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Peter Davis

An writer at FOMOdrive

  • Jul 24, 2023
  • 3 min read

Bitcoin (BTC) crashes below $29,000 - what's going on?

BTC bear biting Bitcoin coin, market down

The price of Bitcoin dropped to a new low for the month, falling below $29,000.

A whale, whose identity is unknown, sold 1037 Bitcoin that had been purchased 11 years ago.

Last week saw a decrease in investments in crypto funds for the first time in a month, with investors selling Bitcoin (BTC) and investing in alternative coins (altcoins).

It is predicted that BlackRock's introduction of a Bitcoin ETF will cause Bitcoin to reach $100,000.

Seventy percent of Americans believe that Bitcoin will reach a new all-time high value.

On Monday, Bitcoin dropped below $29,000 for the first time since June 21. This break in BTC's narrow sideways range from the previous week has caused a stir in the market.

Last week, investments in crypto funds dropped by $7 million, following four weeks of growth, as reported by CoinShares. Bitcoin investments decreased by $13 million, while Ethereum investments rose by $7 million. Additionally, funds that allow for shorting bitcoin saw a decrease of $6 million.

Investor attention shifted to altcoins, with Ethereum in the lead. XRP saw an influx of $2.6 million, suggesting a rise in investor confidence in its potential. Solana, Uniswap, and Polygon also saw inflows of $1.1 million, $0.7 million, and $0.7 million respectively. According to CoinShares, trading volumes dropped by half from the previous week to $1.2 billion.

After being inactive for over 11 years, an unknown bitcoin whale sold 1,037 BTC worth approximately $31 million, which had been purchased at a rate of $4.92 per BTC, for a total of $29,956.

On Monday, July 24, a momentous event in the history of Bitcoin occurred - 800,000 blocks were mined in the network. A new block is generated roughly every 577 seconds. With only 40,000 blocks left until the next halving, which is estimated to take place around April 16, 2024, this is a significant milestone.

The US Securities and Exchange Commission (SEC) lawyers argued that the judge's ruling in favor of Ripple's activities in the secondary markets was incorrect and should be re-examined in the near future.

Brad Garlinghouse, CEO of Ripple, has expressed his disbelief at the accusation that a judge was not acting in good faith in a case brought against the company by the SEC. He has urged the US government to create legislation that would provide clear regulations for the cryptocurrency industry and safeguard investors.

A CryptoVantage survey revealed that 70% of Americans anticipate Bitcoin to reach its highest point in the next five years, and 46% think Ethereum has the potential to surpass Bitcoin in terms of market capitalization.

Bloomberg strategist James Seyffart believes that the launch of BlackRock's Bitcoin ETF could potentially push Bitcoin to $100,000. The chances of the application being approved are estimated to be around 50%, but this could rise significantly in the coming days.

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