Today's Crypto Market: Bearish or Bullish?

Bittime - This is a confusing day. Bitcoin is experiencing a decline due to global political problems and economic problems. However, several market indicators point to a potential breakout on the horizon. (Not financial advice). Let's address this market mystery in our analysis at the end. For now, let's take a look at today's top crypto headlines:

US Bitcoin Proposal Becomes a Reality?

Senator Cynthia Lummis just introduced the BITCOIN Act 2024, which aims to create a national Bitcoin reserve. This is not just any ordinary crypto law. Lummis positions Bitcoin as the digital equivalent of gold reserves, potentially changing America's financial strategy for the 21st century.

The bill demands transparency in managing $65 million worth of Bitcoin. This is a clear signal that crypto is moving from the fringes to the center of financial policy discussions.

Check Today's Crypto Market:

Bitcoin Dominance Soars

Bitcoin's market dominance reached a three-year peak, now accounting for more than 55.05% of the total crypto market. With a market cap of $1.27 trillion, Bitcoin outperforms its closest competitor, Ethereum, which holds 16.5% of the $389 billion market.

Bitcoin's dominance this year broke with crypto market conventions. Typically, altcoins outperform Bitcoin in bull markets. But this time, even though Bitcoin hit a new peak, the altcoin rally hasn't really started yet.

Causes of Bitcoin's Decline

Bitcoin experienced a slight decline, dropping below $64,000. The cause? A combination of the Fed's latest decision and serious tensions in the Middle East. The Federal Reserve decided to keep interest rates between 5.25% and 5.5%. Fed Chair Powell is giving mixed signals - the economy is growing, but consumer spending is slowing. Add to that the situation in the Middle East and Bitcoin is no stranger to geopolitical unease.

Debut Browser In-App Telegram

Telegram just stepped up its crypto game in a big way. They launched an in-app browser supporting decentralized sites “TON Sites,” bringing Web3 to their massive user base of nearly one billion monthly users.

CEO Pavel Durov is excited about this mix of messaging and web browsing. It's like a one-stop shop for communication and content consumption. Telegram also launched Mini App store on time.

Stablecoin's Steady Rise

Stablecoins are having their moment. For ten consecutive months, they have continued to climb the crypto ladder, now claiming a market share of 6.93%. July saw stablecoin market capitalization reach $164 billion, up 2.11%. Tether (USDT) led the way, hitting a new peak of $116 billion. It is now a major player in the stablecoin pool, controlling 69.6% of the market.

Today's Market Analysis

We are seeing some interesting signals in the Bitcoin market that could mean a big move is coming. Several Bitcoin volatility indicators suggest a major price move could be coming soon. This, combined with low reserves on exchanges, Bollinger Bands squeeze, and increasing political interest in Bitcoin, sets the stage for potential market action (Not financial advice).

Also Read How To Buy Crypto:

So, What to Do?

Faced with these indicators, now is a good time to review your investment strategy. Consider your risk tolerance and investment goals. If you hold Bitcoin, make sure you are comfortable with the potential volatility in the coming weeks or months. Stay informed about market developments, but avoid making impulsive decisions based on short-term price movements.

Remember, the crypto market can be unpredictable, so diversification and careful risk management are key. Lastly, keep an eye on global economic indicators and political developments regarding crypto. For timely updates on these events, you can add Bitcoin and other top coins by market cap to your CMC Watchlist.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.