Bitcoin Price Falls Below $29,000 After More Than a Month
Bitcoin’s price has fallen below $29,000, marking the first time in more than a month, as the excitement surrounding ETFs and a positive regulatory outlook diminishes.
The largest digital asset by market value fell as much as 4.2% to $28,865, the lowest since June 21. Bitcoin is up about 75% this year. Most other tokens were also lower on Monday, with recent peak XRP down around 7% and Solana down 8%.
“Following a sharp rally fueled by spot ETF enthusiasm, Bitcoin has consolidated for over a month around $30,000 as the market waits for more information on the likelihood of multiple filings,” said Spencer Hallarn, derivatives trader at crypto investment firm GSR.
Bitcoin’s recent surge coincided with several filings for Bitcoin exchange-traded funds in the United States, largely due to a filing by Wall-Street heavyweight BlackRock Inc. XRP had nearly doubled since a federal judge said two weeks ago that the token was not a security when it was offered to the public on exchanges.
“Following the XRP decision, the associated enthusiasm for [altcoins] and the rise in IPOs has helped reverse the concentration of capital to the majors that had occurred over the past few months and has contributed to the price momentum,” Hallarn said.
Dogecoin was the exception among the larger caps, rising as much as 7.8% after Elon Musk changed Twitter’s logo, replacing its signature blue bird with a stylized X. Musk also added Dogecoin’s ticker logo to his bio, fueling speculation that memecoin will play a bigger role in the rebranded company.
Worldcoin, the token for the crypto project co-founded by OpenAI CEO Sam Altman, soared on its first day of trading as investors piled on the hype surrounding artificial intelligence. The token rose as high as $3.58 from an initial $1.70, data compiled by CoinMarketCap showed.
Worldcoin, Altman’s eyeball-scanning crypto project, uses a small device called a “ball” to scan people’s eyeballs to create a unique digital identity. This identity, or World ID, gives its holder a “proof of identity” in Worldcoin parlance.
