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Sunday, July 14, 2024

BNB Saw 5-Month Peak Amid Binance Settlement Reports, BTC Stopped at $38K (Market Watch)

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Bitcoin tried its hands at taking down the $38,000 once again in the past 24 hours but, as with the previous attempts, was stopped in its tracks.

Most altcoins have dumped hard today, with SOL, LINK, MATIC, AVAX, and DOGE losing more than 5% of value each.

BTC Can’t Challenge $38K

Last week’s unsuccessful attempt to conquer the $38,000 line resulted in massive and immediate price rejection that drove the cryptocurrency south hard to under $36,000. The bulls intercepted the move and didn’t allow any further declines.

In fact, BTC had recovered some ground by the time the weekend arrived and stood in a tight range between $36,000 and $36,500 for the next few days.

A more notable leg up came on Monday when bitcoin jumped to $37,500. After a brief retracement, BTC went on the offensive once again in the evening but was stopped at $37,800.

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Despite being pushed further south, BTC still trades above $37,000 as of now. Its market cap has remained at just under $730 billion, but its dominance over the alts has increased slightly to 51.7% on CMC.

BTCUSD. Source: TradingView

BNB Sees Local Peak

Perhaps the most notable news yesterday, aside from the SEC’s latest lawsuit against Kraken, involved Binance. Reports emerged that the company could settle with US regulators for the mind-blowing amount of $4 billion. Although this is a colossal figure, the news had a positive effect on BNB, which soared from $240 to almost $270 and registered its highest price tag since early June.

BNB has lost some traction since then, but it’s still 4.5% up on the day and is the only larger-cap altcoin in the green now.

Solana, Dogecoin, Chainlink, Polygon, and Avalanche have dumped hard over the past day, losing up to 7% of value.

The landscape with the lower- and mid-cap alts is similar. As such, it’s no wonder that the total crypto market cap has lost around $20 billion daily but still stands above $1.4 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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