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Home Bitcoin News

Bitcoin Falls Below The Vital $29k Mark As Volatility Increases

Hania by Hania
August 1, 2023
in Bitcoin News
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Bitcoin Falls Below The Vital $29k Mark As Volatility Increases
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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. 

Bitcoin Falls Below The Vital $29k Mark As Volatility Increases
Source: CoinMarketCap

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.

Also Read: Barbie Star Margot Robbie’s Unique Take on Bitcoin Sparks Crypto Community’s Interest

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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. 

Bitcoin Falls Below The Vital $29k Mark As Volatility Increases
Source: Santiment

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.

Bitcoin Falls Below The Vital $29k Mark As Volatility Increases

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.

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Start Your Own Bitcoin ATM in 2023 – Here’s What You Need to Know
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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