Experts name the main reason for the fall of the cryptocurrency market

Analysts in the digital asset industry note that bitcoin BTC $116,627.57 Bitcoin 0.11% Market capitalization $2.32 trillion VOL. 24 hours $1.01 billion fell by 0.32% to $ 118,916 over the day, ethereum ETH $4,239.11 Bridged Ether (StarkGate) 4.87% Market capitalization $0.11 billion VOL. 24 hours $2.65 billion fell by 2.71% to $ 3,642, and Dogecoin DOGE $0.25 Binance-Peg Dogecoin 8.04% Market capitalization $0.63 billion VOL. 24 hours $0.34 billion dropped by 8.69% to $ 0.2436.

Over the past 24 hours, the cryptocurrency market has seen a total of $ 735 million in liquidation, with traders who opened long positions suffering the most losses. If the price of bitcoin reaches $ 121,000, this could result in the liquidation of more than $ 580 million in shorts. The open interest in bitcoin has decreased by 2.19% and currently stands at $ 84.26 billion, with more than half of traders on Binance betting on a further decline.

Among the cryptocurrencies that showed positive dynamics over the day, the leaders are Story (IP) with an increase of 6.21% to $ 5.34, KuCoin Token — 0.77% to $ 12.14, and Conflux — 0.55% to $ 0.1701. The total capitalization of the crypto market increased by 0.78% to $ 3.95 trillion.

In traditional markets, the Dow Jones rose by 1.14% (to 45,010.29 points), the S&P 500 by 0.78% (to 6,358.91 points), and the Nasdaq by 0.61% (to 21,020.02 points). Investors are closely monitoring the development of US-EU trade relations: according to reports, the parties are approaching a new agreement by August 1. Earlier this week, President Donald Trump signed a trade agreement with Japan.

According to analytical company Santiment, after bitcoin hit a high of $ 123,077 on July 14, market sentiment among retail traders has declined significantly. Expert Ted Pillows predicts that Ethereum is still in the accumulation phase and will be able to reach new growth after breaking the $ 4,100 mark.