Crypto market remains stable, Bitcoin once again crosses $30,000-mark

Bitcoin fell over 0.6 per cent in the past 24 hours to $29,541. Sudeep Saxena of CoinGabbar said, “Bitcoin initially surged past $30,000 in the past day, but it has retracted as traders take profits.”

“The pullback is attributed to lower trade volumes in China and a decrease in the US 10-year treasury yield. Additionally, market participants are awaiting the release of the Consumer Price Index numbers, which could provide insight into the Federal Reserve's upcoming actions,” Saxena added.

Meanwhile, Ethereum fell 0.40 per cent to $1,850.51. Shubham Hudda, Senior Manager, CoinSwitch Markets Desk said, “The crypto market at large has traded sideways in the last 24 hours." As per CoinGecko, the global crypto market capitalisation is down 0.1% and currently above $1.2 trillion. Since yesterday, there has been a jump of three points in the crypto fear and greed index, which is currently in the neutral zone with a score of 53 out of 100.

The total cryptocurrency market capitalisation is $1.17 trillion. Furthermore, volume traded in the past 24 hours stood at $34.56 billion

Hudda pointed out that BTC (-0.6 per cent) is beginning to show some strength and investors are foreseeing a see bullish trend building up. According to market data, BTC’s open interest data is currently at its peak since October 2022 (FTX collapse), which serves as another indication of a big move for BTC on the cards.

In other developments, Coinbase, on Wednesday, became the first publicly traded company in the world to launch its own decentralised blockchain, an Ethereum layer 2 called Base. Simultaneously, there has been a new development in the ‘SEC vs XRP’ case. The SEC has submitted a letter of intent to appeal against Judge Toress’ summary judgment on July 13 calling the sales of XRP (-0.2 per cent) not a security.