Bitcoin price on Friday, August 25, did not see any significant movement. Bitcoin fell 1.05 percent to trade at $26,075 (roughly Rs 2.15 lakh). The most expensive cryptocurrency lost $343 (roughly Rs 28,360) in value in the past 24 hours. Experts predict that Bitcoin may break the $26,000 (Rs 2.15 lakh) mark soon, with the timeline depending on certain macroeconomic factors.
“Bitcoin, in particular, is currently trading below $26,500 (roughly Rs. 2.19 lakh), with selling pressure mounting in anticipation of Fed Chairman Jerome Powell’s upcoming speech today,” said co-founder and CEO Edul Patel said. Mudrex told Gadgets 360.
Ethereum prices also fell by 1.27% on Friday. This brings the deal value to $1,650 (roughly Rs 1.36 lakh).
Bitcoin and Ethereum are still far from their last all-time highs of $68,000 (roughly Rs. 5.6 lakh) and $4,800 (roughly Rs. 3.96 lakh), respectively, which were hit in November 2021 .
All major cryptocurrencies popular with investors fell along with BTC and ETH on Friday.
These include Binance Coin, Ripple, Cardano, Dogecoin, Solana, Tron, and Polkadot.
Other cryptocurrencies with heavy losses include Polygon, Shiba Inu, Litecoin, Avalanche, Chainlink, Uniswap and Monero.
“Most of the top 10 cryptocurrencies by market capitalization are currently in the red. BTC is currently trading around $26,000 (roughly Rs. 2.15 lakhs), well above the critical support level of $25,000 (roughly Rs. 20 lakhs). Parth Chaturvedi, Head of Investments at CoinSwitch Ventures, told Gadgets 360 that PEPE has lost more than 17% of its value in the past 24 hours due to suspicious outflows of funds. The key threshold for the PEPE multi-signature wallet was lowered from 8 to two signatures, and subsequently worth about 1,500 Millions of dollars (approximately Rs. 1.23 billion) of PEPE tokens were transferred to centralized exchanges, causing volatility.
The overall valuation of the cryptocurrency market rose by 1.79% to $1.05 trillion (approximately Rs. 86,80,402 crore) in the past 24 hours, according to coin market cap.
The Crypto Fear and Greed Index is down two points since yesterday, seeing some corrections. The index remains in the fear zone with a score of 39/100.
A small handful of altcoins that did gain ground included Tether, USD Coin, LEO, Binance USD, Ardor, and Braintrust.
“The market is looking forward to a speech by Federal Reserve Chairman Jerome Powell on Friday. Investors expect the rate hike cycle to end, which could affect the subsequent performance of the cryptocurrency market. Meanwhile, Nvidia’s recent stronger-than-expected second-quarter earnings Suggesting a bullish AI trend, many investors are paying close attention to AI-related cryptocurrencies, including FET, GRT, and AGIX,” Hudda noted.
In other news, the base price of the main NFT series has dropped by 25% in the last month. Projects such as Bored Ape Yacht Club and DeGods have seen notable monthly declines, with reserve prices down 27% and 55% respectively. Chaturvedi told Gadgets 360 that Azuki sold out of its “Elementals” NFT mint in 15 minutes in June, with a dramatic 36% drop in reserve price.
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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