BTC zoomed above $30,000 about a month ago after finance giant BlackRock’s application for a bitcoin ETF spurred speculation this – if the world’s largest asset manager wins regulatory approval – could funnel large amounts of money from conventional investors into digital assets. But it’s been stuck around that level ever since, partly due to worry about the Fed’s looming July 26 decision.
The price of BTC was around $29,223 at press time, up 0.1% versus 24 hours earlier.
“Inflation and rate concerns could be what [has been] keeping crypto prices depressed,” Noelle Acheson wrote in her “Crypto is Macro” newsletter Tuesday.
Bitcoin had tumbled below $29,000 at one point Monday – its lowest level since June – after The Wall Street Journal reported that Binance CEO Changpeng “CZ” Zhao had suggested in a private conversation that the crypto exchange’s affiliates had conducted wash trading several years ago, and China’s policymakers warned of a tortuous economic recovery.
The Monday “BTC drop was sharp, which normally suggests a programmatic sale,” Acheson wrote. “These usually recover relatively quickly, but the new lower BTC level seems to be holding, reinforcing the idea that there are just not enough new buyers ready to take positions yet.”
DOGE was recently above $0.08, a level that, until Monday, it hadn’t surpassed since April. The price spiked Tuesday after CoinDesk published a story suggesting that billionaire Elon Musk’s brazen overhaul of Twitter – now called X – could broaden use of the popular memecoin and other cryptos.
Musk has taken a special interest in DOGE with his various pronouncements even before he acquired Twitter, driving the token’s price. “Elon clearly has an affinity for DOGE, almost as part of a running joke, but I wouldn’t be surprised if he actually went through with enabling payments via DOGE,” Brian D. Evans, CEO and founder of BDE Ventures, a Web3 venture studio and advisory firm, told CoinDesk.
The CoinDesk Market Index, a measure of crypto markets performance, was recently up 0.37%. The CoinDesk Bitcoin and Ethereum trend indicators were in neutral territory, a downturn from earlier this month when they held steady in uptrend mode.
“Some investors may be taking profits as they bet on hawkish language from the U.S. Fed following reports of rising house prices in the worlds biggest economy, which will likely give the [Federal Open Market Committee] reason to continue hiking rates throughout the year,” Tim Frost, CEO of digital wealth platform Yield App, wrote in an email to CoinDesk.
