Bitcoin prices on Monday reflected a respite from profits after weeks of losses. The price of bitcoin edged up 0.06 percent to trade at $26,093 (roughly Rs 2.17 lakh). Bitcoin, the most valuable asset in the cryptocurrency kingdom, fell to $26,000 (Rs 2.16 lakh) last week for the first time in two months. Investors lost $1 billion (roughly Rs 8,308 crore) in cryptocurrency liquidations due to market turmoil around last Friday, according to market data.
Ether, like Bitcoin, generates profits on cryptocurrency price charts. ETH was trading at $1,678 (roughly Rs 1.39 lakh) after rising 0.63% on Monday.
“The move could be a broad sell-off triggered by unrelated triggers such as the lack of clarity in the Grayscale v. SEC bitcoin ETF case, SpaceX writing down the value of its bitcoin reserves, and China Evergrande filing for bankruptcy,” Crypto Invest Edul Patel, co-founder and CEO of company Mudrex, told Gadgets 360.
Heading into the last stretch of August, most cryptocurrencies are seeing gains on their price charts.
These include Ripple, USD Coin, Cardano and Tron, Polkadot and Polygon.
Other profitable cryptocurrencies include Litecoin, Avalanche, Leo, Stellar, Chainlink and Monero, as well as Cosmos, Cronos and Near Protocol.
shows that the overall valuation of the cryptocurrency market has increased by 0.12% in the past 24 hours, reaching a market value of $1.06 trillion as of August 21 coin market cap.
The Crypto Fear and Greed Index is up one point from yesterday and is now in the fear zone with a score of 38/100.
“BTC and ETH have stabilized after falling nearly 11% in the past 7 days. The market seems inclined to believe in BTC’s decline, so there was a correction in the cryptocurrency market last week as the sentiment around the BTC ETF cooled.” CoinSwitch Ventures Investment director Parth Chaturvedi told Gadgets 360.
“Other reasons could include Bitcoin’s low volume and volatility, the current state of the Chinese economy, and rising U.S. Treasury yields. XRP (+3.3%) despite SEC challenging June court ruling in favor of Ripple Labs Still leading the way,” Chaturvedi added.
A handful of cryptocurrencies did see losses today. These include Binance Coin, Dogecoin, Solana, Shiba Inu, Binance USD, Uniswap, and EOS Coin.
“Markets are facing a significant reckoning while discussions about a potential rate hike in the U.S. are ongoing, leading to the observed market correction,” the CoinDCX research team told Gadgets 360, predicting more stability in the coming days.
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.
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