Bitcoin (BTC) has fallen below the $29,000 mark for the first time since June 22. The drop occurs as the overall crypto market drops by $21 billion.
The flagship cryptocurrency is down 1.5% in the last 24 hours, trading at roughly $28,930 at the time of writing. Its entire market capitalization is $562.6 billion.
In addition to Bitcoin’s fall, the global crypto market cap has fallen by 1.7%, as per CoinMarketCap (CMC) data. It decreased from $1.185 trillion to $1.164 trillion as of writing.
In addition, Santiment’s data indicates that the decline in Bitcoin’s price is associated with the asset’s one-day price volatility increasing from 0.0028 to 0.0035.
The current price volatility of Bitcoin, according to Santiment, is still considerably lower than its local peak of 0.011 on July 14, when BTC was trading at roughly $31,350. The unexpected increase in BTC’s 24-hour trading volume, which increased by 25% and is currently resting at over $13 billion, is what causes the significant volatility.
Furthermore, from 1,013 on July 31 to 1,344 on August 1, there were more Bitcoin whale transactions totalling more than $1 million.
Earlier, the 76-year-old “Rich Dad Poor Dad” author, Robert Kiyosaki, expressed his enthusiasm for Bitcoin while highlighting the financial crisis in the United States. Kiyosaki believes that the primary cause for the upsurge in US stocks is the increase in the debt ceiling.