The world's largest cryptocurrency, Bitcoin (BTC), continues to face sales pressure, falling by another 1.68% in the past 24 hours
The world's largest cryptocurrency, Bitcoin (BTC), continues to face sales pressure, falling by another 1.68% in the past 24 hours. As of the time of publication, the transaction price of Bitcoin is $27268, with a market value of $529 billion.
It has been proven that Bitcoin is expected to achieve its first monthly decline in 2023. So far this month, Bitcoin has fallen by 6.5%. However, so far, Bitcoin's trading volume has continued to grow at a rate of 68%.
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Bitcoin reached as high as $31000, achieving an annual increase of up to 84%. However, the selling pressure this month suppressed the increase to 67%. Although Bitcoin investors showed confidence during the banking crisis in March this year, it was only temporary..
Bitcoin (BTC) Network Activities
With the strong rise in Bitcoin (BTC) prices, Bitcoin network activity has significantly rebounded. This involves memes and irreplaceable tokens (NFTs) in the ordinal form of Bitcoin.
The BRC20 standard and the Bitcoin ordinal of NFT have gained significant traction, resulting in BTC transaction costs and network congestion. Over the past four weeks, assets such as stocks, bonds, and gold have performed much better.
Earlier this week, Bitcoin jumped to over $28000 due to news of an increase in the US debt ceiling. However, it is still short-lived, as if Bitcoin is once again following the changes in the US stock market.
If the selling pressure continues, we can see BTC prices further drop to $23000.
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