On Monday, August 28, Bitcoin posted a small profit of 0.31%. However, this profit value did not have any significant impact on the trading price of the most expensive cryptocurrency, Bitcoin. As of writing, the crypto asset is trading at $26,048 (roughly Rs 2.15 lakh). Over the weekend, the price of bitcoin fell by $27 (roughly Rs 2,311) to its current value as the cryptocurrency market continued to slump.
Ether managed to edge higher on Monday after days of losses. ETH is currently worth $1,648 (approximately Rs. 1.36 lakh) after rising by 3.18%.
Edul Patel said: “Market sentiment has improved as JPMorgan analysts say Bitcoin’s downtrend may end soon. This is further supported by the observed drop in CME Bitcoin futures contract open interest. A position that suggests the long reckoning may be coming to an end.” – Founder and CEO Mudrex told Gadgets 360.
Behind BTC and ETH, some cryptocurrencies managed to turn a profit today.
These include Tether, Binance Coin, USD Coin, Cardano, Solana, and Polygon.
Other rising altcoins include Bitcoin Cash, Monero, Kronos, Zcash and Cartesi.
The total market capitalization of the cryptocurrency market has risen by 0.05% in the last 24 hours to hit the sizable mark of $1.05 trillion (roughly Rs. 86,80,402 crore), it showed. coin market cap.
Meanwhile, the Crypto Fear and Greed Index remains in the fear zone with a score of 39/100, up one point from yesterday.
“Cryptocurrency investors remain cautious, even though price declines appear to be slowing. Jerome Powell’s speech highlighted the possibility of further rate hikes to further curb inflation. However, cryptocurrency price action has been accompanied by equities Parth Chaturvedi, head of investments at CoinSwitch Ventures, told Gadgets 360.
Several cryptocurrencies failed to reap the profits brought by BTC and ETH on Monday, ending up on the red side of price charts.
Ripple, Dogecoin, Tron, Polkadot, Litecoin, Shiba Inu, Avalanche and Stellar — all reflected Monday’s losses.
Chainlink, Binance USD, Uniswap, Cosmos and Elrond also posted losses.
In other news, the U.S. Treasury Department released a nearly 300-page proposal on cryptocurrency taxation and regulation. While the proposal clarifies certain definitions, it has also drawn a lot of criticism from the crypto ecosystem, one of which is that it is impossible to introduce tax reporting compliance to decentralized crypto operations.
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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