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Bitcoin (BTC) just reached its lowest price in six weeks after trading sideways for about a week.
The coin has seen declines followed by a period of sideways trading and another decline. The rest of the market performed similarly, following Bicoin.
After this price move, the largest cryptocurrency lost nearly $100 million in liquidations.
The last time Bitcoin price reached these lows was around June 21. The last bit of volatility also hurt over-leveraged tokens, especially those with long positions.
Data suggests that more than 35,000 trades have been liquidated, with the most important order being over $1 million, which appeared on Bybit.
Bitcoin price sees another drop
Bitcoin saw its last major drop in the early hours of today, following a week of mostly sideways trading, with the price hovering between $29,000 and $29,5,000.
The price previously dropped to this range around July 24, when it broke support at $30,000 after more than a month of use as a base.
In the week between July 24 and August 1, the coin continued to attempt to break the $29.5k resistance and return to the $30k level.
However, it was unsuccessful and the highest it could reach was $29.6k.
With the start of the new month, Bitcoin saw a sharp decline that led it to its lowest point in about a month and a half, dropping to $28,824.
In the past few hours, the coin saw some recovery which brought it to $28,972 where the price sits at 8:45am EST.
However, experts believe this is just the beginning of Bitcoin’s new bearish period. According to some predictions, the coin won’t stop until it reaches $18k.
Coinbase denies SEC ordered delisting of everything but Bitcoin
Recently, Coinbase CEO Brian Armstrong shocked the crypto industry by revealing that the US SEC had ordered Coinbase to delist all cryptos except Bitcoin and call them securities.
When Coinbase refused, the SEC, led by Gary Gensler, filed a lawsuit against the platform. However, now Coinbase publicly denied Armstrong’s statement.
A spokesperson for Coinbase responded to the news, stating that Armstrong’s words in a Financial Times interview taken out of context and that the statement as it stands is incorrect.
Republican Presidential Candidate Ron DeSantis Condemns War on Bitcoin
A Republican presidential candidate and Florida Governor Ron DeSantis has issued a statement condemning the Biden administration’s war on Bitcoin.
He said the war would end if he was elected president and he would stop the alleged plan to replace cryptocurrencies with a CBDC.
“Biden’s war on bitcoin and cryptocurrency will come to an end when I become president.”
— Gov. Ron DeSantis (R-FL), as he outlines his economic policy plan in New Hampshire pic.twitter.com/dphw9dhFgz
— The Recount (@therecount) July 31, 2023
XRP20 explodes during the presale
As Bitcoin drops again, many have decided to drop the world’s first cryptocurrency for now. Fortunately, another crypto has appeared that promises excellent performance: XRP20 (XRP20).
The new digital asset aims to revive the passion of the XRP military with an ERC-20 token that goes by the name of XRP.
Not only that, but it also brings staking utilities. It sells 30 times cheaper than the actual XRP, offering those who missed the launch of the original XRP another chance to make money.
The token managed to raise more than $2,350 right after the presale launch. However, it still has a way to go until it reaches its $1.85 million soft limit.
Each XRP20 is now available for $0.000092 per token and you can buy them with ETH or USDT.
Aside from allowing staking, the token will also see deflationary burn, so even after the presale, it will create conditions to increase its value.
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