. According to Edul Patel, CEO & Co-founder of Mudrex, the situation changed when a news website published on prospective fraud charges against Binance in the US, which caused a dip in BTC’s value right away.

 

“Bitcoin is now trading over the USD 29,100 mark. Institutional investors are anxiously awaiting the SEC’s decision on whether to approve the Bitcoin Spot ETF in the interim. The second-largest cryptocurrency, Ethereum, is now trading below the USD 1,850 threshold. The value of Litecoin has dropped by more than 5% in the previous 24 hours despite the excitement around the coin’s halving event, he claimed.

 

Except for the USD Coin, which is tied to the US dollar, most of the main cryptocurrencies saw losses during Thursday’s trading session. Litecoin’s price fell by 6%, while Bitcoin Cash’s fell by 5%. Additionally, Dogecoin lost more than 4% of its value, while XRP, Cardano, Polkadot, and BNB all lost 4% of their value during the day.

 

The market capitalization of all cryptocurrencies worldwide saw a considerable decline, dropping by 2% in the previous day to around USD 1.17 trillion. Furthermore, the overall trade volume fell by almost 14% to USD 34.47 billion.