Bitcoin is currently trading at $29,205 (approximately Rs. 2.43 lakhs), down 0.76 percent on the cryptocurrency charts on Monday, August 14. Pricing for the world’s largest cryptocurrency was unchanged over the weekend as trade activity appeared to slow. The price of bitcoin has remained below $30,000 (roughly Rs 2.46 lakh) for the fourth week in a row. With Bitcoin in the red, most cryptocurrencies are also trading lower on price charts.
“Bitcoin futures volume is at its lowest level since December 2022. This suggests that traders may have been avoiding action at current levels,” the CoinDCX research team told Gadgets 360.
Ether prices fell 0.45% on Monday. As of writing, ETH is trading at $1,840 (roughly Rs 1.52 lakh).
“BTC and ETH continue to trade within their respective tight ranges. Over the weekend and over the past 24 hours, crypto markets traded sideways under downward pressure. Overall, the market appears to be heading towards price stability.” Investing at CoinSwitch Ventures Director Parth Chaturvedi told Gadgets 360.
Most altcoins are down on Monday, following bitcoin and ether.
These include stablecoins like Tether, Ripple, USD Coin, Binance USD, and memecoins Shiba Inu and Dogecoin.
Altcoins such as Cardano, Solana, Tron, Polygon, Polkadot, Litecoin and Avalanche also saw price drops.
The overall valuation of the cryptocurrency market fell by 0.10% to $1.17 trillion (approximately Rs. 97,09,209 crore) in the past 24 hours, it showed. coin market cap.
Meanwhile, the Crypto Fear and Greed Index held steady at 54/100 throughout the weekend. However, the index did start the new week off with a small 4-point drop, which puts the index at 50/100, still in neutral territory.
Among the profit-generating cryptocurrencies, Binance Coin, Wrapped Bitcoin, Monero, Near Protocol and Zcash dominated.
SushiSwap, Cartesi, Spell Token and BrainTrust also posted small gains.
In other news, Coinbase launched its Base blockchain on ethereum over the weekend.
A vulnerability targeting Libbitcoin also emerged over the weekend, leading to the theft of more than $900,000 (roughly Rs. 7.4 crore) worth of bitcoins from user wallets.
Sam Bankman-Fried has been trying to fight the revocation of bail. However, the ban has been withdrawn and SBF is back in prison ahead of his trial in October.
Edul Patel, CEO of Mudrex crypto investment platform, also highlighted that “the price of Hedera has also seen a significant increase of about 15% in the past 24 hours, which may be attributed to the launch of their social networking platform Calaxy.”
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