{"id":50630,"date":"2022-08-02T13:19:17","date_gmt":"2022-08-02T11:19:17","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=50630"},"modified":"2022-08-02T13:19:17","modified_gmt":"2022-08-02T11:19:17","slug":"cryptocurrencies-struggle-to-extend-gains-record-a-sluggish-momentum","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/cryptocurrencies-struggle-to-extend-gains-record-a-sluggish-momentum\/","title":{"rendered":"Cryptocurrencies Struggle to Extend Gains; Record a Sluggish Momentum"},"content":{"rendered":"
After a decent rise in July, the crypto market struggled to extend gains<\/strong> this month. Bitcoin (BTC) plunged below the 23K<\/strong> mark with a drop of nearly 3 per cent<\/strong> on lower-than-average volume. Ethereum (ETH) along with major altcoins also signalled a slight downtrend<\/strong>. <\/p>\n Signs of economic slowdown in several countries along with fresh escalation in the geopolitical worries between the US and China seem to have dented market sentiments. Trading volumes in the broader financial market also remained light. The cryptocurrency market which traded in green<\/a> after the recent hike in interest rate slumped yet again. However, the global crypto market cap today was above the $1 trillion mark, even as it was down more than 1.79 per cent<\/strong> in the last 24 hours at $1.05 trillion.<\/strong><\/p>\n In the same time span, the total trading volume jumped about 8 per cent<\/strong>, close to $76.49 billion<\/strong>. According to a report by digital asset manager, CoinShares, despite choppy crypto markets, global digital asset funds logged net inflows totalling $474 million<\/strong> in July, the highest so far this year.<\/p>\n <\/p>\n <\/p>\nWill the Bears Drag Down BTC Further Down?<\/h2>\n