Cryptocurrency price on July 8: Bitcoin slips below $56k, Solana, NEAR Protocol decline up to 7%
Cryptocurrency markets traded lower on Monday, dragged down by Bitcoin, Ethereum, and Solana. The global cryptocurrency market cap also fell by 3.3% to around $2.04 trillion in the last 24 hours.
At 1:10 PM, Bitcoin (BTC) was trading 2.5% lower at $55,667, while Ethereum declined 2.6% to $2,916. Bitcoin touched a low of $54,321 earlier in the day.
«The crypto market faced continued downward pressure, impacted by BTC movements from Mt. Gox and mixed macro data. BTC lost key support levels, hovering slightly above $55,000. The next few daily closings will determine the market's direction, with a period of sideways consolidation expected. This week’s U.S. CPI data will be crucial,» said the CoinDCX Research Team.
Similarly, the CoinSwitch Markets Desk noted, «The Crypto Fear & Greed Index has dropped to 29, its lowest point since January 2023, as Bitcoin's price fell below $54,000. This decline is largely attributed to selling pressure from seized BTC sales by the German and U.S. governments, as well as refunds to Mt. Gox users. Bitcoin could further dip to $50,000 due to these factors.»
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having
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