Markets
Cryptocurrency Prices July 18: Bitcoin Falls Below $65,000; Shiba Inu, XRP Drop Up to 11%
Cryptocurrency Stock markets declined on Thursday, led by Bitcoin, Ethereum and XRP. The global cryptocurrency market capitalization declined 1.1% to around $2.37 trillion in the last 24 hours. At 1:29 pm IST, Bitcoin (BTC) was trading 0.9% lower at $64,714, while Ethereum fell 1.5% to $3,434.
“Bitcoin (BTC) has taken a surprising fall in the last 24 hours after a sharp rally in the past few days. Analysts are predicting a liquidity crisis in the stablecoin market due to Bitcoin’s price struggles. There is also a drop in general optimism after Peter Schiff’s statement about supporting gold over Bitcoin, in addition to a fresh wave of negative sentiment due to the Mt. Gox sell-off,” said Rajagopal Menon, Vice President, WazirX.
Edul Patel, CEO of Mudrex, said: “If Bitcoin starts to move higher again, it could face resistance at $65,000, with support at $63,850. Meanwhile, Ethereum is trading at $3,400, with bulls aiming to push the price up to $3,730. Sellers are likely to mount a strong defense around the $4,000 mark.”
Other altcoins and meme coins also declined, including BNB (1.5%), Solana (2%), XRP (6.9%), Toncoin (1.2%), Dogecoin (4.3%), Cardano (1.6%), Avalanche (4.4%), Shiba Inu (11%), Polkadot (4.2%), Chainlink (4.4%), and NEAR Protocol (3 .5%).
The volume of all stablecoins is now $68.86 billion, or 92.36% of the total 24-hour cryptocurrency market volume, according to CoinMarketCap.
Over the past 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, has dropped to $1.276 trillion. Bitcoin’s dominance is currently at 53.97%, according to CoinMarketCap. BTC’s volume over the past 24 hours has decreased by 24.4% to $29.59 billion.
“Bitcoin is currently consolidating below $65,000 amid increased trading activity. It is holding onto its gains on the weekly chart but is facing significant resistance near $64,500. A successful weekly close above $65,000 could boost its positive momentum over the coming days,” said Vikram Subburaj, CEO of Giottus Crypto Platform.
Meanwhile, Sathvik Vishwanath, Co-Founder and CEO of Unocoin, said, “Currently, Bitcoin (BTC/USD) is trading around $65,000 with resistance levels at $65,980, $66,940, and $67,940 and support at $63,980, $63,020, and $62,330. The RSI 61 and the 50-day EMA at $63,020 indicate positive momentum and reinforce Svenson’s bullish forecast.”
(Disclaimer:The opinions expressed by the experts are their own and do not necessarily reflect those of The Economic Times)
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