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Bitcoin Hits $28,500 Low While Coinbase Benefits from Futures Approval

Bitcoin Hits $28,500 Low While Coinbase Benefits from Futures Approval

On Thursday in Asia, Bitcoin and Ether, along with other top 10 non-stablecoin cryptocurrencies, experienced a decline. Bitcoin briefly fell below the $28,500 mark, while Ether’s losses caused it to drop below the significant $1,800 level. Smaller altcoins such as Dogecoin, Solana, and Ripple were hit the hardest. In more positive news, Coinbase Global received approval to offer cryptocurrency futures to retail investors in the United States.

Bitcoin Took a Deep Fall After Weeks of Stability

Despite this, market sentiment remains optimistic due to a sustained increase in global transactions. U.S. equity futures were mixed after another day of losses on Wednesday. The release of the minutes from the Federal Reserve’s July meeting on interest rates has cast a shadow over equities, with indications now pointing towards a prolonged period of high rates or even another rate hike.

Bitcoin experienced a 0.95% decline in Hong Kong in the last 24 hours, falling to $28,551.83. Earlier in the morning, it had briefly dropped below the $28,500 mark and according to data from CoinMarketCap, the largest cryptocurrency by market capitalization recorded a weekly loss of 3.51%.

Bitcoin Took a Deep Fall After Weeks of Stability

Ether also experienced a decline, losing 1.80% to reach $1,794.91, which is below the significant $1,800 level. Over the past seven days, it has dropped by 3.28%.

All other top 10 non-stablecoin cryptocurrencies also experienced losses. Dogecoin was the biggest loser among the top 10, falling by 5.01% to $0.06731 and recording a weekly loss of 10.07%. Solana was next in terms of losses, dropping by 4.25% to $22.83 and experiencing a weekly decline of 5.98%.

Ripple’s XRP token also experienced a decline, losing 3.66% to reach $0.5862 and recording a weekly loss of 8.08%. On July 13th, Ripple appeared to have won a victory in its ongoing legal battle with the SEC when a New York court ruled that trading XRP on public exchanges did not break securities laws.

In the past 24 hours, the total cryptocurrency market capitalization decreased by 1.47% to $1.14 trillion, while trading volume increased by 13.64% to $33.76 billion.

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