21 Jul 2021: Bitcoin closes below $30K, breaking long-held support

📉 BTC | $29,807 (-1,118, -3.3%)

📉 ETH | $1,791 (-41, -2.2%)

📉 XRP | $0.53 (-0.04, -6.3%)

📉 LTC | $107 (-8, -6.6%)

Stablecoin Tether has not “printed” new USDT in over 3 weeks, which has served as a major cause of Bitcoin price rallies in the past. USDT was said to be experiencing less demand thanks to the evisceration of cryptocurrencies in China, where USDT was the dominant method for Chinese traders to access crypto markets.

Texas is emerging as a relatively Bitcoin-friendly location, with some calling it the new “Bitcoin Mining Capital”. Governor Greg Abbott is a known supporter of cryptocurrencies, and is planning to release a master plan for a new “blockchain industry” in the state.

The Grayscale Bitcoin Trust continues to trade at a heavy discount of over -11% to spot prices, which has tended to draw capital away from the spot BTC market in the past.

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