The cryptocurrency market today paints a complex picture. Bitcoin (BTC) price is hovering around $63,000, giving signals of volatility. Other leading cryptocurrencies such as Ethereum (ETH), XRP, and Solana (SOL) also experienced a similar price movement, both rising and falling. The global cryptocurrency market value decreased by 0.75% to 2.32 trillion dollars today. However, the total transaction volume increased by 5.77% from yesterday and reached 54.06 billion dollars. Here is a brief summary of some leading cryptocurrencies and their price movements as of July 2…
What about Bitcoin and altcoins?
Bitcoin price has mostly been in the red zone over the last 24 hours. The cryptocurrency is currently trading at $63,110.91, down 0.31%. The daily lowest and highest levels were recorded as $62,495.51 and $63,777.23, respectively. At the time of writing, ETH price was trading at $3,456.91, down 0.99%. The lowest and highest levels in the last 24 hours were recorded as $ 3,425.32 and $ 3,494.09, respectively. The falling price action follows significant Ethereum outflows and a massive ICO whale sale recorded from yesterday.
Despite following a rollercoaster-like trend over the last 24 hours, Solana managed to trade at $149.60, up 1.25%. Solana’s daily lows and highs were $145.82 and $149.46, respectively. The XRP price continued its horizontal course and reached $0.4784 with a marginal increase of 0.02%. The lowest and highest levels in the last 24 hours were recorded at $0.4759 and $0.4828 respectively, highlighting the consolidation phase of the token.
DOGE and SHIB prices experienced price declines, reflecting broader market movements. DOGE price traded at $0.124, down 2.03% in the last 24 hours. SHIB price decreased by 1.68% to $0.0000172. Even Pepe coin (PEPE) fell 4% to $0.00001153. However, Bonk was among the top gainers of the day. The hourly charts of Bitcoin, ETH, and major altcoins are showing bullish signals, giving hope for future moves. Meanwhile, BONK, BEAM, EGLD and OM prices increased by 13 percent, 5.96 percent, 5.75 percent and 4.9 percent, respectively.
The move of the giant BTC whale attracted attention
However, the cryptocurrency market was shaken by a significant move in the early hours. A giant Bitcoin whale or institution transferred $114 million worth of BTC to Binance. This transaction shook the entire market and pushed the Bitcoin price below $63,000. Additionally, fears of another selloff have also increased. According to Arkham Intelligence data, a whale or institution transferred 1,800 BTC worth $114 million to Binance in the morning. This transfer caused the Bitcoin price to drop from $63,800 to $62,900.
This whale or institution was active in the market recently. He had previously withdrawn 6,725 BTC worth $437 million from Binance and OKX. However, in the last five days, it transferred 3,481 BTC worth $217 million back to Binance at an average price of $62,300. Currently, the whale or institution still holds 7,867 BTC worth $494 million. If the BTC price rises again, the institution can benefit from the rebounding price, just like today. This could lead to even more volatility in the market. Additionally, other market participants are also concerned about the price dropping further by shedding their Bitcoin holdings.
Miner and government sales also continue
Bitcoin miners have also been selling in the last 72 hours. They sold more than 2,300 BTC worth approximately $145 million. This increased selling pressure also contributed to the recent price decline. These sales are seen as a strategy to limit losses after the fourth Halving event, where block rewards dropped from 6.25 BTC to 3,125 BTC. The German government is also selling Bitcoin assets. It moved more than 1,500 BTC on Monday, July 1. Of these, 400 BTC are worth more than $25 million and were sent to exchanges such as Coinbase, Kraken and Bitstamp. As we reported as Kriptokoin.com, the German government has sold more than 2,700 BTC in total since June.
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