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Crypto

Bitcoin Slumps Below $63K Amid Waning Crypto Enthusiasm

Guavy AI Editorial Team
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BTC
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Bitcoin's price sank below $63,000 on July 31st as investors' enthusiasm for riskier trades waned. The decline was attributed to diminishing momentum behind US crypto legislation and disappointing earnings from Coinbase Global Inc. and Strategy Inc.

Funds are selling into any rally as expectations around the CLARITY Act diminish, according to Joshua Lim, global co-head of markets at FalconX. He noted that 'Crypto has had a hard time maintaining a bid.'

Implied volatility on BTC hovers near historic lows as a large supply of overwriting funds keeps the asset range bound.

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Disclaimer: Guavy is a data and market intelligence provider, not an investment advisor. The information, signals, and market analysis provided by the Guavy API and related services are for informational purposes only and are not intended as financial advice, investment recommendations, or an endorsement of any particular trading strategy. Trading in volatile markets, including cryptocurrency, carries significant risk and may not be suitable for all investors. Past performance is not indicative of future results. Users should consult with a qualified financial professional before making any investment decisions. Guavy makes no guarantee of trading profits or financial returns.

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