Will enhanced volatility reach the cryptocurrency market as the largest GBTC unlocking of over 16,000 will take place today - July 18th?
The bears still have a tight grip on the market as bitcoin dropped to a three-week low of $31,000 while ETH is south of $1,900.
The primary cryptocurrency is down about 3% over the past week but, in general, it remained rangebound. Multiple metrics are pointing towards a major move closing by.
The crypto market cap has lost another $50B of value in a day, as bitcoin fell to just over $31,000 while ETH trades beneath $2,000.
Bitcoin continues to struggle in a range of around $32K. On the flip side, Axie Infinity's AXS is up 40% daily, marking yet another all-time high.
The cryptocurrency market cap has lost more than $120 billion in two days as BTC dumped to its lowest price line in 17 days.
The bears took over the cryptocurrency market as bitcoin dropped below $33,000, while ether dumped beneath $2,000 for the first time in over two weeks.
Despite the low trading volumes, bitcoin has reclaimed $34,000. This comes amid reports indicating that miners have started accumulating again.
Bitcoin is stagnant around $33K-$34K as trading volume remains low. All eyes are on the upcoming massive unlocking of GBTC shares.
Despite the low trading volume, bitcoin initiated a leg up that resulted in recovering a few thousand dollars and even touching $34,000.