{"id":47168,"date":"2023-08-11T08:09:00","date_gmt":"2023-08-11T12:09:00","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-holds-precariously-as-cryptos-slip-even-a-blackrock-win-may-not-help\/"},"modified":"2023-08-11T08:09:02","modified_gmt":"2023-08-11T12:09:02","slug":"bitcoin-holds-precariously-as-cryptos-slip-even-a-blackrock-win-may-not-help","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47168","title":{"rendered":"Bitcoin \u2018Holds Precariously\u2019 as Cryptos Slip. Even a BlackRock Win May Not Help."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000717882\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Bitcoin<br \/>\n       and other cryptocurrencies edged lower Friday, with digital assets continuing a pattern of stagnant trading that seems to be unnerving market participants. Even optimism about a major catalyst may be fading.<\/p>\n<p>The price of Bitcoin has fallen less than 1% over the past 24 hours to $29,350. The largest crypto continues to languish below the psychologically important $30,000 level, which had provided support for months before Bitcoin dropped below it in late July.\u00a0<\/p>\n<div class=\"paywall\">\n<p>\u201cAfter finally breaking down from the seemingly infinite $30,000 to $31,000 range, Bitcoin now holds precariously just below the significant $30,000 mark,\u201d said Mike Crosbie, CEO of digital asset exchange Blackfridge. \u201cThere is still a chance that [Bitcoin] tries an upward break of this level again but this lessens with each passing day.\u201d<\/p>\n<p>Bitcoin volatility is at historic lows, with cryptos showing less excitement than the stock market\u2019s<br \/>\n        Dow Jones Industrial Average<br \/>\n       and<br \/>\n        S&amp;P 500<br \/>\n       in recent days. Analysts wonder whether the current lull in crypto trading is just a rut\u2014perhaps before another run higher\u2014or a more permanent shift. Either way, if the current dynamics continue it\u2019s possible that even what might be seen as a big win for crypto won\u2019t change much.<\/p>\n<p>Optimism over regulators approving a milestone spot Bitcoin exchange-traded fund supported prices in June, when financial giant<br \/>\n        BlackRock<br \/>\n       (ticker: BLK) filed for such a fund, but that buoyancy has since faded. While some traders have pinned hopes of more gains on ETF approvals, Bitcoin\u2019s trading lull raises the prospect that approval may be priced in and investors are set up for disappointment.<\/p>\n<p>\u201cGreatly decreased volumes and bullish action constantly being reverted may indicate that the market has already priced in potential effects of rumored ETFs,\u201d said Blackfridge\u2019s Crosbie. \u201cWe may be setting up for a classic \u2018Buy the rumor, sell the news\u2019 type of situation.\u201d<\/p>\n<p>Beyond Bitcoin,<br \/>\n        Ether<br \/>\n      \u2014the second-largest crypto\u2014was down less than 1% to below $1,850. Smaller cryptos, or altcoins, also were weaker, with both<br \/>\n        Cardano<br \/>\n       and<br \/>\n        Polygon<br \/>\n       down near 1%. Memecoins were more upbeat, with<br \/>\n        Dogecoin<br \/>\n       above flat and<br \/>\n        Shiba Inu<br \/>\n       jumping 2%.<\/p>\n<p>Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/bitcoin-crypto-markets-today-af0e2f57?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and other cryptocurrencies edged lower Friday, with digital assets continuing a pattern of stagnant trading that seems to be unnerving market participants. Even optimism about a major catalyst may be fading. The price of Bitcoin has fallen less than 1% over the past 24 hours to $29,350. The largest crypto continues to languish below [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":31167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-47168","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin \u2018Holds Precariously\u2019 as Cryptos Slip. 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