Bitcoin fell by almost $ 1000 overnight

Yesterday, July 24, the flagship digital asset’s price plummeted by more than 2%. Cryptocurrency traders on their Twitter pages noted that they did not see any significant reasons for the decline in the price of BTC, but expressed suspicion that it was a «planned action» initiated by market players.

Amid the high volatility of the BTC, more than 50,000 long positions worth more than $ 150 million were liquidated over the past 24 hours. The largest liquidation of $ 2.57 million was recorded on the OKX crypto exchange.

According to analysts, another trigger for the decline in the value of Cryptocurrencies was a possible increase in interest rates by the US Federal Reserve by 0.25%. Michael van de Poppe, founder and CEO of Eight, states that over the past 30 days, the price of BTC has been in a narrow range and failed to break through the «key area.»«The critical level for bitcoin has not been broken through, so we will continue to see sideways movement in the near future,» the expert said.

At the time of writing, bitcoin is worth $ 29,141, down 2.19%. The market capitalization of the main crypto asset fell to $ 611.7 billion, and daily trading transactions reached $ 14.5 billion, which is 45% higher than yesterday. Bitcoin’s market share is 48.4%.

Amid bitcoin’s decline, the total value of the crypto market fell by 2% to $ 1.17 trillion.

Since yesterday, July 24, cryptocurrency analysts have been predicting bitcoin 's decline to $ 19,000. As a reminder, the main cryptocurrency has been experiencing a short-term drop since the weekend. However, the price later recovered. «…we see a double top deviation on the chart [BTC] paired with the US dollar, so we should be extremely cautious now. The quotes may collapse,» warned investors a well-known Crypto trader Tony on his Twitter page.