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Bitcoin dipped below the US$30,000 mark during Friday morning trading in Asia, as traders decided to take profits amidst concerns about potential interest rate hikes in the U.S. market. This led investors to adopt a risk-averse approach, causing a decline in equities. Alongside this trend, Ether and most other top 10 non-stablecoin tokens also experienced a drop in value. However, Solana managed to defy the bearish sentiment and surged over 6%. Despite these market fluctuations, the cryptocurrency Fear & Greed Index remains in the "Greed" zone at 56, indicating solid institutional interest in Bitcoin.
Over the past 24 hours, Bitcoin's value decreased by 1.88% to reach US$29,919 as of 07:20 a.m. in Hong Kong. This translates to a weekly loss of 1.68%, based on data from CoinMarketCap. Notably, Bitcoin reached its highest point in 13 months at US$31,399 on Thursday night.
Justin d'Anethan, the head of APAC business development at Belgium-based crypto market-maker Keyrock, noted that the sell-off in risk assets influenced crypto traders' sentiment. Rather than perceiving new highs as an opportunity for further gains, traders viewed it as a chance to secure profits.
The Bitcoin Monthly June 2023 Report by asset manager Ark Invest revealed an increasing interest in Bitcoin among large financial institutions. The report highlighted a one-year high in the balance of Bitcoin held on over-the-counter (OTC) desks, which serves as an indicator of institutional activity.
Ether experienced a 3.13% decline, settling at US$1,851, with no significant change for the week. Although the token briefly reached US$1,956 on Thursday evening, it couldn't sustain the momentum as investors opted to capitalize on their investments.
With the exception of Solana's SOL and Tron's TRX, most other top 10 non-stablecoin cryptocurrencies recorded losses within the past 24 hours.
Solana exhibited an impressive 6.48% surge, reaching US$20.12 and marking a 12.52% increase for the week. Breaking through the US$20 resistance level for the first time since June 7, Solana's positive sentiment received a boost from a partnership between Coca-Cola Serbia and Solana's non-fungible token (NFT) platform, SolSea. This collaboration will introduce Coca-Cola brand NFTs at the Exit Festival in Serbia, taking place from July 6 to 9.
Within the last 24 hours, the total cryptocurrency market cap decreased by 1.45% to US$1.17 trillion, while crypto trading volume rose by 37.62% to US$43.26 billion, according to data from CoinMarketCap.
Over the past 24 hours, Bitcoin's value decreased by 1.88% to reach US$29,919 as of 07:20 a.m. in Hong Kong. This translates to a weekly loss of 1.68%, based on data from CoinMarketCap. Notably, Bitcoin reached its highest point in 13 months at US$31,399 on Thursday night.
Justin d'Anethan, the head of APAC business development at Belgium-based crypto market-maker Keyrock, noted that the sell-off in risk assets influenced crypto traders' sentiment. Rather than perceiving new highs as an opportunity for further gains, traders viewed it as a chance to secure profits.
The Bitcoin Monthly June 2023 Report by asset manager Ark Invest revealed an increasing interest in Bitcoin among large financial institutions. The report highlighted a one-year high in the balance of Bitcoin held on over-the-counter (OTC) desks, which serves as an indicator of institutional activity.
Ether experienced a 3.13% decline, settling at US$1,851, with no significant change for the week. Although the token briefly reached US$1,956 on Thursday evening, it couldn't sustain the momentum as investors opted to capitalize on their investments.
With the exception of Solana's SOL and Tron's TRX, most other top 10 non-stablecoin cryptocurrencies recorded losses within the past 24 hours.
Solana exhibited an impressive 6.48% surge, reaching US$20.12 and marking a 12.52% increase for the week. Breaking through the US$20 resistance level for the first time since June 7, Solana's positive sentiment received a boost from a partnership between Coca-Cola Serbia and Solana's non-fungible token (NFT) platform, SolSea. This collaboration will introduce Coca-Cola brand NFTs at the Exit Festival in Serbia, taking place from July 6 to 9.
Within the last 24 hours, the total cryptocurrency market cap decreased by 1.45% to US$1.17 trillion, while crypto trading volume rose by 37.62% to US$43.26 billion, according to data from CoinMarketCap.
