2023-08-29 07:34:00
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Investing.com – Bitcoin fell below $26,000 over the past few hours on Tuesday, amid a generally bearish sentiment among cryptocurrency traders and a lack of fresh catalysts for the market rally, but it has clawed back losses during these moments of the day’s trading.
The data showed that bitcoin fell to $25,886, before recovering slightly, to now record $26,007.
Meanwhile, bitcoin trading volumes reached their lowest level in nearly five years this month.
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The crypto market is highly volatile
Bitcoin witnessed notable declines this month following billionaire Elon Musk’s decision to abandon investment in the digital currency has spooked investors and led to increased selling pressure on the risky asset.
Meanwhile, digital currencies were affected by the rise in US bond yields, as the 10-year US bond reached its highest level in 16 years, prompting investors to abandon trading in risky assets.
However, US Federal Reserve Chairman Jerome Powell’s recent statements regarding the possibility of a rate hike have caused continued pressure on the cryptocurrency market.
The Fed chief said that the continued resilience in the US economy may require additional interest rate increases.
On Friday, in a closely followed speech, Powell also highlighted the uncertain nature of the US economic outlook.
Powell noted that the economy is growing faster than expected this year and that consumers are continuing to spend at a rapid pace, trends that might keep inflation pressures high.
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Bitcoin trading volumes
Bitcoin trading volumes fell to their lowest level in nearly five years this month, as investors look for enough reasons to lead the next bullish wave in the market.
CryptoQuant’s analysis of data from both spot and derivatives exchanges showed that the total volume of cryptocurrency trading fell earlier this month to its lowest level since 2018.
As of August 26, bitcoin trading volume across all exchanges reached 129.3 thousand BTC, following touching 112.3 thousand on August 12, the lowest level since November 10, 2018.
It is now regarding 94% below its March high of 3.5 million BTC in circulation, however, the bitcoin price is still up 57% this year and is hovering at around $26,000.
Digital currencies today
The combined market value of the crypto market during these moments of today’s trading is regarding $1.04 trillion. The trading volume amounted to regarding $23.97 billion.
It rose during the last 24 hours to $26,007, by 0.33%, while recording weekly losses of 0.17%. Its market value is now $506 billion.
While “”, which is the largest digital currency in terms of market value following Bitcoin, rose by 0.4% during the last 24 hours, to reach $ 1647, with weekly losses of 1%, and a market value of regarding 197 billion.
The price of Binance Coin rose by 0.5%, to record $217.
While the currency price settled at $0.51655, with a weekly loss of 0.13%.
And it witnessed a rise to $0.2632, by 1.25%, while it increased during the last 7 days by 1%.
On the other hand, it rose to the level of 0.063030, by 1% in the last 24 hours.
The cryptocurrency rally came as stocks rose the most since June and bond yields fell. Reports in both the US and Europe have fueled bets that central banks will stop raising interest rates to prevent a recession.
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