Bitcoin briefly flirted with the US$30,000 level before stepping back, with Ether also witnessing a minor dip. Among the top 10 non-stablecoin tokens, performance was a mixed bag. Nevertheless, experts remain optimistic. However, the question “Will Bitcoin crash to zero?” is still on the rise.
In a fleeting moment, Bitcoin ventured near the US$30,000 resistance level, only to pull back and settle at US$29,592.49 by 07:30 a.m. in Hong Kong. Over the past 24 hours, it underwent a slight 0.72% decline. Nonetheless, the weekly perspective showcased a promising 1.59% uptick, according to CoinMarketCap. Although the cryptocurrency touched the lofty US$30,093.44 mark on Wednesday, sustaining this position proved elusive for Bitcoin to GBP.
Market analyst Samer Hasn from global multi-asset broker XS.com pointed towards a bullish path for Bitcoin. He highlighted the surge in open interest positions, surpassing 10.4 billion on August 8. Typically, such a surge heralds increased momentum and higher volatility.
Hasn also underscored the significance of developments like PayPal’s introduction of the PYUSD stablecoin. Furthermore, the prospective authorization of spot Bitcoin exchange-traded fund proposals by prominent investment companies such as BlackRock and Wisdom Tree could enable wider access to cryptocurrency networks.
Ether faced a modest dip of 0.21%, reaching US$1,856.01. However, it managed to hold onto a weekly gain of 0.94%. Amid mixed performance among the top 10 non-stablecoin cryptocurrencies, Cardano’s ADA stood out, registering a 1.03% rise to US$0.3016. This achievement followed the Cardano mainnet’s launch of the Bitcoin bank cBTC, allowing Bitcoin holders to participate in Cardano’s decentralized finance applications.
So, will Bitcoin crash to zero? While the total crypto market capitalization saw a minor 0.31% dip within 24 hours to land at US$1.18 trillion, industry experts hold a positive outlook. They anticipate forthcoming bullish trends as the market eagerly anticipates the outcome of critical U.S. inflation data.
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