Major coins slipped into the red on Thursday night as the global cryptocurrency market cap fell 3.65% to $1.3 trillion.
What Happened: Bitcoin (CRYPTO: BTC) traded 4.17% lower at $31,636.26 over 24 hours at press time. For the week, BTC was down 2.38%.
Ethereum (CRYPTO: ETH) traded 5.04% lower at $1,904.29 at press time. On a seven-day trailing basis, the cryptocurrency fell 8.14%.
See Also: How To Buy Ethereum (ETH)
Dogecoin (CRYPTO: DOGE) dived lower by 8.35% to $0.18 at press time. The Shiba Inu-themed cryptocurrency traded 7.82% lower for the week. Against BTC and ETH, DOGE has fallen 4.29% and 3.5% respectively over 24 hours.
Some minor tokens were on the ascent on Thursday night with BakeryToken (CRYPTO: BAKE) up 17.9% to $2.24. BAKE was up 21.89% and 22.55% against BTC and ETH, respectively. Over the week, the coin traded 12.17% higher.
BAKE is associated with the decentralized automated market-making protocol BakerySwap. Since the year began it has shot up a whopping 14,167.73%.
Other notable gainers on Thursday night included Kusama (CRYPTO: KSM), Chiliz (CRYPTO: CHZ), and Maker (CRYPTO: MKR).
KSM was up 4.44% at $197.94, CHZ traded 0.85% higher at $0.26 and Maker was in the green 1.83% at $2,553.70.
Why It Matters: The apex cryptocurrency has remained rangebound in the region of $30,000-$40,000 with futures traders selling puts at $30,000 strike and selling calls at $40,000 strike, as per a CoinDesk report.
As BTC approaches the lower level of that range if $30,000 is breached traders may resort to hedging downside risk by shorting futures or selling BTC on the spot market.
“If support or resistance levels break, traders will need to quickly hedge because prices will move to new levels fast,” said Greg Magadini, CEO of Genesis Volatility.
Magadini noted that such hedging activity creates a “self-reinforcing event,” as per CoinDesk.
Bitcoin, meanwhile, is also losing its public appeal. Google Trends data indicates that in the period between July 11 to July 17 the search term “bitcoin price” returned the value of 21 on a global basis over five years. Between May 16 and May 22, this value was at 84.
Google measures “trends of the search terms after “normalizing” the data popularity on a scale of 0 to 100.