The cryptocurrency market saw a decline of 1.6%, taking its value to 1.137 trillion overnight. The morning witnessed a further slump, with the market value reaching 1,113 - its lowest in about two months. Bitcoin experienced a drop of 1.7% while Ethereum decreased by 1.2%. Leading altcoins showed a mixed bag of losses ranging from 0.8% for Cardano to a substantial 7% for Bitcoin Cash.
Bitcoin's value briefly dipped to $28.3K in sparse trading activity early Thursday but regained some ground, stabilizing at $28.6K. This plunge below $28.8K reinforces the current bearish trend in the market. The next critical supports lie at the $28K mark, followed by the $27.2K level. This latter value aligns with the 200-day moving average and the uptrend observed from the previous November.
Ethereum retraced its steps to under $1800 and faced its 200-day moving average, a level from which it had previously rebounded in March and June. Given the current global market sentiments leaning bearish, coupled with rising government bond yields, Ethereum could potentially slide to its earlier lows around $1630.
In the News The newly-introduced SEI crypto token witnessed an explosive trading volume of over $1.6 billion overnight. In terms of turnover, this new entrant even surpassed prominent crypto assets such as XRP, BNB, and Dogecoin (DOGE). SEI officially rolled out its Sei Network blockchain project earlier this week. The project is being touted as a platform tailored for high-frequency trading, boasting impressive transaction speeds.
Justin Sun, co-founder of Tron, has recently identified himself as a staunch “Bitcoin supporter”, revealing that he holds a stash of over 100,000 BTC. In recent enforcement actions, the Federal Bureau of Investigation reportedly confiscated digital assets worth $1.7 million between March and May 2023.
Coinbase Exchange has secured a licence from the CFTC’s Futures Commission Merchant. This development permits the exchange to offer futures trading based on cryptocurrency to a select group of its US clientele.
In other noteworthy events, a transfer of 1,005 BTC from a dormant wallet, untouched for 13 years, caught the attention of many. Some enthusiasts within the cryptocurrency community even speculated if the legendary Satoshi Nakamoto was behind the transaction.