Bitcoin Reclaimed $20K Following Extreme Volatility, AVAX Jumps 7% (Market Watch)
Bitcoin’s price went on a roller-coaster in the past 24 hours, dumping to $19,000 before jumping to almost $21,000. The altcoins are calmer on a 24-hour scale, with AVAX and SAND being the most substantial gainers.
Bitcoin Stands Above $20K
At the end of June, which marked BTC’s worst-performing month and a quarter in over a decade, the asset went on a tear and jumped by over $2,000 in hours. However, that was short-lived as it dumped just as quickly to under $20,000.
The weekend went unexpectedly calm and bitcoin traded around $19,000 for most of it. The volatility returned as the US national holiday on July 4 came to an end, and bitcoin approached and briefly exceeded $20,000.
The bears came back to play almost immediately and pushed BTC south to $19,250. Yet, the asset bounced off rather immediately and spiked to $20,750 (on Bitstamp).
As of now, it has calmed slightly but still trades above $20,000, and its market cap sits at $385 billion.
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Notable Bitcoin News
The public mining company Core Scientific said it had sold most of its bitcoin holdings in June.
CoinShares reported that US investors had shown a significant desire to open short positions on BTC last week.
Despite the ongoing market crash, The Wolf of Wall Street predicted that BTC investors will “almost certainly” profit if they hold for 3-5 years.
Most altcoins were well in the green yesterday but are calmer today. Ethereum went to a multi-day high above $1,150 but has retraced slightly and now sits just under that level.
BNB continues to trade higher and is now close to $240 after a minor daily increase. Solana, up by around 3%, is now above $36.
While Ripple, Cardano, Dogecoin, Polkadot, and TRON have failed to display any significant movements in either direction, Avalanche has increased by almost 7% in a day and is close to $20.
From the lower- and mid-cap alts, The Sandbox is the most substantial gainer, following a 9% daily jump. Consequently, SAND sits near $1.3.
Industry News
The CEO of CryptoCom denied the recent rumors that his company will suspend or limit withdrawals soon.
One company that had suspended withdrawals – Voyager Digital – filed for Chapter 11 bankruptcy.
Another crypto firm – CoinLoan – also had to amend its policies by limiting withdrawals.