Bitcoin fell 0.47 percent on Thursday to trade at $29,567 (roughly Rs 2.44 lakh). It marks another day in its efforts to breach the $30,000 (roughly Rs 2.46 lakh) mark, a goal that Bitcoin has failed to achieve for the past three weeks. Selling pressure on Bitcoin has increased in recent days. Industry experts believe that a bullish trend is currently forming for Bitcoin, which will lead to major moves in Bitcoin in the coming days.
“Bitcoin is starting to show some strength and investors are expecting a bullish trend in Bitcoin. Currently, BTC is trading around $29,500 (approximately Rs. 2.48 lakh rupees). Shubham Hudda, senior manager at CoinSwitch Markets Desk, told Gadgets 360: “According to market data, BTC’s open interest data is currently at the highest level since October 2022 (FTX crash), which is It also shows that BTC is about to experience a major trend. “.
Following the trajectory of bitcoin, ether also edged down 0.10% on Thursday. Gadgets 360’s crypto price tracker shows ETH worth $1,850 (roughly Rs. 1.53 lakh) as of writing.
“The total amount of ETH locked on the Ethereum chain has reached an all-time high of 27.03 million, a 40% increase since Shapella. The total amount of pledges is equivalent to 21% of the ETH circulation. As the number of validators increases, the pledge rewards gradually decrease, ’” the CoinDCX research team told Gadgets 360.
Tether, Binance Coin, Ripple, Polkadot, Avalanche, Stellar, and Leo all reflected price drops.
Binance USD, Monero, Cronos, Near Protocol and Bitcoin SV also suffered small losses on Thursday.
The overall valuation of the cryptocurrency industry has dropped by 0.38% in the past 24 hours, with a market capitalization of $1.18 trillion (approximately Rs 97,72,878 crore) coin market cap.
The Crypto Fear and Greed Index has jumped three points since yesterday and is currently in neutral territory with a score of 53/100.
Explaining the current volatility in the cryptocurrency market, the CoinDCX team said, “The Federal Reserve has announced plans to introduce a ‘novel activity regulation program’ for cryptocurrency activities of regulated banks within the United States.”
Among the profitable cryptocurrencies, USDcoin, Dogecoin, Cardano, Solana, Tron, Polygon, Litecoin dominate.
Shiba Inu, Bitcoin Cash, Chainlink, Uniswap, Cosmos, Elrond and Zcash also recorded small gains.
“The entire crypto market has been trading sideways for the past 24 hours. There’s been a new development in the ‘SEC vs XRP’ case. CoinSwitch’s Hudda says the SEC has filed a letter of intent against Judge Torres’ July 13 summary decision The appeal of the judgment, which stated that the sale of XRP was not a security, points to a positive shift in the cryptocurrency industry 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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