Bitcoin entered August and fell into the curse of losses. The most expensive cryptocurrency fell 1.87% on Tuesday to trade at $28,879 (approximately Rs 23.70 lakh). In the last 24 hours, the value of BTC fell by $546 (approximately Rs. 44,940). Industry experts believe that Bitcoin’s poor performance is likely due to the lack of major macroeconomic news, making it difficult for investors to make directional bets.
On August 1, Ethereum fell more than Bitcoin. The second-most valuable cryptocurrency is currently trading at $1,825 (roughly Rs. 1.5 lakh) after suffering a 2.33% loss.
“The cryptocurrency market has experienced some selling pressure over the past 24 hours. From a purely technical analysis perspective, there is not much downside for Bitcoin if the bullish trendline is respected and we can see trendline support There was a reversal and the support was around $27,000 (approximately Rs. 22 lakh) on the day,” Shubham Hudda, senior manager at CoinSwitch Markets Desk, told Gadgets 360.
On Tuesday, a range of altcoins found themselves hurt by heavy losses on Bitcoin and Ethereum.
These include Binance Coin, Ripple, Dogecoin, Cardano, Solana, Tron, and Litecoin.
The price drop also led to declines in Polygon, Polkadot, Shiba Inu, Bitcoin Cash, Avalanche and Stellar.
According to data, the overall valuation of the cryptocurrency industry has fallen by 1.80% in the past 24 hours and has remained unchanged since yesterday at $1.18 trillion (approximately Rs 97,11,105 crore). coin market cap.
In contrast, the Crypto Fear and Greed Index has gained 3 points since yesterday and continues to remain in the neutral zone with a score of 53/100.
“BTC continues to make new lows on the daily chart, hitting its lowest price in 40 days in the early trading session of the day. Most markets followed the expected decline in CRV (-12.84%) due to the DeFi pool exploitation incident that occurred on July 30. As a well-known protocol in the space, traders have extended their sell-off to other well-known DeFi projects, namely AAVE (-12.5%) and SNX (-8.5%),” Hudda noted.
Meanwhile, Tether, USD Coin, Leo, Binance USD, and Dogefi all posted small profits today.
Experts predict more volatile days for the cryptocurrency industry in the near future.
“Bitcoin’s long-term holders (LTH) are showing no signs of selling, the number of non-zero Bitcoin addresses has surged to an all-time high, and an impressive 47 million Bitcoin addresses have a balance of at least 1 Satoshi —The smallest unit of Bitcoin. This week, unemployment data and non-farm payrolls data will be the focus of U.S. market sentiment, providing early signals for further interest rate hikes to combat inflation,” the CoinDCX team told Gadgets 360.
On the other hand, in order to strengthen the application of blockchain in the real economy, China announced that it will develop blockchain infrastructure in Shanghai by 2025. The plan will introduce rapid on-chain and cross-chain deployment capabilities.
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