Bitcoin (BTC) Falls Below $66,500 as Alternative Cryptocurrencies Decline Similarly

• Bitcoin (BTC) is currently priced below $66,500, while Ethereum struggles to maintain a value above $3,300.
• The cryptocurrency market has declined by 2.80%, reducing the overall market capitalization to $2.51 trillion.

BTC Price Chart

BlackRock’s Chief Investment Officer, Samara Cohen, stated that a Solana ETF is not viable due to the lack of demand for altcoins aside from ETH.

Peter Schiff cautions that the US government may liquidate all its BTC to prevent Trump from utilizing it as a strategic reserve, following a $2 billion Bitcoin transfer.

The Crypto Fear and Greed Indicator currently reflects market sentiment at 67 (Greed), a decrease from 74 yesterday and 69 last week.

Crypto Fear and Greed Indicator

Latest Market Update:

• #Bitcoin ($BTC) has seen a 4.70% decrease in the last 24 hours, now trading at $66,500.
• Significant altcoins such as #Notcoin ($NOT), #ORDI ($ORDI), #Worldcoin ($WLD), #Solana ($SOL), and #Cardano ($ADA) have experienced declines following recent gains.
• #BOOK OF MEME ($MEME) has increased by over 8.82% in the past 24 hours.
• Popcat ($POPCAT) has dropped by more than 14.21% in the last 24 hours.
• The total crypto market volume over the past 24 hours is $80.75 billion, indicating a 59.49% rise.
• The current DeFi volume stands at $4.24 billion, making up 5.26% of the total crypto market volume in the last 24 hours.
• The volume of all stablecoins is currently $73.62 billion, representing 91.17% of the total crypto market volume in the past 24 hours.
• Bitcoin’s market dominance is at 54.94%, reflecting a decrease of 0.61% over the previous day.

Major Worldwide News Update:

1. The US government has recently moved over $2 billion worth of Bitcoin (BTC) seized from the Silk Road, transferring approximately 29,800 BTC in two separate transactions.

This follows earlier transfers of 237 BTC and 60 BTC in July, which have caused market instability. This action comes in the wake of the Bitcoin Conference 2024, where Donald Trump revealed intentions to hold BTC.

2. In a July 29 interview, BlackRock CIO Samara Cohen indicated that the firm is not pursuing a Solana ETF or other crypto ETFs due to technical challenges and insufficient demand.

While Bitcoin and Ethereum meet their criteria, other assets do not. Cohen also noted that crypto ETFs could potentially be included in model portfolios by the end of 2024.

3. Peter Schiff anticipates that the US government, under President Biden, will liquidate all its Bitcoin holdings following the recent $2 billion transfer of Bitcoin seized from Silk Road.

Schiff suggests this action is intended to prevent a possible Trump administration from using Bitcoin as a strategic reserve. The transfer has raised market speculation regarding future Bitcoin volatility and government policies on digital assets.

4. WazirX is facing criticism after a contentious poll on its Withdrawal Management Programme conducted on July 27, which was considered misleading following a $230 million hack. Critics claim the poll’s options were unfair and potentially unlawful.

WazirX co-founder Nischal Shetty clarified that the poll was non-binding and aimed at gathering feedback. The exchange is currently focused on recovery efforts, including bounty programs and legal consultations.

5. Two artists, Brian Frye and Jonathon Mann, have filed a lawsuit against the SEC seeking clarification on whether NFTs fall under its jurisdiction. Their lawsuit questions if artists are required to register NFTs and disclose risks prior to selling.

They argue that categorizing NFTs as securities would be unreasonable, comparing it to classifying Taylor Swift’s concert tickets as such. The lawsuit seeks relief from SEC enforcement actions.

Opinion: Will Bitcoin’s price surpass its all-time high and rise to $100K? What is causing Bitcoin’s volatility today? Is the recent downturn an indication that bulls will prevail over selling pressure?

With Bitcoin retreating from the $70K mark, are these declines justified? Will Bitcoin achieve $100,000? For the latest updates, stay connected with us at coingabbar.

Disclaimer: The information presented is not trading advice. Bitcoinworld.co.in assumes no responsibility for any investments made based on the information provided on this page. We strongly recommend conducting independent research and/or consulting with a qualified professional before making any investment decisions.