{"id":108920,"title":"Bitcoin hit by volatile streak after yesterday trading","publisher":"Share Talk","author":"sharetalk","published":"2023-07-07T08:33:56+00:00","modified":"2023-07-07T08:33:56+00:00","canonical_url":"https://www.share-talk.com/bitcoin-hit-by-volatile-streak-after-yesterday-trading/","markdown_url":"https://www.share-talk.com/bitcoin-hit-by-volatile-streak-after-yesterday-trading.md","json_url":"https://www.share-talk.com/bitcoin-hit-by-volatile-streak-after-yesterday-trading.json","category":"Financial","categories":["Financial","Fintech"],"tags":["Asia","Assets","Binance","Bitcoin","Bitcoin Cash","BNB","capitalization currently","chain","Changpeng Zhao","china","compliance","Crypto","cryptocurrencies","cryptocurrency","derivatives market","Digital","EDX exchange","Ethereum","Exchange","German","Litecoin","Malta","Money","Samuel Lim","Share Talk","Singapore","tweeted","Ukraine","Zhao"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"Bitcoin (BTC) experienced a day full of dramatic fluctuations in price on Thursday, with BTC/USDT peaking at an impressive US$31,500, yet settling at US$29,895 by midnight — a net loss of 2% for the day.\n\nThe tense plunge below the 30k mark was short-lived, as transactions during Asia’s trading hours today nudged Bitcoin back over US$30,100, firmly maintaining the two-week-long sideways trading pattern that Bitcoin has carved out.\n\nThe exploration of the support levels below 30k, followed by a successful recovery, bolsters the perspective that Bitcoin has adequate bullish backing to sustain its price above 30k in the near future.\n\nHowever, the day ahead promises more volatility, with the BTC/USDT pair fluctuating above and below the 30k mark, reflecting the ongoing tug-of-war between bullish and bearish traders.\n\nThe overarching narrative surrounding bitcoin presently revolves around the potential approval of BlackRock’s spot bitcoin ETF by regulatory bodies.\n\nDespite a previous setback, there is an air of optimism surrounding BlackRock’s second attempt. BlackRock is the world’s largest asset manager, and the possibility of their ETF getting approved has undoubtedly given a significant boost to bitcoin’s spot price, which is now up by 14% on a month-on-month basis.\n\nHowever, the cryptocurrency’s week-on-week performance has taken a hit, moving into negative territory after yesterday’s 2% drop.\n\nIn the futures market, long liquidations have suffered a US$35 million loss in the past 24 hours, while open interest has decreased by 6%.\n\nOn the Ethereum (ETH) front, the world’s second-largest cryptocurrency ended Thursday 3.4% down at US$1,846, with a slight recovery this morning to US$1,854.\n\nIn the realm of altcoins, Solana (SOL) is leading the pack among the blue chips on a week-on-week basis, having augmented its market capitalization by 4.5% to a current US$7.8 billion.\n\nDespite Tron (TRX) and Polygon (MATIC) also posting gains, the broader altcoin market is experiencing a period of stagnation amidst a trend towards more reliable investments.\n\nAs it stands, Bitcoin dominates 51.5% of the global cryptocurrency market, which is valued at US$1.17 trillion, a considerable increase from less than 40% at the close of 2022."}