First Mover Americas: Bitcoin Starts Week in the Red

Bitget App

Trade smarter

Bitget

News

Markets

First Mover Americas: Bitcoin Starts Week in the Red

Coindesk2023/07/24 12:01

By:Jamie Crawley

The latest price moves in crypto markets in context for July 24, 2023.

This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..

Bitcoin is down to start the week, dropping to around $29,300, a decrease of 1.92% in the last 24 hours. The (CMI), which measures the performance of the broader digital asset market, is also in the red, down 2.38% at 1,266.87. BTC’s trading range is still relatively narrow, reflecting the cautious stance of investors. “Although market dynamics in summer months can tend toward volatility with lower trading flows, the recent period has been remarkably calm for top crypto assets in the market,” Simon Peters, a market analyst at eToro said. “The softening of the price we’re watching currently suggests investors are looking for positivity to cling to, but with little forthcoming for now it is very much wait and see.”

Elon Musk is rebranding Twitter to X, as traders jumped on the potential opportunity to eke out some small profits. One token, related to a project that shut in May, jumped as much as 1,200% while the new “AI-X” token opportunistically issued over the weekend following Musk’s announcement jumped 10-fold. “Meme coins are huge parts of the crypto trading landscape, whether we like it or not,” James Wo, founder at crypto fund DFG, told CoinDesk at the heights of one such meme obsession. “While the biggest currencies like bitcoin and ether have very low volatility, it's only natural that traders will look for opportunities elsewhere.”

Worldcoin, the crypto project of ChatGPT founder Sam Altman, has gone live with its token WLD surging 62% to $2.60, . Crypto exchanges , with spot trading of WLD/USDT, WLD/USDC and WLD/BTC available. The aim of the project, which , is to establish a decentralized digital identity system in order to preserve personal privacy. More than 2 million people were onboarded while the project was still in beta. WLD is not currently available in the U.S. owing to regulatory uncertainty.

- Omkar Godbole

Edited by Sheldon Reback.

124

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

In 2025, the stablecoin market shows strong signs of growth. Research indicates that the market cap of USD-pegged stablecoins has surged 46% year-over-year, with total trading volume reaching $27.6 trillion, surpassing the combined volume of Visa and Mastercard transactions in 2024. The average circulating supply is also up 28% from the previous year, reflecting sustained market demand. Once used primarily for crypto trading and DeFi collateral, stablecoins are now expanding into cross-border payments and real-world asset management, reinforcing their growing importance in the global financial system. More banks and enterprises are starting to issue their own stablecoins. Standard Chartered launched an HKD-backed stablecoin, and PayPal issued PYUSD. The CEO of Bank of America has expressed interest in launching a stablecoin once regulations permit (via CNBC). Fidelity is developing its own USD stablecoin, while JPMorgan Chase and Bank of America plan to follow suit when market conditions stabilize. Meanwhile, World Liberty Financial (backed by the Trump family) has introduced USD1, backed by assets such as government bonds and cash.

Bitget VIP•2025/04/25 06:05