Bitcoin Testing Support at $23.2K, Trading Volume Remains High

After sideways trading for most of last week and a small bull run on Monday, Bitcoin’s price is back down to the $23k range, testing support. The global cryptocurrency market cap is down 3.5% but remains above $1.1 trillion. In addition, Bitcoin’s trading volume continues to increase, up 11% in the past 24 hours, signaling a healthy market with plenty of momentum for its next move.

Key Points:

  • Bitcoin returns from the $24k levels to the $23k range.
  • Coinbase’s stock soars after the BlackRock partnership announcement.
  • Iran placed crypto-funded import order worth $10 million after amending legislation to allow locally mined cryptocurrency to be used for purchases.
  • The crypto market stays healthy, above $1.1 trillion.

Bitcoin News

Despite BTC’s retracement this Tuesday, Coinbase’s stock continues to show substantial growth this week, rising by 60% in the past five days from a low of $60 to $98.02. One reason for the spectacular performance of Coinbase is last week’s partnership announcement with BlackRock, which will implement Coinbase Prime’s services with its Aladdin platform.

BlackRock is the world’s most prominent asset investment firm, with over $10 trillion in assets under its management. The partnership with Coinbase could open up the floodgates to a substantial number of institutional BTC investors and could go as far as to reverse the eight-month-long bearish trend for crypto markets.

However, so far, Bitcoin’s response to the Coinbase and BlackRock partnership has been almost nonexistent, and it will likely take several months to see any measurable effect on the market.

In other news, according to a report from CoinDesk, Iran placed its first crypto-funded import order worth $10 million:

“Iran registered its first import order to be paid in crypto since the government, strapped for foreign currencies due to sanctions, amended digital assets legislation to allow locally mined cryptocurrencies to be used for purchases.”

The recent legislation looks to promote the mining of cryptocurrencies on local soil after amending its law to allow imports to be funded with crypto. Moreover, the Iranian government legalized crypto mining in 2019, looking to become part of the cryptocurrency revolution while imposing strict guidelines on miners operating in the country.

Bitcoin is trading at $23.3k after peaking at $24.1k on August 8th, returning to its $23k range that it has been trading at for most of the past month. The current market cap for BTC is $445 billion, with a 24-hour trading volume of $25 billion, up 11% in the past 24 hours.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

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