Hassan Maishera
TL;DR
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Bitcoin has reversed the gains it made on Tuesday and is now trading close to the $29k level once again.
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The poor performance came after reports emerged that Binance could face criminal charges in the United States.
Bitcoin Slips Towards $29k Again
Bitcoin, the world’s leading cryptocurrency by market cap, is trading close to the $29k level once again. This latest development comes after BTC rallied to the $30k level earlier this week.
At press time, the price of Bitcoin stands at $29,092, down by nearly 2% in the last 24 hours. The poor performance comes following a report that Binance could be facing criminal charges in the United States.
Binance is the leading cryptocurrency exchange in the world, with more than $7 billion in daily trading volume. Investors ignored macro events that sent BTC's price surging past $30,000 earlier this week, such as MicroStrategy’s plan to purchase more bitcoin.
In a comment to Cryptowisser, Sergei Gorev, risk manager at YouHodler, stated that;
“Cryptocurrency quotes continue to decline slowly. BTC is currently trading around $29k as the market continues to stagnate against the Fed's mixed rhetoric and the less-than-clear prospect of locally rising interest rates. The slow summer also plays a role in this, as many traders go on vacation.
In our opinion, the market may continue to decline slightly, and we should expect the beginning of cautious purchases from traders in the range of about $27,900-$28,400, an important range where the spring price highs fell into. Let’s be aware that these purchases may coincide with the end of the summer vacation season when businesses become more active, and the market becomes more volatile.”
Litecoin is the worst performer amongst the top 20 cryptocurrencies by market cap despite the blockchain experiencing its third halving event in its 12-year history.
The total cryptocurrency market cap currently stands at $1.17 trillion, down by more than 1% in the last 24 hours.
