Proactive Investors - Bitcoin (BTC) underwhelmed on the crypto markets this week, penning around 2.2% on losses against the US dollar over the past seven days.
Monday’s bruising 3% drop set the stage for the tepid week, with less hawkish rhetoric emerging from the US Federal Reserve following another 25-point rate hike failing to offer much risk-on support.
As it stands, BTC/USDT is swapping for US$29,180 (as of 8.40am, 28 July), with buying support at a flat US$29,000 per the Binance order book.
This spot price is well below the 30k to 31k channel favoured by bitcoin throughout most of July, indicating a bit of reduced optimism in the crypto markets.
Indicatively, the Bitcoin Fear & Greed Index is sitting in the neutral zone, having trended in the greed zone for most of the month.
Bitcoin’s bullishness following BlackRock’s high-profile spot bitcoin exchange-traded fund appears to have died down for the moment.
Bitcoin trades below July range – Source: currency.com
Ethereum (ETH) has fared slightly better across the week compared to bitcoin, with the world’s second-largest cryptocurrency dipping around 1.5%.
ETH/USDT is currently changing hands at US$1,860, with support positioned around the US$1,850 price point.
The cryptocurrency markets as a whole have a market capitalisation of US$1.18tn, around 1.7% lower week over week.
How is Worldcoin faring?
OpenAI boss Sam Altman’s newly launched cryptocurrency Worldcoin (WLD) has been generating a tonne of buzz, with thousands of people queueing up to get one of the project’s World ID ‘digital passports’.
World ID’s mission statement is to “scale a reliable solution for distinguishing humans from AI online while preserving privacy”.
Dystopian connotations aside, the WLD coin had a moderately successful launch as far as cryptocurrencies go.
WLD is around 28.5% higher since Monday’s release, with each coin swapping for US$2.14 at a market capitalisation of US$237mln.
Dogecoin (DOGE) is the other top mover in the altcoin space, adding 7% week on week. The Shiba Inu-themed meme coin entered a rally when Twitter, or X, boss Elon Musk added the Ð to his Twitter, or X, bio.
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