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Bitcoin (BTC) has managed to hold its ground, maintaining a stance above the $29K mark,&nbsp;despite negative news concerning Binance, and the lingering repercussions of the DeFi debt crisis triggered by Curve Founder Michael Egorov’s heavily leveraged positions. 
<a href="https://crypto.ro/en/bitcoin/" rel="noopener noreferrer nofollow">BTC</a> was recently trading at $29,130, showing a 1.18% drop within the day, while <a href="https://crypto.ro/en/cryptocurrencies/ethereum" rel="noopener noreferrer nofollow">Ether (ETH)</a> was trading at $1,836, marking a 1.25% decrease. 
<img decoding="async" class="alignleft size-full wp-image-22822" src="https://crypto.ro/en/wp-content/uploads/2023/08/BTC_1D_graph_coinmarketcap-7.png" alt="BTC 1D graph coinmarketcap 7" width="975" height="396" srcset="https://crypto.ro/en/wp-content/uploads/2023/08/BTC_1D_graph_coinmarketcap-7.png 975w, https://crypto.ro/en/wp-content/uploads/2023/08/BTC_1D_graph_coinmarketcap-7-300x122.png 300w, https://crypto.ro/en/wp-content/uploads/2023/08/BTC_1D_graph_coinmarketcap-7-768x312.png 768w, https://crypto.ro/en/wp-content/uploads/2023/08/BTC_1D_graph_coinmarketcap-7-750x305.png 750w" sizes="(max-width: 975px) 100vw, 975px" title="Bitcoin stands firm at $29K amidst market uncertainty 2"> 
The market seemed to shrug off both industry-specific and macro events that drove BTC’s price past $30,000 on Wednesday, following the news of a potential downgrade of U.S. Treasuries by Fitch and <a href="https://crypto.ro/en/news/microstrategy-plans-750-million-stock-sale-to-boost-bitcoin-portfolio/" rel="noopener noreferrer nofollow">MicroStrategy’s intent to purchase more Bitcoin</a>. 
A subsequent drop below $29,000 came on the heels of Semafor’s report suggesting possible <a href="https://crypto.ro/en/tag/binance/" rel="noopener noreferrer nofollow">federal criminal charges against Binance</a>. 
Jeff Feng, co-founder of Sei Labs, expressed his views on the fluctuating crypto market in an email. He pointed out various factors influencing the market, including corporate investments, regulatory advancements, macroeconomic shifts, and the possibility of increased accessibility through financial products like <a href="https://crypto.ro/en/news/sec-embraces-two-bitcoin-etf-proposals-in-a-single-week/" rel="noopener noreferrer nofollow">ETFs</a>. 
<blockquote> 
 “MicroStrategy’s ongoing Bitcoin investment is a testament to their commitment, bolstering corporate interest in digital currencies. This, coupled with the anticipation of the upcoming Bitcoin halving event, is impacting market behavior, as these milestones are often seen as potential catalysts.” Feng said. 
</blockquote> 
Most other major cryptos experienced a drop, following a brief surge the previous day. Uniswap’s UNI and Bitcoin Cash (BCH) were down over 6% and 5% respectively, while <a href="https://crypto.ro/en/news/litecoin-is-preparing-for-its-third-halving/" rel="noopener noreferrer nofollow">Litecoin (LTC) dipped nearly 6%</a>, in spite of an anticipated halving event that would reduce miners’ rewards. 
This week also witnessed a mixed response from lending protocols. Tron founder Justin Sun bought about 5 million <a href="https://crypto.ro/en/cryptocurrencies/curve-dao-token" rel="noopener noreferrer nofollow">Curve (CRV)</a> tokens to prevent a potential bad debt crisis following a decrease in CRV’s value that threatened to liquidate a large loan linked to Curve Finance founder Michael Egorov. 
The intervention appeared to stabilize <a href="https://crypto.ro/en/cryptocurrencies/aave" rel="noopener noreferrer nofollow">Aave</a>, the lending protocol token, which rose by 2%. However, Compound’s <a href="https://crypto.ro/en/cryptocurrencies/compound-governance-token" rel="noopener noreferrer nofollow">COMP</a> token is still down 3.35% on Thursday and almost 17% on-week. 
The market now anticipates a notable increase in volatility, driven by factors such as the upcoming ruling on the <a href="https://crypto.ro/en/news/blackrocks-bitcoin-etf-filing-sparks-wave-of-optimism-in-crypto/" rel="noopener noreferrer nofollow">Blackrock spot ETF</a> and the approaching Bitcoin Halving. It will be intriguing to see how these developments shape the future of the crypto market.

Bitcoin stands firm at $29K amidst market uncertainty

crypto.ro global

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