Bitcoin Takes a Tumble
On July 24, Bitcoin (BTC) slipped back below the coveted $10,000 mark, experiencing a 3.2% drop on the day. By the time the virtual dust settled, BTC hovered around $9,740. It was a bumpy ride indeed, as just a week earlier, Bitcoin had dipped into the $9,300-400 range before staging a mini comeback to near $11,000 during the weekend.
Global Crypto Market Overview
The crypto markets were not having the best day, with the majority of coins echoing Bitcoin’s unfortunate decline. Ether (ETH), for instance, is feeling the pinch too, trading down by 3.3% at around $206. Just a few days ago, it reached as high as $235, leaving many investors pondering the infamous “sell high, buy low” mantra.
China’s Surprising Legal Stance
Meanwhile, while Bitcoin’s price might be faltering, there’s been some legal cheer coming out of China, a country known for its strict views on cryptocurrencies. A provincial court has ruled Bitcoin to be a form of digital property, granting it recognized legal ownership. Perhaps they think it’s time to embrace the ‘blockchain revolution’ instead of pushing it underground? Who knew?
Top Ten Cryptos Feeling the Burn
The entire top ten coins are swimming in the red, apart from EOS, which managed to wriggle out with a mild 1.2% gain to hit around $4.10. XRP is also experiencing a 2% decline. On the flip side, Bitcoin Cash (BCH) and Bitcoin SV (BSV) are taking a beating, with losses around 5-6%.
What About the Other Altcoins?
- Tron (TRX) – Down 9.25%, trading around $0.023
- Rest of the Top 20 – Mostly red, with losses averaging 2-5%
Tron’s decline is particularly newsworthy, happening right around the time rumors swirled about their CEO Justin Sun possibly being detained by Chinese authorities. Talk about a scandal!
Total Market Cap
The overall market capitalization of all cryptocurrencies is sitting at a hefty $267.55 billion. In the wild world of crypto, things can turn around quickly; let’s see what tomorrow holds!
+ There are no comments
Add yours