Bitcoin falls slightly as positive news fades

BTC, Soaring High Ends with Positive News Dissipation, Maintaining $117,000 Intraday
Major Altcoins Also Decline... Small Altcoins Pump and Rise
Expert: "Funds Flowing into BTC Will Bring Altcoin Bull Market"

The cryptocurrency market, including Bitcoin (BTC), slightly declined on the 22nd due to a lack of additional positive news.

Bitcoin and cryptocurrencies had surged on the news of three cryptocurrency regulatory bills passing in the US Congress last week. However, with no additional market-boosting news, Bitcoin and major altcoins have declined.

Funds that flowed in from last week's market rise led to multiple altcoins taking turns pumping.

Bitcoin maintained the $117,000 level. Ethereum (ETH) and XRP dropped by about 2.5% compared to the previous day, while Solana (SOL) rose by about 5%.

Solana's rise is attributed to institutional buying pressure. David Duong, Head of Research at Coinbase, stated, "Solana is recording high trading volume" and "Both Ethereum and Solana are attracting institutional investor interest".

◇Bitcoin = At 4 PM on the 22nd, the Bitcoin price on Upbit was 161.2 million won. Bitcoin's dominance was 60.98%.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 49.94% and 50.06%, respectively.

Experts forecast that funds previously concentrated on Bitcoin will circulate to altcoins.

Bitfinex analysts noted in their report, "Investors are redistributing assets from Bitcoin to altcoins, and this capital circulation suggests the beginning of an altcoin-centered growth trend in an overall bullish market".

◇Rising Coins = At 4 PM on the 22nd, the cryptocurrency with the largest increase on Upbit was Strike (STRIKE), rising by approximately 123%.

Strike experienced a 'delisting beam' phenomenon, surging upon Upbit's delisting decision.

Upbit announced that it will suspend KRW and Bitcoin market trading for Strike from 3 PM on August 21st, citing a joint decision by Digital Asset Exchange Cooperative (DAXA) member companies.

Upbit explained the reasons for ending trading support, stating that Strike's issuer and operator did not timely disclose important matters, the whitepaper could not be verified, and the business's feasibility and sustainability were insufficient.

◇Fear and Greed Index = The Alternative digital asset Fear-Greed index reached 72 points, entering the 'Greed' stage. The greed stage is characterized by increased price volatility and trading volume, indicating a potential price rise. Caution is advised for potential short-term peak formation.

The cryptocurrency Relative Strength Index (RSI) provided by Sigbit recorded 51.2, indicating a 'neutral' state. RSI measures the relative strength between upward and downward price pressures and indicates overbought and oversold levels for a specific asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr