The crypto market valuation stands at $1.05 trillion on August 22
Photo Credit: Unsplash/ Art Rachen
Bitcoin price is currently at its two-month low in the backdrop of several macro-economic market factors, combined with the tendency of crypto prices to keep fluctuating. On Tuesday, Bitcoin reflected a loss of 0.21 percent to trade at the price point of $26,035 (roughly Rs. 21.6 lakh). In the last 45 hours, the value of Bitcoin dropped by $58 (roughly Rs. 4,820). Currently, the larger market sentiment looks bearish with most of the cryptocurrencies reflecting price dips.
Ether saw a loss of 0.77 percent on Tuesday. At the time of writing, ETH is trading at $1,663 (roughly Rs. 1.38 lakh). Over the last day, the Ether price dropped by $15 (roughly Rs. 1,245).
“As per a Bloomberg report, there are indications that the US Securities and Exchange Commission (SEC) is set to grant approval for Ethereum futures exchange-traded funds (ETFs) in the next few months. This development could potentially lead to a new rally for Ethereum which has shown subdued price movement so far this year,” the CoinDCX research team told Gadgets 360, predicting better days for the sector.
Furthermore, the crypto greed and fear index continues to remain in the fear zone with a score of 37/100.
“While the larger marker sentiment currently looks bearish, one may identify the market's pulse by looking at how LTC has been doing after the recent halving. It had risen close to 2.7 percent yesterday, highlighting that maybe all is not lost for the crypto market bulls,” Shubham Hudda, Senior Manager, CoinSwitch markets desk, told Gadgets 360.
Despite the market volatility, development in the blockchain sector is continuing by the day.
“A very interesting product on Coinbase's layer 2 BASE, called friend.tech, has now been generating close to $1 million (roughly Rs. 7 crore) in 24 hours duration - making it the third most valuable dApp within weeks of launching. The app lets Twitter or X.com users create an exclusive community where they can buy ‘keys' of famous celebrities to get exclusive chat access with these celebrities,” Hudda noted.
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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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