Bitcoin Remains Under Rigid Loss-Spell, Most Cryptocurrencies Register Losses
Bitcoin Remains Under Rigid Loss-Spell, Most Cryptocurrencies Register Losses

Bitcoin price appears to be drifting away from the $30,000 (Rs 2.49 lakh) mark this week. On Thursday, August 17, bitcoin prices fell 2.47 percent to trade at $28,554 (roughly Rs 2.37 lakh). In the last 24 hours, the value of Bitcoin has dropped by a massive $631 (roughly Rs. 52,398). Industry experts predict that Bitcoin may see a gradual rise in value once other cryptocurrencies also start gaining in the coming days.

Ether fell 1.76% on Thursday. This brought the price of ETH to $1,798 (roughly Rs 1.49 lakh).

“Prices of BTC and ETH hit their lowest levels in nearly two months. In fact, altcoins started falling before BTC, which led to BTC dominance reaching 50.59% before a slight correction,” said CoinSwitch Markets Desk Senior Manager Shubham Hudda told Gadgets 360.

From top to bottom, today’s cryptocurrency price chart is all red.

Tether, Binance Coin, Ripple, USD Coin, Cardano, Solana, Polygon and Tron all posted losses.

Litecoin, Shiba Inu, Wrapped Bitcoin, Bitcoin Cash, Avalanche, Chainlink, and Stellar also saw price drops, along with Uniswap, Cosmos, and Monero.

“SHIB saw a significant drop (-8.91%) yesterday as the popular memecoin attempted to shed its ‘meme’ status and launched an Ethereum layer 2 scaling solution called ‘Shibarium’. SHIB’s momentum ahead of Shibarium’s launch Has been strong, but sold off yesterday as traders followed what the market calls “buy the rumour, sell the news,” Hudda noted.

Currently, the cryptocurrency industry as a whole is valued at $1.14 trillion (roughly Rs 9,472,545 crore), down 1.97% in the last 24 hours. coin market cap.

The Crypto Fear and Greed Index also dropped two points and is now in the neutral zone with a score of 50/100.

“The current sell-off coincides with the closure of Binance, one of the world’s largest cryptocurrency exchanges, its regulated payments arm, Binance Connect. Holders (especially holding unspent amounts) are currently in profit. This increases the risk of a sell-off, as holders may seek to take profits amid the current market uncertainty,” the CoinDCX research team told Gadgets 360.

In other news, Coinbase has received official approval from the National Futures Association (NFA) to launch BTC and ETH futures in the United States. Coinbase applied to become a Futures Commission Merchant (FCM) in November 2021 when Bitcoin hit a new all-time high.

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