Bitcoin Slides to Lowest Levels in Over a Month

Bitcoin faced a downward trajectory on Friday, signaling an end to the week with its lowest price point in more than a month. The popular cryptocurrency dipped to $29,206 early in the day, representing a 1.0% drop within the past 24 hours. Despite initially gaining from the Federal Reserve's rate decision on Thursday, Bitcoin relinquished its progress as other high-risk assets also experienced a decline.

This unfortunate trend places Bitcoin on track to conclude the week with its lowest figures since late June, having dipped below the crucial $30,000 mark earlier in the week. Rachel Lin, CEO of SynFutures trading platform, noted that unlike past downturns where altcoins suffered heavier losses compared to Bitcoin, they demonstrated resilience this time around, underpinned by Ethereum and other significant altcoins.

Meanwhile, other cryptocurrencies experienced a mix of performance on Friday. Ether, the second-largest crypto, witnessed a slight 0.6% decrease, settling at $1,866. However, Ether has remained relatively stable throughout July. Conversely, smaller tokens known as altcoins displayed divergent trajectories, with Cardano enjoying a 0.3% rise and Polygon encountering a 2.8% loss.

Additionally, Dogecoin experienced a setback of 3.5%, giving up earlier gains during the week when hopes arose regarding Elon Musk's potential use of the cryptocurrency in his expansion plans for the X social-media network (formerly known as Twitter) as a financial platform.