Bitcoin (BTC) has not started the week too well. The price continued its downward movement today after quite a bit of negative news came out today about China and its tough approach to the crypto sector. What happened on the market during the afternoon? You can read it in this update!
Bitcoin (BTC) Price Down Another Step as MicroStrategy Buys Big
Yesterday we saw a small rebound in the bitcoin price back above $35,000, but as you could read in this morning’s market update, BTC has fallen back after all. This eventually brought bitcoin back to a low of $31,700 so far. At the time of writing, the price of bitcoin is $32,110 on crypto exchange Coinbase.
To keep some hope, this low is slightly higher than the low at the beginning of June. But with the increasing trading volume, a visit to the $30,000 is certainly not out of the question. A break below could turn out badly, our analyst Michiel showed in his price update this morning.
The negative move was probably driven by even more bad news from China which you can read more about in the article. This bad news outweighed the positive news that MicroStrategy has bought nearly half a billion dollars’ worth of bitcoin, the company’s CEO announced a few hours ago:
Top 10 in red, crypto market now worth $1.3 trillion
With the altcoins, the picture is even more red. While bitcoin is down 6.5% from 24 hours ago, ethereum (ETH) is down 9.1%. Binance coin (BNB) sees a similar decline of -8.9%. Cardano (ADA) sees its value fall 8.6% to $1.26.
Dogecoin (DOGE) is the hardest decliner and is more than 23% in the minus. This probably has to do with the fact that DOGE has risen bizarrely in recent times. And, of course, we saw the Dogecar NASCAR car crash into the crash barrier recently, which is typical of the current situation.
Not a single climber can be found in the top 100. All cryptocurrencies combined are worth $1.33 trillion, down 8.2% from 24 hours ago. Bitcoin is gaining some ground on the altcoins with its relatively less sharp decline. The bitcoin dominance increases by 0.8% and now stands at 45.7%.