After the GBTC doomsday scenario failed to materialize, the market value of BTC fell below US$600 billion Christopher | Capital | July 2021


BTC’s market value fell below 600 billion U.S. dollars

The world’s most valuable digital asset has lost about 6% of its value in the past 48 hours, and its total market value has fallen below US$600 billion.

Bitcoin is currently trading at $30,500, which is close to its lowest level since June 26, 2021

After the recent sell-offs of Bitcoin and Ethereum, the overall market value of digital currencies hit a low of $1.27 trillion on Monday. In the past 48 hours, ETH remains the worst performing cryptocurrency among the top 5.

Ethereum is now down about 10% in the same time frame.
The rules are simple-Bitcoin leads, and altcoins (including Ethereum) follow with higher volatility. So far, there is no reason to expect that this rule will change.

Crowded trade

In this seemingly endless horizontal range, the interest rate of Bitcoin futures financing has been in a negative area. This means that a large number of derivatives traders confidently expect prices to fall.



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