Summary
- Bitcoin fell to around $63,488 as South Korea's Kospi index plunged 11% and a US CLARITY Act vote was delayed.
- Ether failed to break above $2,000 and fell to $1,880, while major cryptocurrencies including Fetch.ai (FET) and Worldcoin (WLD) posted 8% to 9% declines.
- The futures sell ratio rose to 51.5% and funding rates for Ether, Solana and XRP turned negative, though 30-day implied volatility for Bitcoin and Ether remained near recent lows.
Forecast Trend Report by Period
Bitcoin slid to the $63,000 area as an 11% plunge in South Korea's Kospi and a delay to a vote on the US crypto market-structure bill known as the CLARITY Act weighed on sentiment.
CoinDesk reported on July 28 that Bitcoin fell about 2% during US trading hours and traded near $63,488. South Korea's Kospi dropped 11% as semiconductor shares tumbled, pressuring risk appetite globally.
At the same time, prospects for the CLARITY Act to pass this year grew more uncertain after the US Senate decided to prioritize a Russia sanctions bill and confirmation votes for federal government nominees.
Other major cryptocurrencies also declined. Ether fell to $1,880 after failing to break above $2,000. Fetch.ai's FET dropped 9.48%, while Near Protocol, Hyperliquid and Worldcoin fell 8% to 9%.
Bearish bets also increased in derivatives markets. The share of futures sell orders based on market orders rose to 51.5%, and the cumulative volume delta for 25 major cryptocurrencies turned negative across the board for the first time in at least three weeks. Funding rates for Ether, Solana and XRP also turned negative.
Still, 30-day implied volatility for Bitcoin and Ether remained near recent lows, indicating the market is not reflecting extreme stress. Investors are watching the Federal Reserve's interest-rate decision on July 29.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.