1st August , the valuation of the crypto market fell to $270 billion as the price of Bitcoin declined by more than 7% (percent) from $8,300 to $7,500.
👉#Low Volume.......
Over the past 24 hours, Bitcoin and other major digital assets have slightly rebounded, adding $3 billion to the valuation of the crypto market. However, the expected short-term recovery from yesterday’s $30 billion drop failed to add a significant amount of volume and demand to the market, and another drop is more likely than a recovery in the next few days.
On July 27 and throughout the past week, prior to the abrupt drop in the price of Bitcoin and Ether on August 1, the volume of Bitcoin, Ether, EOS, Bitcoin Cash, and Ripple remained relatively high with Bitcoin maintaining its $5.5 billion daily trading volume.
In the past 48 hours, Bitcoin lost $1.3 billion in daily trading volume while Ether’s volume declined by more than 20 percent. Interestingly, the volume of Tether (USDT), which tends to rise in a period of extreme volatility and uncertainty, has also declined, suggesting that the overall demand for crypto has fallen in the short-term.
In consideration of the low volume of Bitcoin and the poor performances of tokens such as Polymath, Waltonchain, and VeChain that recorded large gains against Bitcoin in early July, a recovery beyond the $8,000 mark in the next few days is difficult to envision, especially since its slight recovery earlier today failed to even test the $7,800 resistance level.
Previously, experts including BitMEX CEO Arthur Hayes suggested that another short-term correction is due before Bitcoin and the crypto market engages in a major bull rally. It is possible that the recent downturn of Bitcoin could result in a short-term correction to help the market find stability at a lower price range.
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