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Sunday, July 21, 2024

Bitcoin Tumbles Toward $36K as Crypto Markets Sell Off: This Week’s Recap

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The broader cryptocurrency market took a turn for the worse throughout the past seven days as the majority of coins are trading in the red. This comes after weeks’ worth of increases in what seems to be an expected correction.

Bitcoin’s price is trading at a 3% loss, tumbling toward $36K at the time of this writing. The leading cryptocurrency was unable to keep up the bullish momentum. It soared toward $38K on Thursday, but it retraced almost as quickly as it skyrocketed. All in all, it returned to $36K in what seems to be a healthy correction.

The rest of the market is having it worse, with slight exceptions in the face of Solana (SOL), which remains the best-performing altcoin from the top 10, up 8.5% on the week. Interestingly, the only other altcoin from the top 10 that’s also in the green is Dogecoin (DOGE).

Elsewhere, prices are tumbling. ETH is down 8%, BNB is down 4.3%, XRP lost 8.1%, and so forth.

Prices aside, the week saw positive developments in the face of the world’s largest asset manager. BlackRock furthered its involvement in the cryptocurrency industry and officially filed for a spot Ethereum (ETH) exchange-traded fund (ETF) with the United States Securities and Exchange Commission.

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That said, Tether – the largest stablecoin issuer – also came out with a big announcement. The company will be investing a whopping $500 million in Bitcoin mining infrastructure and aims to acquire 1% of the global hash rate.

In any case, the current retrace seems like what the majority was expecting, and it’s very interesting what’s going to happen in the coming days.

Market Data

Market Cap: $1.413T | 24H Vol: $114B | BTC Dominance: 49.8%

BTC: $36,081 (-2.9%) | ETH: $1918 (-7.7%) | BNB: $239 (-4.3%)

This Week’s Crypto Headlines You Can’t Miss

Bullish or Bearish for Incoming Bitcoin 2024 Halving Year: We Asked Binance Blockchain Week. During the Binance Blockchain Week in Istanbul last week, we decided to ask participants if they are bullish or bearish on the 2024 BTC halving year. Here’s what they had to say.

BlackRock Officially Files for Spot Ethereum ETF, ETH Price Eyes $2.1K. It’s official: the world’s largest asset manager, BlackRock, has filed for a spot ETH exchange-traded fund with the United States Securities and Exchange Commission.

Here’s What Will Cause the Next Bitcoin (BTC) Bull Market: Expert. Many believe that the next Bitcoin bull run will take off in 2024, as that’s the year of the coveted BTC halving. However, one financial expert believes that the rally will likely be caused by institutions such as BlackRock getting involved.

Tether to Pump $500 Million Into Bitcoin Mining as Part of Expansion Plans. Tether is the world’s largest issuer of stablecoins and is the company behind the leading one – USDT. Now, it will be investing a whopping $500 million into the Bitcoin mining sector as part of its expansion plans.

Avalanche (AVAX) Surges to Yearly High on Big Bank RWA Tokenization Adoption. AVAX is one of the cryptocurrencies that saw a tremendous increase throughout the past week. There might be a precise reason for that rally other than the general market momentum.

South Korean Traders Fuel Surge in Crypto Market Volume. According to some analysts, the most recent rally in the market was largely fueled by the involvement of South Korean traders. Their market share surged to 12.9% as opposed to 5.2% in January.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.

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