Bitcoin Rebounds After Hitting 2-Month Low
Will Bitcoin crash to zero? – Bitcoin faced a significant drop, hitting a two-month low of around $25,400 before recovering to trade at around $26,800. Ether also experienced a dramatic fall to $1,550 before bouncing back to just under $1,700. The top 10 non-stablecoin cryptos recorded losses due to macroeconomic factors and investor sentiment influenced by events like the depreciation of the Chinese yuan and Evergrande’s bankruptcy. This led to over $1 billion in cryptocurrency liquidations, bringing the market capitalization close to the $1 trillion mark.
XRP Leads Losses After SEC’s Favorable Ruling Appeal
XRP suffered a 12.52% drop to $0.5136 after a U.S. judge allowed the SEC to appeal the favourable ruling for Ripple Labs regarding the retail sales of token XRP. Despite this, transactions on the Forkast 500 NFT index increased while U.S. stock futures stabilized after Thursday’s decline. The Federal Reserve’s July meeting minutes continue to raise concerns about possible future monetary tightening.
Bitcoin Investing Forum: BTC & ETH Slide Below Key Support Levels
Bitcoin plunged by 7.02% in the last 24 hours, reaching $26,819.27 and marking a weekly loss of 8.88%. Ether also dropped by 5.64% to $1,706.22, with a weekly loss of 7.80%. Bitcoin’s decline was attributed to factors such as low volatility, potential devaluation of the Chinese Yuan, and a report about SpaceX’s Bitcoin bull run depreciation. Ether faced its own challenges, hitting a five-month low before bouncing back.
Crypto Liquidations Exceed $1 Billion
Cryptocurrencies experienced a total liquidation of $1 billion in the past 12 hours, with $812.67 million of long positions wiped out. Ripple’s XRP token led the losers, plummeting 18.85% for the week. The legal battle between Ripple Labs and the SEC took a new turn as an appeal was granted for a previous favourable judgment. Despite these challenges, the total crypto market capitalization dropped 5.69%, nearing the $1 trillion threshold.
NFTs Struggle Despite High Transactions
The Forkast 500 NFT index declined, impacting the broader NFT market. Wreck League, an NFT video game backed by Animoca Brands, faced difficulties selling its offerings. Despite this, daily NFT transactions hit an all-time high, signalling a shift towards high-volume, low-dollar sales. As mainstream attention grows, institutional interest in NFTs is increasing, with McDonald’s Singapore launching an NFT project based on its Grimace character.
Top NFT Collections Face Changes
Besides the main question of the day, ‘Will Bitcoin crash to zero?’, the market is going through a shaky journey on the NFT platforms. Ethereum-based Bored Ape Yacht Club saw a surge in sales volume despite its floor price drop. Ethereum-based DeGods and Mythos Chain-based DMarket also gained traction in terms of daily sales volume. The NFT ecosystem is undergoing a transformation towards mass adoption with realistic prices and recognizable brands. Despite the shift, sellers lost over $1.91 million in Thursday’s trading, highlighting the evolving nature of the NFT space.
