In today's cryptocurrency market, Bitcoin and other leading tokens faced a downward trend, erasing the gains from the previous day. While Bitcoin managed to maintain its position around USD 29,000, altcoins experienced more significant losses. All eyes were on the US Securities and Exchange Commission (SEC) as they deliberated on the approval of spot Bitcoin ETF applications.
On Thursday, August 3 Bitcoin saw a brief recovery but quickly dipped by 2%, though it managed to hold the USD 29,000 support level. In contrast, Ethereum faced a steeper decline, trading down by one percent and slipping below the USD 1,850 threshold. Altcoins also struggled during early trading.
On August 2, Bitcoin surged to USD 30,000, bolstered by positive developments such as Fitch's downgrade of US Treasuries and Microstrategy's plans to acquire more Bitcoin. However, the tide turned when a news website reported on potential fraud charges against Binance in the US, leading to an immediate drop in BTC's value, as stated by Edul Patel, CEO & Co-founder at Mudrex.
"At the moment, Bitcoin is trading above the USD 29,100 level. Meanwhile, institutional investors eagerly await the SEC's decision on the Bitcoin Spot ETF approval. Ethereum, the second-largest crypto, is currently trading below the USD 1,850 mark. Despite the anticipation surrounding Litecoin's halving event, the coin's value plummeted by more than 5% in the last 24 hours," he said.
Thursday's trading session saw most major cryptocurrencies in the red, with the exception of the US dollar-pegged USD Coin. Litecoin experienced a 6% plunge, while Bitcoin Cash was down by 5%. Dogecoin also dropped more than 4%, and XRP, Cardano, Polkadot, and BNB each shed 4% of their value during the day.
The global cryptocurrency market cap took a significant hit, falling to around USD 1.17 trillion, experiencing a 2% drop in the last 24 hours. Additionally, the total trading volume decreased by about 14%, reaching USD 34.47 billion.
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