Major coins were seen in the green at the time of writing as the global cryptocurrency market cap rose nearly 0.5% to $1.17 trillion.
| Cryptocurrency | Gains +/- | Price (10:37 p.m. EDT) |
| Bitcoin BTC/USD | 0.5% | $29,368.30 |
| Ethereum ETH/USD | 0.13% | $1,843.07 |
| Dogecoin DOGE/USD | 0.57% | $0.075 |
What Happened: Bitcoin continued to trade below the psychologically important $30,000 level on Monday evening. Ethereum and Dogecoin were seen in positive territory.
On Monday, the cryptocurrency news cycle was dominated by the return of FTX founder Sam Bankman-Fried to jail after a federal judge decided to revoke his bail.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (10:37 p.m. EDT) |
| THORChain (RUNE) | 13.57% | $1.59 |
| Hedera (HBAR) | 9.26% | $0.0685 |
| Conflux (CFX) | 8.48% | $0.19 |
See Also: How Many Bitcoins Would You Need To Make You As Rich As Elon Musk Today?
Analyst Takes: Edward Moya, a senior market analyst with OANDA said, "Bitcoin remains anchored around the $29,000 level as the SEC delays their decision on Cathie Wood's Bitcoin ETF."
"Crypto bulls were hopeful a decision was imminent but now it seems we might have to wait several weeks or months as the regulatory agency is seeking public comment," said Moya, in a note seen by Benzinga.
"Bitcoin's range might widen for the rest of the summer, potentially testing as low as $28,500 and as high as the $32,000 level."
Cryptocurrency trader Michaël van de Poppe noted that there was still no "party" for Bitcoin.
However, the Amsterdam-based analyst noted that the apex coin's "dominance is still copypasting the previous cycle." He said that this indicates that there is a likelihood of "topping out relatively soon."
Market intelligence platform Santiment noted that the trader sentiment towards Cardano, the eighth-largest coin by market cap at the time of writing, continues to be "low." The platform noted that the coin's market cap had shrunk 35% since topping 4 months ago.
"The sharks & whales haven’t been as deterred as one may think. There are now 25,294 wallets with 100K+ $ADA, the most in 16 months," said Santiment on X, formerly Twitter.
Photo Courtesy: Shutterstock.com
Read Next: Trump, DeSantis 2024 Presidential Election Win Could Prompt Gary Gensler’s Resignation, Says Former SEC Official
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
