Bitcoin at $29K Continues to Trade Near One-Month Low in Americas

Bitcoin at $29K Continues to Trade Near One-Month Low in Americas

The Blockchain Industry: Latest Prices, Top Stories, and Trends

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Latest Prices

Latest Prices

Bitcoin’s price experienced a decline below $29,000 for the first time in a month on Monday, and it was trading at $29,100 early Tuesday. This bearish price action coincides with the Federal Reserve’s expected 25 basis point interest rate hike on Wednesday afternoon. Market participants are eagerly awaiting the decision to assess if it will be perceived as hawkish, which could potentially trigger slight selloffs in risk markets. Bitcoin, being a leading cryptocurrency, is likely to face support zones at $28,000, $26,000, and $25,000 in case of such selloffs.

Top Stories

The U.K.’s data watchdog, the Information Commissioner’s Office (ICO), will examine Worldcoin, the project led by OpenAI CEO Sam Altman. The ICO spokesperson stated that organizations must have a clear lawful basis to process personal data and that consent given for data processing should be freely given and capable of being withdrawn without detriment. Worldcoin, which launched on Monday, offers a digital passport that helps users prove they are human. The project has already gained 2 million users from its beta launch.

Crypto investment products experienced $6.5 million of weekly outflows, as reported by CoinShares, breaking a four-week streak of inflows reaching a total of $742 million. Bitcoin-related products were hit the hardest, with $13 million of outflows, caused by the cryptocurrency’s price dipping below $30,000. Investors shifted their focus to other cryptocurrencies like ether (ETH) and Ripple’s XRP. The recent decline in positive news, following BlackRock’s filing for a BTC ETF in June, has impacted BTC-focused investment funds.

Chart of the Day

Chart of the Day
  • The chart highlights the dominance of Binance, the world’s leading digital assets exchange, which now accounts for over 50% of total trading volume compared to just 24% three years ago.
  • This trend is anticipated to continue amidst a wider downturn in market activity, which puts smaller exchanges under pressure.
  • The concentration of trading activity on Binance explains why regulatory uncertainty surrounding the exchange tends to impact crypto prices.

(Source: Kaiko)

  • [Binance Says It Intends to File Motion to Dismiss CFTC Complaint]
  • [Crypto Catalysts: Rate Hike Looms as FOMC Begins Latest Monetary Policy Deliberations]
  • [Dogecoin Bumps 10% on X Payments Speculation, DOGE Futures Traders Lose $10M]

In summary, the blockchain industry experienced a decline in Bitcoin’s price, influenced by the Federal Reserve’s expected interest rate hike. The U.K.’s data watchdog investigates Worldcoin, an AI-driven project aiming to provide digital passports for users. Additionally, crypto investment products saw significant outflows, with Bitcoin-related products facing the largest declines. Binance continues to dominate the digital assets exchange market, impacting overall crypto prices. It’s important to stay informed about the latest trends and developments in the blockchain industry for successful navigation within this dynamic ecosystem.