Cryptocurrency price on July 8: Bitcoin slips below $56k, Solana, NEAR Protocol decline up to 7%

"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."

Other prominent cryptocurrencies, including XRP, Toncoin, , Cardano, Tron, Shiba Inu, Polkadot, and Polygon, declined by up to 5%. NEAR Protocol fell 7.2%.

The volume of all stablecoins is now $62.88 billion, which is 92.76% of the total crypto market 24-hour volume, according to CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.1 trillion. Bitcoin's dominance is currently 53.84%, according to CoinMarketCap. BTC volume in the last 24 hours surged 27.8% to $26.2 billion.

Tech view by ZebPay Trade Desk

Bitcoin is experiencing a fierce contest between bulls and bears. Buyers are striving to maintain the price within the $56,552 to $73,777 range, while sellers are pushing to drive it lower. On July 5, the price dipped to around $53,500, but this lower level drew buying interest from the bulls. Data indicates that the U.S.-based spot Bitcoin exchange-traded funds saw net inflows of $143.1 million on July 5, marking the largest monthly influx.


After taking support at $56,000 (on 1st May), Bitcoin rallied up to $71,979. The asset witnessed sharp correction as the bulls failed to cross the new all-time high of $73,777 and failed to sustain above the $70,000 mark. The prices corrected almost by 25% and dropped to $53,485. BTC has a strong support zone from $52,000 to $50,000. If it holds and sustains above these levels then we may expect the bulls to resume the up move.

(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)

Source: Forex-Markets-Economic Times