Bitcoin and other cryptocurrencies fell Tuesday on profit postings by investors. However, analysts suggest the impact of the move will be minimal on the cryptocurrency market.
Bitcoin price fell slightly on Tuesday
Cryptocurrency prices weakened Tuesday as the virtual currency market saw more gains from investors. However, analysts suggest that the consolidation is small and that virtual currency markets will not have a major impact as a result. FTX exchange review is positive.
Bitcoin, the world’s most popular cryptocurrency, traded at $38,582.30, down more than 2.5 percent at 2:05 PM. Bitcoin’s market cap fell sharply to $724.36 billion.
Meanwhile, Ether fell more than 3.5 percent to trade at $2,487. The market cap of the second most popular virtual currency fell to $290.85 billion. Most of the other popular cryptocurrencies fell, including XRP, Cardano, Dogecoin, Polkadot, and Litecoin.
CRYPTO OUTflow FOR 4 WEEKS IN A ROW
The cryptocurrency market has seen a sharp recovery in the past two weeks, but has seen outflows for the fourth consecutive week. Much of the outflow came from Bitcoin products, data from digital asset manager CoinShares suggests. ENJ Enjin coin is positive.
Cryptocurrency outflows reached $19.5 million in the week ending July 30, while Bitcoin hit $19.7 million in outflows. However, some virtual coins such as XRP and Polkadot saw a small influx during the week.