Bitcoin Loses Peg at $30,000, Ethereum Falls as Risk-Off Mood Spreads to Cryptocurrencies
Bitcoin fell below $30,000 on Friday morning Asia time as traders booked profits amid concerns about rising interest rates in US markets, sending investors into so-called "risk-off" mode, sending them lower. shares
Ethereum also fell, along with most of the top 10 non-stablecoin tokens.
Solana sidestepped the bearish sentiment and rose more than 6%. Despite the decline, the Crypto Fear and Greed Index is in the greed range at 56 as institutional investor interest in Bitcoin remains strong.
Bitcoin was down 1.88% over the past 24 hours to trade at $29,919 at 07:20 am Hong Kong time and has posted a loss of 1.68% over the past seven days, according to data from CoinMarketCap. The world's leading cryptocurrency hit $31,399 on Thursday evening, its highest level in 13 months.
Strong US economic data, good earnings expectations and private sector employment data have investors seeing more chances for further interest rate hikes; Bond yields are rising while equity indices are falling sharply,” said Justin d’Anetan, head of business development for the Asia-Pacific region at Belgium-based cryptocurrency company Keyrock.
“By the end of the quarter, Bitcoin balances in OTC markets were up 60% compared to the previous quarter,” Ark Invest wrote in a report, indicating that “institutions and other large investors are increasingly focusing on Bitcoin.”
Ethereum fell 3.13% to $1,851, leaving it largely unchanged for the week. The token reached as high as $1,956 on Thursday evening, but soon lost ground as investors took profits.
Most of the other top 10 non-stablecoins also suffered losses in the last 24 hours, with the exception of Solana's SOL and Tron's TRX.
Solana rose 6.48% to $20.12, up 12.52% for the week. The token cleared resistance at $20 on Thursday evening for the first time since June 7, as sentiment received support from a partnership between Coca-Cola Serbia and SolSea, a non-fungible token (NFT) platform from Solana. Both companies will launch branded Coca-Cola NFTs at the Exit festival in Serbia from July 6 to 9.
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