Bitcoin Aims to Regain $35,000 Amid Broader Crypto Market Climb

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Created by TradeOr

3rd Party Analysis 06 Jul 2021

Key Takeaways

  • Bitcoin edges higher, up over 3% on the day, eyes $35,000
  • Cryptos tick up despite Barclay’s block to move cash to Binance

Bitcoin Aims to Regain $35,000

Cryptocurrencies are trading to the upside during Tuesday’s session as Bitcoin is gathering momentum to challenge the $35,000 threshold. The number one digital currency has advanced about 3.5% on the day. And the intraday positive market sentiment is lifting other major crypto assets as well.

Bitcoin’s current price level of around $34,750 has been a preferred mid-range area for crypto investors in the past couple of weeks. The digital token is once again attempting to make a comeback and regain the $35,000 mark after it failed to do so yesterday.

More Pressure on the Crypto Market

In a broader crypto market slide on Monday, Bitcoin fell to a daily close of $33,810, or a decline of 4.7% on the day. Ether, the second largest digital asset by market value, declined 5.7% Monday to close the day at $2,215 per token.

Tuesday’s gains for the Ethereum coin have added over 5.3% to its price, which currently gravitates toward $2,320.

Bitcoin and its peers are still undecided where to go as the outlook for the nascent market remains uncertain and dim. Regulatory pressures and environmental concerns have shifted the mid-term market sentiment.

The latest bit of news arrived from the UK yesterday. London-based bank Barclays announced it will no longer support transactions to cryptocurrency exchange Binance. The move comes as part of a larger effort to crack down on unauthorized cryptocurrency trading within the UK. The bank notified its clients of the prohibition which would have immediate effect and was intended as a protective measure against fraud or theft.

The step followed a clampdown on Binance last month by the Financial Conduct Authority (FCA). The UK top regulator then issued a warning that the digital asset exchange was not registered to carry out activities in Britain.

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