Bitcoin dips below vital $29k mark as volatility hikes

Bitcoin (BTC) has dropped from the $29,000 mark for the first time since June 22. The downward movement comes as the broader crypto market witnesses a $21 billion fall.

The flagship cryptocurrency is down by 1.5% in the past 24 hours, trading at around $28,930 when writing. Its total market capitalization is $562.6 billion. 

Along with Bitcoin’s fall, the global crypto market cap has also declined by 1.7%, according to CoinMarketCap (CMC) data. It dipped from $1.185 trillion to $1.164 trillion at the time of writing.

Moreover, Santiment’s data shows that Bitcoin’s price decline is associated with the asset’s one-day price volatility, rising from 0.0028 to 0.0035. 

Per Santiment, the current price volatility of Bitcoin is still far from its local top of 0.011 on July 14, when BTC was trading at around $31,350. The high volatility comes with the sudden rise of BTC’s 24-hour trading volume, rising by 25% and currently sitting at over $13 billion.

Furthermore, the number of Bitcoin whale transactions, worth over $1 million, hiked from 1,013 on July 31 to 1,344 on August 1.

Earlier, the 76-year-old “Rich Dad Poor Dad” author, Robert Kiyosaki, stated his enthusiasm for Bitcoin while pointing out the financial dilemma in the US. Kiyosaki believes the main reason for the US stocks’ rise is raising the debt ceiling.