Crypto Price Today: Bitcoin falls below $31,700; Shiba Inu, XRP decline up to 2%

The cryptocurrency markets were majorly trading in the red in Thursday's trade amid rising concerns of further policy tightening by the US Federal Reserve.

Bitcoin (BTC) declined 0.57% to $30,631, whereas Ethereum (ETH) was just above the $1,900 level. BTC volume stood at approximately $12.97 billion, rising 18% in the last 24 hours.

"After the release of the FOMC minutes, Bitcoin saw a decline in its value. However, positive remarks from the CEO of BlackRock prevented further losses, and the cryptocurrency remained stable," Edul Patel, Co-founder and CEO at Mudrex, said.

Meanwhile, CoinDCX Research Team stated, "Bitcoin is holding above the $30,500 levels after the market is awaiting a decision from the Securities and Exchange Commission (SEC) on refiling for the spot Bitcoin exchange-traded fund (ETF)."

"While open interest in the Bitcoin futures market continues to rise, activity in the spot market has recently declined. This suggests that investors are waiting for more clarity on the ETF decision before making any significant moves," it said.

The global cryptocurrency market cap was trading lower, around $1.2 trillion, falling 0.78% in the last 24 hours.

The total volume in DeFi is currently $2.74 billion, 8.34% of the total crypto market 24-hour volume. The volume of all stablecoins is now $29.97 billion, which is 91.16% of the total crypto market 24-hour volume.

The market cap of Bitcoin, the world's largest cryptocurrency, was around $596 billion. Bitcoin's dominance is currently 49.68%, an increase of 0.09% over the day, according to CoinMarketCap.

"BTC observed a little dip yesterday but bulls maintained resilience near $30.3k once again, showing strength and the psychological importance of this level. If BTC does manage to break $30k on the downside, it is highly likely that it trades lower than investors' expectations," Shubham Hudda, Senior Manager at CoinSwitch, said.

Rajagopal Menon, Vice President at WazirX, said, "Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 62, with a neutral outlook. The Stochastic %K (14, 3, 3) at 60 and the Average Directional Index (14) at 32 indicate a Neutral outlook."

"The MACD Level (12, 26), at 896, indicates Sell. The Stochastic RSI Fast (3, 3, 14, 14) is Neutral at 5, and William's Percentage too indicates a Neural sentiment at -51," Menon added.

Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.30 hours, IST on July 6, 2023)

Bitcoin $30,631 -0.57%

Ethereum $1,925 -0.64%

Tether $1 0.01%

BNB $241.6 -0.75%

XRP $0.4793 -1.85%

Cardano $0.2895 -1.22%

Dogecoin $0.06775 -1.61%

Solana $19.67 1.98%

Polygon $0.6811 -1.80%

Litecoin $104.47 -0.31%

Polkadot $5.27 -1.38%

Tron $0.07792 0.22%

Shiba Inu $0.000007571 -2.05%

(Note: Price change in last 24 hours)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)