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    Home » Market Updates » Bitcoin Cools Off Amid $40K: Rune Recovers 35% Despite the Recent Hack (Market Watch)

    Bitcoin Cools Off Amid $40K: Rune Recovers 35% Despite the Recent Hack (Market Watch)

    Author: George Georgiev

    Last Updated Jul 30, 2021 @ 08:42

    Bitcoin seems to have cooled off a bit around $40K. RUNE, on the other hand, is on fire throughout the past 24 hours.

    The past 24 hours saw bitcoin’s price being relatively stable around the crucial $40K mark. The majority of the market is also fairly neutral, with a lot of the altcoins charting rather insignificant losses.

    Bitcoin Stable Around $40K

    Bitcoin is circling the $40K mark over the past 24 hours, seemingly unable to make a move in either direction. However, a consolidation around this area, which is also serious support, could potentially be positive.

    At the tie of this writing, the price sits at slightly below $40,000, up 0.8% on the day.

    As we reported earlier, the first major obstacle in front of the cryptocurrency would be around $40,500. There’s a confluence of technical resistances there, and surging past them would be a serious stepping stone.

    btcusd_chart
    Chart by TradingView

    It’s also worth noting that there’s been a major shift in overall market sentiment following Bitcoin’s ascend to $40K. At the time of this writing, the market seems to be neutral, according to the Fear and Greed Index. This is the first time it’s in this state since all the way back on May 12th.

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    Altcoins Stagnate, RUNE on a Recovery

    The majority of the altcoins are also relatively stagnant right now. Some cryptocurrencies are charting mild losses, while others – mild gains. In general, the large-cap coins saw no meaningful changes over the past 24 hours.

    quantify_crypto
    Cryptocurrency Market Heatmap. Source: Quantify Crypto

    Nevertheless, one of the biggest gainers today appears to be THORChain’s RUNE token. The cryptocurrency is up 35% on the day.

    This comes despite the fact that it was hacked twice in the past month alone. The last time took place on July 23rd. As CryptoPotato reported, the cross-chain DeFi protocol suffered an attack, compromising another $8 million after it was hacked for $8.3 million earlier in the month.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Altcoins Bitcoin
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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