Bitcoin entered loss-making trading on Thursday. The most expensive cryptocurrency lost 0.67% today to trade at $27,190 (roughly Rs 2.24 lakh). A day ago, Bitcoin finally broke the magic spell of $26,000 (roughly Rs 2.15 lakh). Bitcoin has maintained its rising value despite a small drop today. In the past 24 hours, BTC has lost $306 (roughly Rs. 25,292) in value.
Along with bitcoin, ether was in the loss-registered area of the cryptocurrency price chart on Thursday. Ether fell 1.15 percent and is currently trading at $1,699 (roughly Rs 1.4 lakh). The losses have brought the price of ether down $19 (roughly Rs 1,570) in the past 24 hours.
“BTC appears to have lost the momentum it gained after Grayscale’s historic victory over the SEC. However, analysts predict a 75% chance of a Bitcoin ETF being approved this year. Waiting for a ruling on the ETF applications submitted by other participants.” Shubham Hudda, senior manager at CoinSwitch Markets Desk, told Gadgets 360, suggesting that Bitcoin’s future is optimistic in the upcoming days.
Most major cryptocurrencies saw price drops on Thursday along with BTC and ETH.
These include Tether, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, and Solana.
Additionally, Tron, Polkadot, Polygon, Litecoin, Shiba Inu, and Avalanche also saw minor losses.
As of August 31, the overall market capitalization of cryptocurrencies fell 0.89% in the last 24 hours to $1.08 trillion (approximately Rs 89,20,972 crore) coin market cap.
However, investor sentiment continues to climb, up three points from yesterday; currently in the neutral zone with a score of 52/100.
“Over the past 24 hours, the cryptocurrency market has traded sideways and faced downward pressure. Most of the top 10 cryptocurrencies by market capitalization are in the red today.” Hudda added.
Meanwhile, a handful of cryptocurrencies did turn a profit today.
These include Leo, EOS Coin, Zcash, Dash, Augur, and Circuits of Value.
“In other news, Robinhood, one of the largest financial brokerages in the US, has gained huge traction for its wallet app after enabling wallet support for BTC and DOGE. Although this appears to be a latecomer in a crowded segment development, but investors seem to welcome it,” Hudda 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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