Bitcoin News and Finance Bitcoin Slides Under $30K, Stablecoins Eclipse Trade Volumes, Crypto Interest Depletes Skip to main content

Bitcoin Slides Under $30K, Stablecoins Eclipse Trade Volumes, Crypto Interest Depletes

The price of bitcoin has slid under the $30K zone on Tuesday, dipping to $29,300 per unit during the early morning trading sessions (EDT). The global cryptocurrency market capitalization of all the crypto coins in existence is $1.19 trillion as it decreased by more than 6% in the last day.

Bitcoin’s Market Cap Sees $19 Billion Shaved in 24 Hours

Digital currency markets have lost considerable value during the last week and seven-day stats show a number of coins have shed double-digit percentages. Bitcoin (BTC) is currently trading for $29,656 per unit at the time of writing, down 5% during the last 24 hours. Weekly statistics show BTC is down more than 10% and holds a $556 billion market valuation. BTC’s market cap has shaved off $19 billion since yesterday.

Bitcoin Slides Under $30K, Stablecoins Eclipse Trade Volumes, Crypto Interest Depletes
BTC/USD on Bitstamp on Tuesday, July 20, 2021.

Today, BTC commands 46.7% of the $1.19 trillion, while ethereum (ETH) captures 17.1%. Ethereum is swapping for $1,757 per unit, down 5.7% on Tuesday and seven-day statistics show ETH is down 11.9%. The biggest loser in the top ten crypto market cap positions is polkadot (DOT), which has bled 26% this past week. Cardano (ADA) has lost 19.3% and dogecoin (DOGE) over 18% this week.

Bitcoin Slides Under $30K, Stablecoins Eclipse Trade Volumes, Crypto Interest Depletes
ETH/USD on Deribit on Tuesday, July 20, 2021.

Besides the coin unus sed leo (LEO), the top market performers today are all stablecoins. These include DAI, TUSD, BUSD, USDC, USDT, HUSD, UST, and PAX, respectively. 52.18% of BTC’s market share is traded in USDT, and 51.09% of ETH trades are also in tether (USDT). 24-hour volume between all crypto assets in existence has jumped over 15% today and is around $67.7 billion. Tether (USDT) commands $47.7 billion of that volume, which is 70.45% of all the global trades recorded on Tuesday morning, according to cryptocompare.com data.

Google Trends Indicates Interest in Crypto Is Lackluster

In addition to markets seeing a slump, interest in digital assets has been lagging a great deal according to data from Google Trends. Coin Metrics’ authors Nate Maddrey and Kyle Waters explain in the latest “State of the Network” issue 112, that crypto Google search trends have been lackluster.

Bitcoin Slides Under $30K, Stablecoins Eclipse Trade Volumes, Crypto Interest Depletes
Google Trends data vs. the price of bitcoin – Coin Metrics’ State of the Network report, issue 112.

“Worldwide Google search volume for bitcoin shows that interest levels closely followed BTC’s rapid price movements this year and tend to track major changes in price historically. While Google Trends data is not absolute search volume for bitcoin, it does show the relative level of popularity for bitcoin searches over time,” the author’s report explains. Coin Metrics adds:

Relative search interest this year for bitcoin has not yet surpassed levels achieved in late 2017. This might be a sign that many retail investors and the general public were already aware of bitcoin prior to the recent price movements this year. Institutional adoption is a big reason for bitcoin’s recent successes in 2020/2021 which will not be captured easily from Google search interest.

Similarly, ethereum (ETH) searches on Google Trends are also lower than the number of queries three months ago. No one knows exactly where the crypto market is going and the latest downfall has been attributed to the issues with bitcoin mining in China and the regulatory crackdown worldwide. This week in the U.S., the New Jersey Bureau of Securities told the crypto firm Blockfi that it needs to stop accepting new interest account users in New Jersey.

“All aspects of the Blockfi platform continue to be accessible to our clients in New Jersey,” Blockfi’s CEO and founder Zac Prince said. “The order calls for Blockfi to stop accepting new BIA clients residing in New Jersey beginning July 22, 2021.” Furthermore, on Monday afternoon, senator Elizabeth Warren, D-Mass., explained that the Consumer Financial Protection Bureau needs to supervise cryptocurrency risks.

What do you think about the recent crypto market action and bitcoin price downturn? Let us know what you think about this subject in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory