Bitcoin Continues to Fall, Set to Finish Week at Lowest Levels in Over a Month

by Warren Seah

Bitcoin, the largest cryptocurrency, experienced another decline on Friday, putting it on track to end the week at its lowest levels since late June. The digital currency was trading at $29,206, reflecting a 1.0% decrease over the past 24 hours. Despite initially gaining momentum following the Federal Reserve’s rate decision on Thursday, Bitcoin, along with other high-risk assets, faced a downward trend.

Compared to previous instances where altcoins suffered greater losses than Bitcoin during market breakdowns, this time altcoins remained resilient. Supported by Ethereum and other significant alternatives, altcoins maintained stability, as emphasized by Rachel Lin, CEO of trading platform SynFutures.

While Bitcoin faced a decline, other cryptocurrencies displayed mixed performance on Friday. Ether, the second-largest cryptocurrency, dropped by 0.6% to $1,866 but has remained relatively stable throughout July. On the other hand, smaller tokens or altcoins experienced diverging trends, with Cardano recording a 0.3% increase and Polygon facing a loss of 2.8%.

Notably, Dogecoin encountered a 3.5% decline, relinquishing previous gains prompted by expectations that Elon Musk might utilize the cryptocurrency for expansion plans of the X social-media network (formerly known as Twitter) as a financial platform.

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