Bitcoin price falls; Ether flat, Matic leads gainers, Solana the losers

Bitcoin fell on Friday morning in Asia as other top 10 non-stablecoin cryptocurrencies traded mixed. Bitcoin again slipped below support at US$30,000 after a week that saw buyers retreat. Developments in applications for Bitcoin exchange-traded funds (ETFs) failed to generate fresh investment, though some commentators say the pent up demand is there. Ether traded flat and is also a loser for the week. Matic led the early gainers on Friday, but is also in the red for the week.

Bitcoin backs off

Bitcoin fell 0.18% to US$29,824.09 as of 6:40 a.m. in Hong Kong, according to data from CoinMarketCap. The world’s largest cryptocurrency has lost 4.53% in the past seven days.

The drop came amid further developments in Bitcoin exchange-traded fund (ETF) applications by U.S. asset managers. 

Spot Bitcoin ETF applications from BlackRock, Fidelity, Invesco Galaxy, VanEck, and WisdomTree on July 19 were published in the Federal Register, which means the Securities and Exchange Commission (SEC) now has up to 240 days to accept or request the applications, according to Bloomberg. 

Bloomberg research analyst James Seyffart wrote on Twitter that while this sets the clock ticking, the SEC may still reject all the applications.

BlackRock, the world’s largest asset manager, filed its spot Bitcoin ETF application on June 15, sparking a round of buying of cryptocurrencies on expectations more institutional funds will start investing in the asset class.

While that enthusiasm has faded, Alex Kuptsikevich, senior market analyst at London-based brokerage firm FxPro said latent demand for cryptocurrencies remains, although  “the momentum is far from euphoric.”  Kuptsikevich added that Bitcoin continued to find support this week on dips below $30,000. “A move to the upper boundary at $31,300 is most likely in this environment,” he said.

Asia Pacific institutional investors “remain constructive across the digital asset complex following last week’s positive news on [ETFs],” said Matt Long, the APAC general manager of California-based crypto exchange FalconX. “They are well positioned for further appreciation in markets,” said Long in an emailed statement to Forkast.

Ether edged up 0.31% to US$1,895.14, while falling 4.70% in the last week.

Other top 10 non-stablecoin cryptocurrencies were mixed — Polygon’s Matic led gainers, rising 3.42% to US$0.7711. However, it posted a weekly loss of 8.46%.

Polygon Labs is currently working on developing Polygon 2.0, a series of updates to the blockchain that the company says aim to make network governance more open and inclusive.

Solana was the biggest loser among the top 10, declining 3.53% to US$25.49, amid a 0.72% weekly loss.

The total crypto market capitalization edged down 0.15% in the past 24 hours to US$1.2 trillion, while trading volume jumped 19.19% to US$37.15 billion.