Bitcoin posted a modest gain of 0.16% on Friday, August 4, but the price remained below $30,000 (roughly Rs 2.46 lakh). BTC is the most expensive cryptocurrency and is currently trading at $29,133 (roughly Rs 2.4 lakh). Industry analysts noted that Bitcoin is facing rising selling pressure. Experts also noted that oddly, the price of Bitcoin was not affected by macroeconomic factors such as rising jobless claims and U.S. Treasury yields hitting 10-year highs.
Ethereum fell 0.30% on Friday. This brings the deal value to $1,831 (roughly Rs 1.5 lakh). With that, both Ethereum and Bitcoin ended the first week of August with fairly stable price action.
As of Friday, more cryptocurrencies were down along with ETH on price charts. These include Ripple, Dogecoin, Cardano, Solana, Polygon, and Polkadot. Other losing cryptocurrencies include Bitcoin Cash, Avalanche, Chainlink, Stellar and Uniswap.
“Since yesterday, the top 10 cryptocurrencies by market capitalization have all fluctuated within a narrow range. This week, the price movements of BTC and ETH have been quite stable. The move to DAI (+0.2%) and USDC on DeFi platforms has put Tether (USDT) under intense selling pressure. However, despite the imbalance, USDT has not lost its peg and is currently trading at 99.9 cents,” said Parth, Head of Investments at CoinSwitch Ventures. Chaturvedi told Gadgets 360.
According to statistics, the total cryptocurrency market capitalization is currently at $1.17 trillion (approximately Rs. 9684,207 crore), down 0.08% in the past 24 hours coin market cap. The Crypto Greed and Fear Index rose 2 points and is now in the neutral zone with a score of 54/100.
Meanwhile, among the profitable cryptocurrencies, Tether, Binance Coin and USDCoin dominate. Tron, Shiba Inu, Leo, Binance USD and Zcash also recorded small gains.
“Lack of new money flowing into the cryptocurrency market. On the positive side, the likelihood of a spot bitcoin ETF launching in the U.S. this year has increased significantly, from 50% to an encouraging 65%, according to Bloomberg Intelligence.” Firms such as Ryder, Fidelity, WisdomTree and Valkyrie have applied to create spot bitcoin ETFs, with BlackRock’s application of particular interest. Currently, investors are awaiting further clarity on the U.S. regulatory environment and potential approval of a bitcoin ETF ,” the CoinDCX research team told Gadgets 360.
Cryptocurrency is an unregulated digital currency, not legal tender, and there are market risks. The information presented herein is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any losses arising from any investment based on any perceived advice, forecast or any other information contained in the article.
Svlook
