Crypto Market Sentiment Remains Cautious as Bitcoin Steadies Below $21,500 Yet Again

The global crypto market cap saw a dip of 1.81 percent in the last 24 hours.

By Shomik Sen Bhattacharjee | Updated: 26 August 2022 15:56 IST

Crypto Market Sentiment Remains Cautious as Bitcoin Steadies Below $21,500 Yet Again

Photo Credit: Unsplash/ Michael Förtsch

Large chunk of traders remain risk-off ahead of Jackson Hole Summit

Highlights

Bitcoin clings on to $21,000 ahead of the Jackson Hole Summit
Ether has managed to hold above $1,600 (roughly Rs. 1.28 lakh)
Most major altcoin saw a dip in value on Thursday

Thursday saw another day of subdued price action in the cryptocurrency market as the financial world's attention remains fixed on the upcoming Jackson Hole Summit, with a majority of traders taking a risk-off approach until finding out the US Federal Reserve's next monetary policy decision. The value of Bitcoin has witnessed a 1.15 percent dip in the last 24 hours with its price continue to hold right below the $21,500 (roughly Rs. 17.17 lakh) mark across global exchanges, while Indian exchange CoinSwitch Kuber values BTC at $21,427 (roughly Rs. 17.11 lakh), 0.65 percent lower than yesterday.

On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $21,452 (roughly Rs. 17.13 lakh), while CoinGecko data shows that BTC's value is currently 7.7 percent lower than where it was last Friday.

Ether fared better on Thursday but has fallen through Friday. As things stand, Ether is valued at $1,663 (roughly Rs. 1.3 lakh) on CoinSwitch Kuber. In comparison, values on global exchanges see the crypto's value at $1,664 (roughly Rs. 1.3 lakh), where the cryptocurrency's value has dropped by 2.15 percent over the past 24 hours.

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Ether's showing over the week so far sees the cryptocurrency's value turn to double-digit figures in the red by over 10 percent when compared to its value last Friday, as per CoinGecko data.

Gadgets 360's cryptocurrency price tracker reveals that most major altcoins had a bit of a slump after a topsy-turvy week. The global crypto market capitalisation also witnessed a 1.81 percent dip.

Polygon, Polkadot, Uniswap, Cosmos, Solana, Monero, Cosmos, Avalanche, and BNB all saw a dip in value in the last 24 hours. That said, Cardano did run against the tide to stay in the green.

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Memecoins Shiba Inu and Dogecoin also followed most altcoins with a mix of dips and gains. Dogecoin is currently valued at $0.06 (roughly Rs. 5.41) after losing 1.86 percent in value over the last 24 hours, while Shiba Inu is valued at $0.000013 (roughly Rs. 0.001066), up 0.61 percent over the past day.

"All eyes will be on the US Federal Reserve's annual economic symposium in Jackson Hole, Wyoming, today; where "Hawkish" statements by the Fed could result in another fall for "risk-on" asset prices. Over the coming few weeks though there will be a shift in focus away from the Chinese Real Estate sector woes to the US Housing market. Nowhere in the economy has the surge in interest rates been more important than in the housing market, where the average 30-year fixed-rate mortgage rate rose from 3.0 percent this time last year to 5.4 percent last week," said Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch, speaking to Gadgets 360.

"In India, the CRE8 Index was down by 0.69 percent, reflecting the global sentiments. As of 9 am IST, August 26, the Index Value (sum of crypto asset values of all the crypto assets in the CRE8 Index) stood at Rs. 2,975.82. BTC and ETH were the top assets by market capitalisation. From a weekly perspective, from August 19 to August 26, the CRE8 index was down by 4.92 percent, from Rs. 3130.07 to Rs. 2,975.82," he added.

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Cryptocurrency Prices across Indian exchanges

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