Major cryptocurrency Bitcoin and Ethereum suffered a massive drop below their market value during 21st of July’s trading. Both cryptocurrencies have fallen below their main support level and failed to increase value even after the SEC agreed to review the applications for 8 Bitcoin exchange-traded fund spot.
This is coming after Bitcoin’s value rose up to $31,768 towards the end of the second week of July. Ethereum also fell from its $2000 value it hit after the sale of XRP was declared by a court as not a security threat. This decision follows a 30-month legal battle that saw the two most prominent cryptocurrencies witness an increase in value.
Currently, Bitcoin has suffered a 2.52% drop in its value to be trading at $29,806 after almost hitting $32000. Ether also suffered a 0.21% decline in its value to be trading at $1,892 after hitting its all-time high on the 13th of July.
Crypto promoters have submitted eight ETF applications to the SEC for review after they were published in the register. This move was made with the hope that it could move investors into investing with hopes of raising the value of these tokens but investors were not moved and the cryptocurrencies are suffering value decline at a slow pace.
10 Other Crypto Witness Value Rise while NFT Value Dwindles
While the SEC are considering ETF applications from Invesco, Blackrock, WisdomTree, Fidelity, Bitwise, VanEck, and Bitwise, crypto tokens like Dogecoin have become the biggest gainer in the market witnessing a 3.18% increase in value to sell at $0.07168. The recent update as published on Quantum Prime Profit Site Officiel showed that Matic token from Polygon increased in value by 2.64% to $0.7634.
Solana’s Sol token suffered a massive drop in in value by losing 3.45% to close at $25.27. The total market capitalization of the crypto market suffered a 0.31% valuation drop by falling to $1.2 trillion in the last 24 hours. Market volume increased by 11.26% to $35.97 billion at the close of the day’s trading.
To become competitive in the market, Bitcoin launched a 24-hour NFT which value has continued to dwindle in the market. This NFT has recently dropped $48.03% of its value to sell at $550,090 while its uncategorized ordinals now sell at $235,720 after losing 49.66% of its value.
During the week, the Forkast 500 NFT index gained 0.43% to add to its value but lost 0.31% in the last 24 hours to land at 2,691.90 points. This decline in the value of the Bitcoin NFT has seen the NFT drop from the 2nd largest NFT sales volume to the 7th largest sales volume.
Ethereum’s 24-hr NFT value wasn’t left out of the mix as it lost value for the third straight day losing 3.22% of its value to sell at $12.79M while its largest NFT native collection Bored Ape Yatch Clun rose to $1.4M by 43.71%.
Investors looking to put in their funds in cryptocurrency or NFTs need to watch the market closely for the next few days to see the direction which the value of these investments will move before making investments in any of these tokens and NFTs.
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