1 August 2026
Cryptocurrency Market Cap Back Under $1 Trillion
Once again, there is selling pressure in the crypto market as the market sinks below $1 trillion. In the early hours of today, Bitcoin touched a one-week low and is currently trading close to $21,100 levels.
The leading cryptocurrency once again comes under selling pressure as BTC failed to give a weekly closing above its 200 WMA, thus failing to convert the resistance into a support level.
The recent pullback has put a dent in Bitcoin’s sustained rebound raising the possibility that the BTC price can once again sink under $20,000 levels. The co-founder of Fairlead Strategies, Katie Stockton said,
“We’ve had some stabilization over the past few weeks and that gave some folks confidence that perhaps a bottom was being put in place. We’re not so convinced.”
This week all are waiting for the global macros and the Fed interest rate hike announcement. There is a chance that Fed will announce a 75 basis points rate hike this week. Although, there’s enough possibility of a 100 basis points hike as the June inflation numbers came higher than expected.
Simultaneously, there’s growing regulatory scrutiny in the crypto space currently. The US SEC is taking action after the crypto market crash and bankruptcies filed by some of the biggest crypto lenders. According to reports, SEC is also investigating Coinbase over their alleged listing of security tokens.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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