Crypto market cap shrinks as Bitcoin fell below $29,000

The last day of July had been terrible for cryptocurrencies with all major crypto tokens recording substantial losses within 24 hours. The market decline was initiated as the negative sentiment overclouded the market. 

Yesterday, the US Tax Department made it clear that taxpayers have to include their staking rewards in their gross income as soon as they gain dominion over the tokens. This new tax declaration from the US authorities has come at a time when the SEC is targeting the crypto staking services and exchanges, blaming them for selling unregistered securities. 

Apart from that, LeetSwap, a decentralised exchange running on Coinbase's Base network, has decided to temporarily halt trading due to worries about a possible exploit. This further extended the downturn in the crypto market yesterday. 

Prices listed were last checked at 10:00 am today according to Coinmarketcap.com

Bitcoin (BTC) 

Yesterday, Bitcoin went below a strong support range of $29,100, falling 1.80 per cent in the last 24 hours. Presently, Bitcoin is trading at $28,861.55 with the market cap falling by over 1.9 per cent as well. The market cap of Bitcoin is currently near the mark of 561 billion which is 11 billion lesser than yesterday’s market cap. 

Ethereum (ETH) 

Ethereum has also shown a severe decline in the last 24 hours, falling to the mark of $1,824.17 at the time of writing this report. This marks a 2.2 per cent decline in its price while the market cap also fell by over 2.14 per cent, hovering close to $220 billion. 

Dogecoin (DOGE)

Continuing the downtrend in the crypto market, Dogecoin also recorded a decline in its price. Falling by over 2.88 per cent in the last 24 hours, DOGE is presently trading at $0.07612. The market cap of Dogecoin also suffered a significant decline by falling below the 11 billion mark, recording around a 3 per cent downturn. 

Litecoin (LTC) 

Litecoin also recorded a consecutive decline in its daily charts to fall below the mark of $90. However, LTC has strong support at $89 which is unlikely to be broken even during this severe crypto market downturn. Litecoin is presently trading at $90.01. 

Solana (SOL)

Solana also recorded a decline in its price, falling by around 4.4 per cent in the last 24 hours. However, Solana’s downturn could not break through its strong support line at $23.2 despite testing it once. The market cap of SOL also suffered a decline of 4.64 per cent, falling below $10 billion.

Ripple (XRP) 

Ripple also recorded a 24-hour loss of 1.95 per cent and currently trading at $0.6907. The market cap of XRP also fell by 1.95 per cent reaching $36.3 billion.