Bitcoin Holds Above $20,000 After Temporarily Slipping Below the Mark on Tuesday

The global crypto market cap saw a dip of 0.59 percent in the last 24 hours

Edited by Richa Sharma | Updated: 31 August 2022 16:39 IST

Bitcoin Holds Above $20,000 After Temporarily Slipping Below the Mark on Tuesday

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Bitcoin responded in concert with other riskier assets on Tuesday

Highlights

Bitcoin continues to fight back and stay above the $20,000 mark
Ether's prices saw an uptick in value despite the wider mood
Most altcoins saw a considerable dip in value

Bitcoin has been struggling to hold a psychologically important threshold as investors fret over continued the US central bank monetary hawkishness tied at least partly to a historically low unemployment rate. The value of Bitcoin has witnessed a minor dip over the last day by 0.62 percent with its price continuing to hover just above the $20,000 (roughly Rs. 16 lakh) mark across global exchanges, while Indian exchange CoinSwitch Kuber values BTC at $20,190 (roughly Rs. 16.10 lakh), a percent higher than yesterday.

On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $20,244 (roughly Rs. 16.20 lakh), while CoinGecko data shows that BTC's value is currently 5.8 percent lower than where it stood last Wednesday.

Ether, on the other hand, hasn't had the mid-week blues as bad, managing to add more value as we inch closer and closer to the Merge event date. As things stand, Ether is valued at $1,587 (roughly Rs. 1.30 lakh) on CoinSwitch Kuber, while values on global exchanges see the crypto's value at $1,592 (roughly Rs. 1.30 lakh), where the cryptocurrency's value has gained 1.04 percent over the past 24 hours.

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Ether's showing over the week so far sees the cryptocurrency's value again move closer to where it was last week, although CoinGecko data suggests that there is more left to add before it gets there.

Gadgets 360's cryptocurrency price tracker reveals that most major altcoins had a mixed day over the past 24 hours. The global crypto market capitalisation also witnessed a substantial 0.59 percent decrease through late Tuesday and early Wednesday.

Cardano, Polygon, and TRON saw gains over the past day, while Polkadot, Uniswap, Cosmos, Solana, Monero, Cosmos, Avalanche, and BNB all saw minor dips in value in the last 24 hours.

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Memecoins Shiba Inu and Dogecoin also followed most altcoins with minor dips. Dogecoin is currently valued at $0.06 (roughly Rs. 5) after losing two percent in value over the last 24 hours, while Shiba Inu is valued at $0.000012 (roughly Rs. 0.001000), up 5.99 percent over the past day.

In terms of trader sentiment at the moment, things aren't looking a whole lot up just yet, although there are signs that we could be bottoming out soon.

In terms of the crypto news spotlight on Tuesday, Meta made headlines after revealing that users will have the ability to cross-post non-fungible tokens (NFTs) across Facebook and Instagram from this week. Meanwhile, the Federal Bureau of Investigation (FBI) has issued a fresh warning regarding attacks on decentralised finance (DeFi) platforms, claiming that hackers are taking advantage of flaws in the smart contracts that control these platforms.

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Cryptocurrency Prices across Indian exchanges

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