Bitcoin and Cryptos Slide in Echo of Global Market Selloff

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Created by TradeOr

3rd Party Analysis 09 Jul 2021

Key Takeaways

  • Bitcoin, ether, and other major coins slid on Thursday amid a broad market drop
  • Cryptocurrencies poised to end the week essentially flat as sentiment is muted

Bitcoin and Cryptos Slide

The price of Bitcoin dropped on Thursday and remained under pressure to kick off Friday action. Investors globally rushed to offload risk across the financial markets, prompted by increased uncertainty over rising cases of the Delta strain of the coronavirus.

Indeed, fears of economic slowdown spilled to cryptocurrencies, resulting in a broad crypto selloff. Accordingly, bitcoin fell 5% and ended the session at $32,800. The world’s biggest digital currency reached a session low of $32,000. Despite the drop, bitcoin remains in a consolidation zone as the price has been gyrating in the range of $32,000 to $36,000 for the past three weeks. For the previous seven days, bitcoin’s price is barely changed, lower by less than 2%.

Ether, the second-largest crypto-token, suffered a steeper decline yesterday. The Ethereum coin tumbled nearly 10% to a closing level of $2,136. Ether is still subdued as the current market price hovers right under the $2,100 threshold.

Quiet Sentiment Echoes Across the Crypto Market

Bitcoin has struggled to recover above the $40,000 mark since it fell about 50% to the $30,000 range near the end of May. The flagship token has managed, however, to climb out of the bottom reached on June 22 when the digital asset’s price slid to a six-month low of $28,800.

The weak trend in the crypto space, according to digital asset proponents, is bound for a shift in gears amid an uncertain environment. Bitcoin, in particular, is regarded as a store of wealth and a hedge against inflation.

As sentiment remains muted, the entire cryptocurrency market is poised to end the week quietly. Beginning the week, the market cap of over 10,000 cryptocurrencies stood at $1.40tn. On Friday, the market value is sitting at a total of $1.38tn, or a decrease of less than 1.5%.

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