Radhika Parashar
- BTC price has dropped by over four percent in the last seven days
- Market experts blame the ongoing macroeconomic tensions as cause of the drop
- The overall crypto market cap has also dipped by over two percent in the last 24 hours
Bitcoin, that was hovering around the $118,000-price mark for most of last week, reflected a significant drop on Saturday, July 2. At the time of writing, BTC was trading at $112,858 on international exchanges, having clocked a dip of 2.38 percent in the last 24 hours. Data by CoinMarketCap shows that in the last seven days, the asset has gradually witnessed an overall drop of 4.52 percent.
Market analysts had been predicting a consolidation for BTC and the broader market for days amid the ongoing tariff tensions between U.S. and other countries like India, Taiwan, and South Korea among others. In addition, the U.S. reported a weak job market in July — having added merely 73,000 jobs to its economy last month. The number emerged to be far lower than expected, media reported.
“Rising macroeconomic factors, including the Fed’s warning on slowing growth and uncertainty due to new trade tariffs coupled with over $627.98 million in liquidations within 24 hours reported on Friday, has triggered volatility,” Riya Sehgal, Research Analyst at the Delta Exchange told CoinHeadlines. She did, however, highlight that BTC closed July at $115,000 — making for the asset’s highest monthly close in history, signaling long-term resilience.
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All of the top ten cryptocurrencies — that include Bitcoin, Ether, Ripple, Tether, Binance Coin, Solana, USDC, Tron, Dogecoin, and Cardano — are trading in losses on Saturday.
Ether price slipped by 4.66 percent over the last day bringing down its price from $3,800 to the present value of $3,437, CoinMarketCap showed.
The valuation of the overall crypto market reduced by 2.78 percent, bringing the sector’s capitalization to $3.65 trillion. \
For now, market experts are forecasting this prevailing market volatility to be “short-term”.
President Trump’s son, Eric Trump, took notice of the dropped BTC and ETH prices, advising investors to “buy the dips” on X. Interestingly, he shared his comment re-posting a similar advise he had posted in February on 25 — when BTC was trading at $91,437.
Analysts, however, have strongly suggested investors to tread lightly with investment decisions amid the current unstable market situation.
