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Bitcoin Pricing Falls Below $22,000 Lines While Geopolitical Situation Affecting The Market Direction

Image courtesy of Abhi Gurav
Image courtesy of Abhi Gurav

Bitcoin fell slightly and is trading at the $22,000 level. Investors are waiting and waiting, and volume and volatility are declining.

According to CoinMarketCap, a global cryptocurrency market relay site on the 1st, as of 9 am on the same day, Bitcoin was trading at $22,623.45, down 0.92% from 24 hours ago.

On the domestic cryptocurrency exchange Upbit, Bitcoin was traded at 30.35 million won, up 0.11% from 24 hours ago.

Ethereum, the leader of altcoins (alternative coins other than Bitcoin and Bitcoin), is also on a downward trend.

On CoinMarketCap, Ethereum fell 0.68% to $1606.67 from 24 hours ago.

At the same time on Upbit, Ethereum was down 0.74% from 24 hours ago to 2167,000 won.

The Upbit Market Index (UBMI) index, calculated according to the Comprehensive Market Index methodology for all digital assets listed on the KRW market of the Upbit Exchange, fell to 5488.19 points for 6 days in a row as of 9:00 a.m. on the same day, down 0.85% from the previous day. lost.

UBAI, the index of altcoins excluding Bitcoin, also fell 0.31%.

On the daily Bitcoin chart, the black bar, where the closing price was lower than the opening price, appeared for 7 days in a row. Daily trading volume is also below the 20-day moving average.

CoinDesk analyzed, “As the trading volume reflects investors’ confidence in the future direction of the price, the continuously low trading volume indicates that investors are taking a wait-and-see stance without a clear direction.”

Experts “Virtual asset price direction is influenced by changes in geopolitical conditions”

Some believe that Bitcoin and Ethereum prices could go in one of two completely different directions in the next few days or weeks. It is analyzed that the direction may change completely depending on the change in the geopolitical situation between Russia, China and NATO.

According to NextAdvisor, a Time affiliated financial magazine, Martin Hisbock, head of blockchain and crypto research at Uphold, said, “There are two scenarios that Bitcoin and Ethereum prices have fallen sharply this year or rebounded and never returned to their summer lows this year. “For now, the former is more likely,” he said.

As geopolitical tensions grew over China’s backlash against US House Speaker Nancy Pelosi’s visit to Taiwan this week, investors are increasingly avoiding risky assets, including virtual assets.

Analysts feared that this sentiment could lead to virtual assets falling back to their June lows and further declines if geopolitical tensions intensify globally.

“The greater the uncertainty about global politics and the US economy, the greater the unpredictability in the market,” Heathbok said. “Investors do not like uncertainty.”

Edward Moya, senior market analyst at Oanda, also said, “July was the best month since 2020 for stocks and most asset markets, but escalating tensions between the world’s largest economy, China and the United States, will dampen risk appetite.”

Coinbase shares up 10% on news of BlackRock partnership

Meanwhile, on the 4th (local time), when Coinbase, a global virtual asset exchange, announced that it had signed a partnership with the world’s largest asset manager, BlackRock, its stock price soared 10%. During the trading session, it rose more than 40%.

“Coinbase will provide services such as trading and storage of virtual assets to institutional customers of Aladdin, BlackRock’s integrated investment platform,” Coinbase said on its official blog on the same day.

BlackRock also said, “Institutional customers are increasingly interested in virtual assets.

U.S. media outlets analyzed the partnership as a sign that the cryptocurrency winter, which lasted nearly a year, is finally showing signs of thawing.

S3 Partners managing director Ihor Dusaniwski said, “The announcement of this partnership will put a huge pressure on the short sellers of Coinbase.

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.