On Friday, September 1, bitcoin prices fell 4.46 percent to $26,035 (roughly Rs 2.15 lakh). After only a few days of trading around $27,000 (roughly Rs. 2.23 lakhs), the most expensive cryptocurrency has fallen back to its resistance point of $26,000 (roughly Rs. 2.6 lakhs). In the past 24 hours, the value of bitcoin has surged by $1,155 (roughly Rs 95,412). According to industry experts, this may be because the US SEC has delayed decisions on all spot bitcoin exchange-traded fund (ETF) applications until October.
On Friday, ether prices fell 3.04%. As of writing, ETH is worth $1,648 (roughly Rs 1.36 lakh). This marked a drop of $51 (roughly Rs 4,213) in the price of ethereum from the previous day.
Mudrex co-founder and CEO Edul Patel told Gadgets 360: “In addition to the SEC delay, Bitcoin’s price could also weaken due to the U.S. monthly jobs report due later today.”
The market situation delayed the surge in the value of BTC and ETH, and also put most altcoins on the losing side of the cryptocurrency chart.
These include Tether, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, and Solana.
In addition, Polkadot, Polygon, Shiba Inu, Litecoin, Avalanche, Chainlink and Stellar also recorded losses.
In the past 24 hours, the total market capitalization of the cryptocurrency industry has dropped by 3.03%. Currently, the global cryptocurrency valuation is $1.05 trillion (approximately Rs 8,680,612 crore). coin market cap. The Crypto Fear and Greed Index appears to be down 12 points and is back in fear territory with a score of 40/100.
“Cryptocurrency markets continue to face selling pressure for the second day in a row. With the exception of stablecoins Tether and USDC, the top 10 cryptocurrencies by market capitalization are all in the red. The amount of BTC held in addresses dropped another 4%, causing exchange reserves to reach their lowest level since early January 2018.
Meanwhile, Tron and Braintrust managed to stay in the green on the price charts, but by marginal margins.
In other news, a New York court judge who is also overseeing the SEC’s lawsuit against Coinbase classified BTC and ETH as commodities while dismissing a class action lawsuit against leading decentralized cryptocurrency exchange Uniswap.
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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