BTC falls, altcoins accompany. What is the reason for the drop?

BTC shows a daily drop of less than 2% and continues above $ 11,200

Bitcoin (BTC) opened today with a slight reduction of less than 2%, while the main altcoins accompanied the movement. BTC's pullback marks a clear resistance above $ 11,500, which specialists suggest may break in the near term. At the close of this note, BTC is trading at 11,217.


Although a movement close to 2% does not go unnoticed - and even more considering the low volatility that characterized the market for much of July - the short-term future for BTC does not lower its expectations .


Tom Emmer , a member of the United States House of Representatives, assured in recent hours that the exit from the global financial crisis - unleashed after the spread of the coronavirus - may lead to a strengthening of the main cryptocurrency .


In an interview with a US media, the congressman highlighted the potential of BTC and its blockchain technology , and assured that more progress will be seen due to its value.


On the other hand, he stressed the importance of the recent decision of the Office of the Comptroller of the Currency (OCC) to allow the cryptocurrency custody service to all financial entities under regulation. The news was one of the most important advances in the short history of digital assets.


As for the altcoin market, for its part, the main cryptocurrencies also presented setbacks. Benchmark altcoin Ethereum (ETH) is down as much as BTC and is currently trading at $ 387.


XRP , which had an astonishing daily growth of over 6% yesterday, today shows a drop of over 5% and returns above the level of $ 0.30 per token. On the other hand, Bitcoin Cash  (BCH) and Litecoin (LTC) , finally, fell by 5% and 3.3% and are trading at $ 286 and $ 57, respectively.


Total market capitalization, which exceeded $ 344 billion yesterday, fell to 338.

📍 Here is some interesting statistics to you. 3 756 486 BTC are located at the 2 431 236 "sleeping" addresses. 98.7% of this amount is only on 121 435 addresses. This amount of BTC has not moved for more than 5 years.

While were deposited the amount of BTC valued in $641 mln, at current moment it's $35 bln.


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Mickael Pasquier
Mickael Pasquier

Interested in the field of cryptocurrency and blockchain

Mickael Pasquier
Mickael Pasquier

Only Crypto

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