Bitcoin Plunges, But Holds Above USD 30,000; most of the other top 10 cryptos are losing ground

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Bitcoin appeared to have lost direction after strong gains earlier in the month, but was holding above US$30,000 on Tuesday morning in Asia. Most of the other top 10 non-stable cryptocurrencies fell after a week of rallies led by crypto-related exchange-traded fund (ETF) apps in the United States. Solana led the losers, while Tron managed a marginal gain. Stocks closed lower on Monday in the United States as investors focused on the outlook for interest rates and market risk after the abortive military mutiny in Russia over the weekend.

Bitcoin, Ether fall

Bitcoin slid 0.88% to US$30,254 in the past 24 hours as of 6:45 a.m. in Hong Kong, according to data from CoinMarketCap. The world’s largest cryptocurrency by market capitalization is still posting a 12.89% gain over the past seven days.

Ether fell 2.22% to US$1,859 but is up 7.18% for the week.

Almost all of the top 10 non-stable cryptos fell except for Tron, which edged up 0.63% over the past day.

Solana was the biggest loser in the top 10, dropping 5% to reduce her gain for the week to 1.52%.

Markus Thielen, head of crypto research and strategy at digital asset services platform Matrixport, said in a Monday note that Bitcoin could see more gains in July.

July tends to be a strong month for Bitcoin when prices have finished positive in seven of the past 10 years, with average returns of 11%, Thielen said. The returns for 2020, 2021 and 2022 were 24%, 20% and 27% respectively. Therefore, Bitcoin could be between US$33,000 and US$36,000 by August.

Thielen added that Bitcoin has the strongest rallies during US trading hours. To say that crypto is dead in the United States seems like a misconception, he said.

A Monday report from European cryptocurrency investment firm CoinShares said digital asset investment products saw a net inflow of $199 million last week, the largest since July 2022.

We believe this renewed positive sentiment is due to recent announcements from top exchange-traded product issuers that have filed physical-backed ETF applications with the U.S. Securities and Exchange Commission, according to the CoinShares report.

Meanwhile, on Monday, a U.S. federal judge denied crypto exchange Binances’ request for the court to order the Securities and Exchange Commissions (SEC) to change the language used in a press release about the management of exchanges of client assets.

Lawyers for Binance said the press release was misleading and appears to be designed to introduce unwarranted confusion to the market.

In the SEC’s lawsuit against Binance earlier this month, DC District Judge Amy Berman Jackson ruled Monday that it was neither necessary nor appropriate for the court to get involved in drafting the parties’ press releases.

Nor is it clear that the agency’s public relations efforts to date will materially affect the proceedings in this case, Judge Jackson wrote.

The BNB token issued by Binance has fallen 1.3% in the past 24 hours and lost 2.91% over the week.

Total cryptocurrency market capitalization rose 0.23% to $1.18 trillion in the past 24 hours as of 10:30 a.m. HK, and trading volume jumped 6.87% to reach $36.4 billion, according to data from CoinMarketCap.

(Updates with CoinShares report from paragraph nine.)

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