The price of BTC dropped even further on Monday, reaching 29,783 USD.
The flagship cryptocurrency appears to be in a weak position for two main reasons. Firstly, there has not been any significant impulse on the platform to enable investors to take advantage of seasonal factors. The seasonal driver has lost its power, and a bearish trend has taken over from the bullish one. Secondly, there is a minimal transfer of capital from the stock market to the cryptocurrency market. This week, global investors expect signals from the US Federal Reserve about the end of the tight phase of monetary policy in this cycle. This is fuelling interest in fiat assets.
Technically speaking, BTC is entering a sideways trend. As the market has not breached the level of 31,150 USD, it is more likely to drift towards 28,600 USD.
The cryptocurrency market capitalisation continues to decline and now stands at 1.190 trillion USD. BTC's share has risen to 48.6%, while the share of ETH has surged to 18.9%.
RBA to collaborate with Ripple
The Reserve Bank of Australia announced a partnership with Ripple. The collaboration aims to utilise XRP tokens for conducting cross-border transactions. This move will serve to increase transaction speed and transparency for such operations.
Transaction volume on Optimism constantly growing
The Optimism L2 blockchain is showing a steady increase in daily transaction volume. According to data from Etherscan, the figure surpassed 600 thousand twice in July. Over the last 30 days, the network processed a total of 15.95 million transactions, with an average of 6.12 transfers per second.