The crypto market experienced a loss of 0.75% in just 24 hours, bringing the total market value down to $2.29 trillion. This decline followed a trend of negativity in cryptocurrencies compared to the positive movement in equities the day before. The market sentiment index is currently at 57, indicating a sense of greed among traders. This is concerning as fear often attracts buyers during downturns, but now investors are hesitant to make any moves as they anticipate a larger drawdown.
Bitcoin Bullish Movement
Despite the overall downward trend in the market, Bitcoin bulls have been able to push the price back from the 50-day moving average. In the past 36 hours, the price change has been minimal, showing a decrease of just 0.6%. However, what may seem like a slight drop conceals a significant 5.5% price increase that occurred in the five hours following a low point near $62.3K on Thursday night.
The recent drawdown in Bitcoin’s hashrate from its all-time high is now at 3%, down from the previous 8% as of July 9th. CryptoQuant suggests that a recovery in the hashrate often leads to a sustained rally in Bitcoin’s price. Additionally, the Solana ecosystem surpassed Ethereum in trading volume on decentralized exchanges, reaching $55.8 billion compared to $53.8 billion.
Tether, the issuer of USDT, reported a record net profit of $5.2 billion in the first half of the year. A significant portion of this profit, approximately $1.3 billion, came from interest income on US government bonds. The company also gained an additional $3.9 billion from the rise in the value of Bitcoin and gold positions. Furthermore, Telegram developers introduced new features in the messaging platform, including a browser that supports TON-based Web3 browsing and a mini-app shop where users can gift their contacts the internal currency, Telegram Stars.
The current state of the crypto market is complex and fluctuating. While Bitcoin shows signs of bullish movement, overall market sentiment remains cautious. News developments and financial reports have influenced market dynamics, leading to both positive and negative trends. Investors should closely monitor these factors to make informed decisions in the volatile crypto market.
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