Bitcoin edged up 0.22% on Monday. As at the time of writing, Bitcoin is worth $25,950 (roughly Rs. 2.14 lakh). Despite the gains, the price of the world’s most expensive cryptocurrency has fallen by $85 (roughly Rs 7,033) over the past two days. Currently, Bitcoin is trading below the 50-day moving average, indicating a bearish trend in the cryptocurrency market. Meanwhile, most cryptocurrencies are making the same small profits today as Bitcoin.
As reflected on Monday, Ether was also priced only marginally higher by 0.07%. According to crypto price trackers, ETH is currently worth $1,636 (roughly Rs 1.35 lakh).
“This may be due to the U.S. SEC’s delay in making a decision on the Bitcoin spot ETF application until October, creating uncertainty. If bitcoin continues to trade below $26,000 (roughly Rs 2.15 lakh), a sustained downtrend is likely,” Edul Patel, co-founder and CEO of cryptocurrency investment firm Mudrex, told Gadgets 360.
Binance Coin, Ripple, USDCoin and Cardano edged higher on Monday along with BTC and ETH.
Solana, Tron, Polkadot, Polygon, Bitcoin Cash, and Avalanche among others also made small profits.
None of the cryptocurrencies that recorded profits today saw significant changes in their pricing.
Over the past 24 hours, the overall market capitalization of cryptocurrencies has increased by 0.35%. Currently, the global cryptocurrency valuation is $1.05 trillion (approximately Rs 8,680,612 crore). coin market capunchanged since last Friday.
The Crypto Fear and Greed Index also remained steady over the weekend. The index is currently in the fear zone with a score of 40/100.
However, industry experts remain optimistic that better days will soon come for the crypto industry.
“Recent Bitcoin-related whale activity underscores investor optimism. Bitcoin whales have started accumulating sharply amid recent price weakness; $1.5 billion (Rs 12,414 crore) added in total in last two weeks of August Cryptocurrency investors are keeping a close eye on BTC, given that the movements of whales often lead to market movements,” Parth Chaturvedi, head of investments at CoinSwitch Ventures, told Gadgets 360.
Currently, a number of macroeconomic conditions are causing continued market volatility. “Recent macroeconomic announcements included U.S. employment adding 187,000 in August, beating expectations for 170,000 and up from a revised 157,000 in July (downwardly revised to 187,000). However, the unemployment rate was 3.8% in August, Slightly higher than the expected 3.5% and last month’s 3.5%,” the CoinDCX research team noted.
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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