Bitcoin on Monday recorded a small gain of 0.22 percent. At the time of writing, the value of Bitcoin stood at $25,950 (roughly Rs. 21.4 lakh). Despite the gain, the price marks a slip of $85 (roughly Rs. 7,033) for the world’s most expensive cryptocurrency, over the last two days. Bitcoin, currently , is trading below its 50-day moving averages, indicating at a bearish trend shadowing over the crypto market. Meanwhile, most cryptocurrencies managed to record small profits today, alongside Bitcoin.
Ether also only managed to reel in a minicsule gain of 0.07 percent in pricing as reflected on Monday. Presently, the value of ETH stands at $1,636 (roughly Rs. 1.35 lakh), as per the crypto price tracker.
“This could be because of the uncertainty caused by the US SEC’s delay in making a decision on the Bitcoin spot ETF applications until October. It could also be because of asset manager Bitwise retracting its application for a Bitcoin spot ETF following the delay by the SEC. If Bitcoin continues trading below $26,000 (roughly Rs. 21.5 lakh), a continued downward trend might be possible,” Edul Patel, the Co-Founder and CEO of Mudrex crypto investment firm, told Gadgets 360.
Binance Coin, Ripple, USD Coin, and Cardano joined BTC and ETH in registering small gains on Monday.
Minor profits also struck Solana, Tron, Polkadot, Polygon, Bitcoin Cash, and Avalanche among others.
None of the cryptocurrencies that recorded profits today saw a notable change in their pricing.
The overall crypto market cap rose by 0.35 percent in the last 24 hours. Currently, the global crypto valuation stands at $1.05 trillion (roughly Rs. 86,80,612 crore), as per CoinMarketCap, showing no change since last Friday.
The crypto fear and greed index, too, remained steady over the weekend. The index is currently in the fear zone with a score of 40/100.
Industry experts, however, remain optimistic that the crypto industry could soon see better days.
“Recent whale activity pertaining to BTC underlines optimism among investors. Amidst the recent price weakening, the BTC whales started substantially increasing their holdings; increased by a total of $1.5 billion (roughly Rs. 12,414 crore) in the last two weeks of August. Given that whale movement usually leads to market movements, crypto investors are keeping a close look at BTC,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.
At this point, several macroeconomic conditions are contributing to keeping the market volatile. “Recent macro announcements included the US adding 187,000 jobs in August, surpassing the expected 170,000 and rising from the revised figure of 157,000 in July (revised down from 187,000). However, the unemployment rate for August stood at 3.8 percent, slightly higher than the anticipated 3.5 percent and the previous month’s 3.5 percent,” the CoinDCX Research team noted.
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