Although there was a minor dip in the crypto market since July 23, the Bitcoin trading zone has been stable, while other crypto tokens have also held their respective support levels.
The crypto market has experienced a slight correction, with several crypto tokens shedding minor losses. However, the Bitcoin trading zone has remained in the same range, with its support at $65,000. Crypto traders may closely monitor this key level in the next few days to gauge market sentiments. Meanwhile, the approval of the spot ether ETFs in the US has been a great development for crypto.
Market analysts point to the launch of the crypto ETFs as a key driver of the crypto market rally. These ETFs offer a secure and convenient way for institutional investors to enter the crypto market, thereby increasing overall liquidity and price stability.
Moreover, the SEC’s approval of spot Bitcoin and Ethereum ETFs represents a significant shift in the crypto regulatory landscape. This move signals a more pragmatic approach by regulators, acknowledging the growing importance of digital assets in the global financial system.
Since July 23, most crypto tokens have traded in a static manner. ETH has been trading just below $3,500, while SOL was also down by 1%. On the other hand, the latter is still up by 6.8 on a weekly basis.
BTC/USD 1D price chart
Bitcoin is currently trading at around $65,700 on July 24, 2024, with BTC/USD trading lower by a margin of around 0.9% in the last 24 hours. Bitcoin’s market cap was trading at around $1.3 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 61,500), as BTC’s 24-hour volume was at approximately $34 billion. The global crypto market cap decreased by around 2 %, trading above $2.3 trillion. BTC’s year-to-date returns are above 56%.
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