In the early hours of July 29, Bitcoin broke through the $24,000 level. Over the past 24 hours the asset rose by 4.1%, according to CoinGecko.
At the time of writing, Bitcoin remains above $24,300.
The second-largest cryptocurrency by market cap remains above the $1,700 level, which surpassed on July 28. Over the past 24 hours Ethereum rose 4.9%, trading at $1,740.
According to Coinglass, over the last 24 hours the volume of liquidations on the futures market exceeded $488 million. More than $247 million of the total belonged to Ethereum, $85.5 million — to Bitcoin.
Among the top-10 by market capitalization, USDC remains in the red. The standout mover is Solana — up 10.7% over the last 24 hours.
In the top-20, Ethereum Classic remains the leading gainer after the announcement of investments from AntPool. The price rose 35.2% in 24 hours and 71.2% in a week. As of writing, it trades at $44.59.
The leading digital assets turned to growth after the United States Federal Reserve meeting. On July 27 the Fed raised the target range for the federal funds rate to 2.25–2.5%, which pushed Bitcoin to $22,000.
On July 28, the US Department of Commerce published GDP data, according to which the economy entered a technical recession. Stock markets reacted negatively to the report, and Bitcoin’s price retreated from intraday highs above $23,200.
On July 27 the Fed raised the target range for the federal funds rate to 2.25–2.5%, which pushed Bitcoin to $22,000.
As reported, Grayscale analysts predicted the end of the crypto winter by the end of March 2023.
Earlier, former Goldman Sachs executive and macro investor Raoul Pal predicted a Bitcoin reversal due to rising global liquidity.
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