Cryptocurrency price on July 30: Bitcoin drops below $67,000; Avalanche, Solana tank over
The sell-off erased gains from earlier in the session when optimism, fueled by Republican presidential candidate Donald Trump’s pro-crypto speech, lifted stocks.
The volatile cryptocurrency often sees pullbacks after reaching key milestones as investors book profits. The industry, however, cheered Trump’s promise of friendlier regulation.
Crypto Tracker
At 12:54 pm IST, Bitcoin (BTC) was trading 3.8% lower at $66,844, while Ethereum fell nearly 1% to $3,334. Meanwhile, the global cryptocurrency market cap dropped by 3.15% to around $2.4 trillion in the last 24 hours.“Bitcoin’s price reached a six-week high following Donald Trump’s speech in Nashville last week. However, it subsequently fell below the $67,000 mark after the US government transferred $2 billion worth of Silk Road tokens yesterday,” said Edul Patel, CEO of Mudrex.”Currently, BTC is stabilizing around $66,500. The next support level is at $65,500, while resistance is anticipated at $67,200,” Edul said.Major crypto tokens also felt the pressure ahead of central bank meetings in the U.S. and Japan.”Notably, tomorrow’s US Federal fund rate announcement will be important and is expected to induce more volatility in the market,” CoinDCX Research Team said.
Other popular altcoins and meme coins, such as Solana (down 4.6%), BNB (down 3.3%), Dogecoin (down 3.6%), Toncoin (down 1.9%), Cardano (down 4.2%), Avalanche (down 5.1%), Shiba Inu (down 2.4%), and Polkadot (down 2.4%), also declined.
The volume of all stablecoins is now $72.07 billion, which is 91.16% of the total crypto market 24-hour volume, as per data available on CoinMarketCap. Bitcoin’s dominance is currently 54.95%. BTC volume in the last 24 hours rose 75.7% to $39.5 billion.
Vikram Subburaj, CEO of Giottus Crypto Platform, said, “Bitcoin would need to consolidate above $65,000 for some days before it can challenge $69,000 again. However, any positive indication from this week’s FOMC meeting about a potential interest rate cut could trigger a rally for BTC.”
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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