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Cryptocurrency Price Today: Cryptocurrency Price July 30: Bitcoin Falls Below $67K; Avalanche, Solana Slump Over 4%
Cryptocurrency Markets fell on Tuesday as Bitcoin fell after nearly breaking the $70,000 mark for the first time since mid-June. The sell-off erased gains from an early session when optimism fueled by Republican presidential candidate Donald Trump’s pro-crypto speech had sent stocks higher.
The volatile cryptocurrency often experiences pullbacks after hitting key milestones, as investors book profits. However, the industry applauded Trump’s promise of friendlier regulation.
As of 12:54 pm IST, Bitcoin (BTC) was down 3.8% at $66,844, while Ethereum was down almost 1% at $3,334. Meanwhile, the global cryptocurrency market cap is down 3.15% to around $2.4 trillion in the past 24 hours.
“Bitcoin price hit a six-week high after Donald Trump’s speech in Nashville last week. However, it later dropped below the $67,000 mark after the US government transferred $2 billion in Silk Road tokens yesterday,” said Edul Patel, CEO of Mudrex.
“Currently, BTC is settling around $66,500. The next support level is at $65,500, while resistance is expected at $67,200,” Edul said.
Major cryptocurrency tokens also felt the pressure ahead of central bank meetings in the US and Japan.
“In particular, tomorrow’s announcement on the US federal funds rate will be important and is expected to cause more volatility in the market,” CoinDCX research team said.
Other popular altcoins and meme coins, such as Solana (down 4.6%), BNB (down 3.3%), Dogecoin (down 3.6%), Toncoin (down 1.9%), Cardano (down 4.2%), Avalanche (down 5.1%), Shiba Inu (down 2.4%), and Polkadot (down 2.4%) also saw declines.
The volume of all stablecoins is now $72.07 billion, which is 91.16% of the total cryptocurrency market volume in 24 hours, according to data available on CoinMarketCap. Bitcoin’s dominance is currently 54.95%. BTC volume in the last 24 hours increased by 75.7% to $39.5 billion.
Vikram Subburaj, CEO of Giottus Crypto Platform, said: “Bitcoin will need to consolidate above $65,000 for a few days before it can challenge $69,000 again. However, any positive indication from this week’s FOMC meeting about a potential interest rate cut could spark a rally for BTC.”
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