- The rising dollar and jitters in the tech space led to some downward pressure in the crypto space on Thursday, July 20.
- Most altcoins head lower but Chainlink (LINK) proves to be an exception with 20% gains on Thursday amid strong accumulation.
The world’s largest cryptocurrency Bitcoin (BTC) continues to face some selling pressure and has been trading under $30,000 levels as of press time. On Thursday, July 20, the rising dollar and the tumbling tech sector kept the movements in the crypto space rangebound.
As of press time, Bitcoin is trading 1.14% down at a price of $29,817 and a market cap of $579 billion. For over five weeks now, Bitcoin has remained trapped within the $30,000 to $31,000 range, with occasional spikes caused by multiple spot Bitcoin ETF filings. However, it has struggled to break free from this price range for a significant period. Also, on the technical chart, Bitcoin continues to show weakness. Thus, its chances of heading towards $25,000 are much more likely than $35,000.
Not breaking the crucial area, seems like we’re going to have another sweep of the low for #Bitcoin. pic.twitter.com/bVcb1BhVFj
— Michaël van de Poppe (@CryptoMichNL) July 20, 2023
In an email to CoinDesk, Anthony Georgiades, co-founder of NFT and Web3 blockchain Pastel Network, wrote: “There’s a lot of bearish sentiment on Crypto Twitter about this pullback, but I think the factors behind it are pretty simple”.
He further mentioned that the recent drop in technology stocks, which was partially influenced by comments made by Elon Musk about Tesla potentially reducing prices, and the strengthening of the US dollar, had a negative impact on “Bitcoin and the overall crypto market”. Despite this, Georgiades remains cautiously optimistic about the crypto market.
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“The underlying sentiment hasn’t changed much since yesterday or the preceding days,” he wrote. “I know the permabears have been calling for a major selloff, but it seems less likely that this is in the cards. Monetary conditions are likely to loosen here soon, and that will help serve as a catalyst for risk-on assets.”
Scenario In Altcoins and Equity Markets
Over the last week, altcoins have been grabbing some limelight with XRP in the news all over ever since the court ruling. However, in the last 24 hours, XRP, Solana (SOL), and Cardano (ADA) have each corrected by over 6%.
Ether, the second-largest cryptocurrency, was trading at $1,892, slightly higher than the previous day. Most other major cryptocurrencies experienced losses on Thursday, with XRP losing some of its recent gains and trading below 80 cents, down over 4%. ADA and SOL, the tokens of Cardano and Solana, also saw significant drops in value.
The exception was LINK, the native currency of Chainlink, a platform that connects different blockchains with external data. LINK surged by over 20% to trade above $8, as whales acquired more than $6 million worth of the token. This is likely in response to Chainlink’s release of an interoperability protocol.
In the stock markets, there was a mix of results. The Dow Jones Industrial Average continued its winning streak, but the Nasdaq dropped by over 2% due to news about Tesla and disappointing earnings from Netflix. Mark Connors, who works at a digital asset management company in Canada, mentioned that Taiwan Semiconductor’s poor results also affected AI stocks. The dollar index declined, which continued a recent trend.
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