Bitcoin Price Stays Under $30,000; Ether, Stablecoins and Memecoins Register Losses

In the last 24 hours, BTC price slipped by $215 (roughly Rs. 17,788).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 11 August 2023 11:48 IST

Bitcoin Price Stays Under $30,000; Ether, Stablecoins and Memecoins Register Losses

Photo Credit: Pixabay

The overall crypto market valuation stood at $1.17 trillion on August 11

Highlights

Tether, Ripple recorded losses
Zcash, Iota also trading in losses
Augur, Circuits of Value saw small profits

Bitcoin on Friday reflected a small loss again with its price laying lower that the mark of $30,000 (roughly Rs. 24.6 lakh). The value of Bitcoin currently stands at $29,352 (roughly Rs. 24.2 lakh) with a minor loss of 0.78 percent. In the last 24 hours, BTC price slipped by $215 (roughly Rs. 17,788). Despite a 0.2 percent increase in July's US Consumer Price Index (CPI), Bitcoin's price did not see a significantly impact. For over three weeks now, the price of Bitcoin has not been able to breach $30,000.

Ether recorded losses on Friday, impacted by Bitcoin's slump. With a minor loss of 0.57 percent, ETH is presently trading at $1,843 (roughly Rs. 1.52 lakh).

Majority of the other popular cryptocurrencies are also trading in losses today.

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These include stablecoins Tether, Ripple, USD Coin, and Binance USD alongside memecoins Dogecoin and Shiba Inu.

“Except for Solana, others from the top ten cryptos by market capitalisation were trading slightly in the red. The market at large seems to have shown resilience around the announcement of the latest CPI numbers, which rose by 0.2 percent and were within market predictions,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.

In the last 24 hours, the overall crypto market valuation slipped by 0.46 percent to sit on the capitalisation of $1.17 trillion (roughly Rs. 96,82,428 crore), as per CoinMarketCap.

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The crypto fear and greed index has fallen by two points and is currently in the neutral zone with a score of 51/100.

Only a handful of cryptocurrencies recorded small profits today.

These include Solana, Tron, Cartesi, Ardor, and Spell Token.

Numerous factors are simmering in the market climate, impacting the overall status of the crypto industry.

“The jobless claims data for the last week rose to 248,000, exceeding the consensus projection of 230,000. While inflation remains notably higher than the Fed's desired two percent target, the decelerating prices are expected to take some of the pressure off the Federal Reserve to keep hiking rates. The US central bank delivered another 25-bps hike last month. For now, that was supposed to be the last one,” the CoinDCX research team told Gadgets 360.

From the launch of the Infinix GT 10 Pro to Amazon's latest mega-sale, we discuss the most noteworthy technology news events of the week on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More