Cryptocurrency price on July 11: Bitcoin falls below $58k; Avalanche, Toncoin tank up to 5%
Cryptocurrency markets traded lower on Thursday, dragged by Bitcoin, Solana, and Dogecoin. The global cryptocurrency market cap declined by 1.4% to around $2.14 trillion in the last 24 hours.
At 12:42 pm, Bitcoin (BTC) was trading 1.9% lower at $57,994, while Ethereum fell 0.12% to $3,108.
«Bitcoin traded over the $58,000 level yesterday, but has since consolidated to the $57,000 level due to pressure from miners and Mt. Gox refunds. Additionally, the German government has transferred more seized Bitcoin with presumed intent to sell, adding to downward pressure. BTC is having a hard time breaking through the $59,500 mark. If it doesn't climb above $58,400 today, it might drop to around $57,200,» said Edul Patel, CEO of Mudrex.
The CoinDCX Research Team stated, «In the last 24 hours, the market traded mixed as the German government continued moving BTC, but BTC ETF inflows remained net positive, reaching $200 million the day before yesterday, indicating sustained demand. The technical price action is currently mixed, with today's CPI data expected to induce more volatility in the market.»
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