Bitcoin rises to $29,317 in range-bound session

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ISLAMABAD
The cryptocurrency market continued to be range-bound on Tuesday, with the market cap gaining 0.4 percent to reach $1.21 trillion. As of 1155 hours GMT, Bitcoin, the world’s oldest and most valued cryptocurrency, made a gain of 1 percent in the last 24 hours to reach $29,317. The market capitalization of the biggest crypto has reached $570.3 billion with this increase. Bitcoin has been 1.4 percent up in the past seven days. The price of BTC has been following a descending parallel channel after reaching its highest point of the year at $31,800 on July 13. This decline reached a low of $28,585 on August 1. During the previous session, BTC briefly fell below $29,000 but quickly rebounded. This phenomenon could potentially find its roots in the recent launch of PayPal’s stablecoin, PYUSD, a digital asset pegged to the US dollar. Additionally, the surge in Bitcoin’s price might be attributed to bullish traders closely observing the impending US July Consumer Price Index report to identify consistent inflation trends.