Bitcoin holds steady at $29,500, Ether dips to $1,864

Bitcoin holds steady at $29,500, Ether dips to $1,864

Web Desk
July 31, 2023

Bitcoin holds steady at $29,500, Ether dips to $1,864

Bitcoin (BTC) holds close to $29,500 during East Asia trading session, at $29,404.
Ether (ETH) experiences a 0.66% decline, reaching $1,864.
Singapore-based QCP Capital sees a favorable period for accumulators.

Bitcoin (BTC) remained close to $29,500 during the East Asia trading session, settling at $29,404, with CoinDesk’s bitcoin trend indicator categorizing it as neutral.

Meanwhile, Ether, the second-largest cryptocurrency, experienced a 0.66% decline to reach $1,864, based on CoinDesk data. Market analysis from Singapore-based QCP Capital suggests this period is favorable for accumulators.

Although BTC and ETH are not significantly affected by macroeconomic factors and are currently trading sideways, the market anticipates increased volatility and a potentially significant BTC price surge by the year’s end.

Factors like the Blackrock spot ETF ruling and the Bitcoin Halving contribute to this expectation. Accumulators are seen as an effective strategy for accredited investors to steadily acquire coins at discounted prices.

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Galaxy Digital’s Mike Novogratz expressed optimism about Bitcoin’s future after the ETF filing.

“Larry was a nonbeliever. Now he says, ‘Hey, this is going to be a global currency.’ People around the world all trust it,” Novogratz said, adding that Galaxy Digital is dedicated to keeping a presence in New York.

Novogratz suggests a portfolio for risk-tolerant young individuals: Alibaba, silver, gold, Bitcoin, and ether. Additionally, Joe DiPasquale notes that Bitcoin’s resilience to macro and technical events fuels a positive shift in market sentiment.

“Notably, now that the Fed’s interest rate hike is also priced, the fact that Bitcoin and ETH have both maintained their price levels, should give bulls additional confidence,” DiPasquale wrote in a note to CoinDesk.

DiPasquale of BitBull does not expect “an overnight surge in the market,” and sees 2024’s halving as the next major price surge. “Until then, bulls will do well to accumulate when opportune, and bears may want to practice vigilant risk management,” he added.

Curve’s CRV token has rebounded by 6.4% in the last hour to 64 cents, but remains down nearly 12% in the past 24 hours due to a $100 million exploit risk.