On Tuesday, the price of Bitcoin fell below the $30,000 area and fell to $29,300 per unit during the morning trading session (EDT). The global cryptocurrency market value of all existing cryptocurrencies is 1.19 trillion U.S. dollars because it fell by more than 6% on the last day.

Bitcoin’s market value shrinks by $19 billion in 24 hours

The digital currency market depreciated sharply last week. Seven days of statistics show that many tokens have fallen by double digits. At the time of writing, Bitcoin (BTC) is currently trading at $29,656 per unit, which has fallen by 5% in the past 24 hours. Weekly statistics show that BTC has fallen by more than 10%, and the market is valued at US$556 billion. Since yesterday, the market value of BTC has shrunk by US$19 billion.

Bitcoin fell below $30,000, stablecoin Eclipse trading volume, and interest in cryptocurrencies decreased
BTC/USD on Bitstamp on Tuesday, July 20, 2021.

Today, BTC accounts for 46.7% of the 1.19 trillion USD, while Ethereum (ETH) accounts for 17.1%. The price of Ethereum was US$1,757 per unit, which fell 5.7% on Tuesday, and 7-day statistics showed that ETH fell 11.9%. The biggest loser in the top ten cryptocurrency market capitalization positions is polkadot (DOT), which has fallen by 26% in the past week. Cardano (ADA) fell 19.3% this week, and Dogecoin (DOGE) fell more than 18%.

Bitcoin fell below $30,000, stablecoin Eclipse trading volume, and interest in cryptocurrencies decreased
ETH/USD on Deribit on Tuesday, July 20, 2021.

Except for the unused sed leo (LEO), the best performers on the market today are stablecoins. These include DAI, TUSD, BUSD, USDC, USDT, HUSD, UST and PAX respectively. 52.18% of the BTC market share is traded in USDT, and 51.09% of ETH trade is also traded in Tether (USDT). The 24-hour trading volume between all existing crypto assets has jumped by more than 15% today to approximately US$67.7 billion. According to cryptocompare.com data, Tether (USDT) accounted for 47.7 billion U.S. dollars of this transaction volume, accounting for 70.45% of all global transactions recorded on Tuesday morning.

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Google Trends shows lack of interest in encryption

According to data from Google Trends, in addition to the market downturn, people’s interest in digital assets is also greatly lagging behind. The authors of Coin Metrics, Nate Maddrey and Kyle Waters, explained in the latest “The State of the Web” issue 112 that crypto Google search trends have been lacklustre.

Bitcoin fell below $30,000, stablecoin Eclipse trading volume, and interest in cryptocurrencies decreased
Google Trends Data and Bitcoin Price-Coin Metrics’ Network State Report, Issue 112.

“The global Google search volume for Bitcoin shows that people’s level of interest pays close attention to the rapid price changes of BTC this year, and tends to track major price changes in history. Although Google Trends data is not the absolute search volume of Bitcoin, it It does show the relative popularity of Bitcoin searches over time,” the author’s report explains. Coin Metrics added:

The relative search popularity of Bitcoin this year has not surpassed the level reached at the end of 2017. This may indicate that many retail investors and the public already knew about Bitcoin before the recent price changes this year. Institutional adoption is an important reason for Bitcoin’s recent success in 2020/2021, and Google search interest will not easily capture this.

Similarly, the search volume of Ethereum (ETH) on Google Trends is also lower than the volume of queries three months ago. No one knows exactly where the cryptocurrency market is going, and the recent downfall is due to China’s Bitcoin mining problems and global regulatory crackdowns.This week in the United States, New Jersey Securities Bureau tell The encryption company Blockfi needs to stop accepting new interest account users in New Jersey.

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“Our New Jersey customers continue to have access to all aspects of the Blockfi platform,” said Zac Prince, CEO and founder of Blockfi. “This order requires Blockfi to stop accepting new BIA customers living in New Jersey from July 22, 2021.” In addition, on Monday afternoon, Massachusetts Democratic Senator Elizabeth Warren explained that the Consumer Financial Protection Bureau needs to monitor cryptocurrencies. risk.

What do you think of the recent crypto market actions and the downturn in Bitcoin prices? Please tell us your thoughts on this topic in the comments section below.

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Analysis, Bitcoin, Bitcoin price, Blockfi, BTC, coin indicators, crypto market prospects, crypto market, crypto prices, crypto trading volume, Elizabeth Warren, ETH, Ethereum, Google Trends, GT data, Kyle Waters , Market, Nate Maddrey, New Jersey, outlook, price, regulation, stock market, volume

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