Hassan Maishera
TL;DR
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Bitcoin starts another week trading below $30k as investors await major macroeconomic data.
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The total crypto market cap stays at $1.17 trillion.
BTC Trades Below $29,500
Bitcoin, the world’s leading cryptocurrency by market cap, is starting yet another week trading below $30k. BTC has been trading below the $30k psychological threshold in recent weeks.
The poor performance last week came despite PayPal launching its stablecoin and Sam Bankman-Fried getting jail time.
Market experts believe that Bitcoin is stablecoin but could experience downward movement in the near term. Nathan Leung, the co-founder and host of Cryptonauts, pointed out in a note that Bitcoin has become stablecoin in recent weeks. He stated that;
“With the price nearing 30k, we can tell that there is definitely still interest in bitcoin as a "safe haven". Wealthy individuals usually hedge against 'dangerous' or 'risky' times like this. One thing that's interesting, however, is how stable bitcoin has been at $30k. If it follows previous market cycles, then we have lower to go. 1 bitcoin currently stands at half the price of a kilogram of gold, with the full kg being $61k. After being in the space for almost a decade - this is the most stable I've ever seen bitcoin. What does that mean? Maybe it could be a store of value long term — which would be amazing.”
At press time, the price of Bitcoin stands at $29,439, up by less than 1% in the last 24 hours. The total cryptocurrency market cap remains at $1.17 trillion, also up by less than 1% so far today.
