Cryptocurrencies Struggle After 3 Days, Of Gains, Binance Launches Zero Trading Fees

Cryptocurrencies as of writing this copy at 10:37 am (IST) are again in the red. This is after Bitcoin witnessed 3 days of consecutive days. Last, bitcoin quoted down by close to 1.8% at $21571. Also, the second largest crypto Ethereum has been the negative down by close to 3%.

Barring Solana and Polygon all of the cryptos from the Crypto 20 list as compiled by Coindesk have been in the negative.

In the previous day's trade Bitcoin even clinched to levels of $22K in early trade.

Amid global headwinds and similar to equities which took off globally, cryptos and in particular bitcoin had a good week gaining more than 14% from Monday.

"Since the beginning of the month, BTC/USD has gained more than 17%, which looks like an impressive result but only at first glance," FxPro senior market analyst Alex Kuptsikevich is cited saying in a Coindesk report. "The thing is, bitcoin was driven as low as possible by the end of June, and the current remarkable rise is just a recovery to the levels of three weeks ago."

From its early highs in 2022, bitcoin is down almost 50% and close to 68% down from its all time high reached in November last year.

Binance-the world's largest crypto exchange by volume on Friday launched its global zero trading fee policy, leading to still higher volumes.