Crypto Market Update: Bitcoin Holds Support at $64,000 While Altcoins See Mixed Performance
The crypto market experienced another day of mixed and choppy trading, with Bitcoin (BTC) showing resilience around the $64,000 support level while the top 200 altcoins were evenly split between winners and losers. The primary source of volatility in both the crypto and stock markets was a disappointing GDP report in the U.S., which showed growth below expectations.
The focus on the Federal Reserve and the ongoing debate about interest rates intensified, with the market now seeing a 59% chance of a rate cut in September. Treasury yields rose after the GDP print, with the benchmark U.S. 10-year yield hitting its highest level of the year before pulling back.
Bitcoin had a rollercoaster trading day, spiking to $64,740 before dipping to a daily low of $62,750 and then climbing higher in the afternoon. At the time of writing, BTC was trading at $64,830, up 1.1% on the 24-hour chart.
Venture capitalist Tim Draper expressed optimism about Bitcoin’s future, predicting a tripling in value by 2024. Morgan Creek Capital’s CEO Mark Yusko also shared insights on new demand for Bitcoin, highlighting the impact of spot BTC ETFs in the U.S.
Altcoins had a mixed day, with Baby Doge Coin leading the gainers and BinaryX being the biggest loser. The overall cryptocurrency market cap stands at $2.38 trillion, with Bitcoin’s dominance rate at 53.4%.
As the market continues to navigate through volatility, experts remain bullish on the long-term prospects of Bitcoin and the broader cryptocurrency market.
