GANESH DHARMA
Bitcoin stepped into Thursday trading in losses. The most expensive cryptocurrency, that incurred a loss of 0.67 percent today, is trading at the price point of $27,190 (roughly Rs. 22.4 lakh). Bitcoin finally was able to break out of its $26,000 (roughly Rs. 21.5 lakh) spell a day ago. Despite today's minor loss, Bitcoin held onto its risen value. In the last 24 hours, BTC value slipped by $306 (roughly Rs. 25,292).
Ether joined Bitcoin on the loss-registering side of the crypto price chart on Thursday. Dipping by 1.15 percent, Ether is currently trading at the price point of $1,699 (roughly Rs. 1.40 lakh). Over the last 24 hours, losses reduced Ether's price by $19 (roughly Rs. 1,570).
“BTC seems to have lost the momentum it had gained after Grayscale's historic win against the SEC. However, analysts predict a 75 percent chance that Bitcoin ETFs will get approval this year. The SEC is also expected to rule on the ETF applications submitted by other players like BlackRock, Fidelity, Invesco, and WisdomTree, this week,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360, hinting at an optimistic future for Bitcoin in the coming days.
Most major cryptocurrencies recorded price dips on Thursday alongside BTC and ETH.
These include Tether, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, and Solana.
Furthermore, minor losses were also registered by Tron, Polkadot, Polygon, Litecoin, Shiba Inu, and Avalanche.
The overall crypto market cap slipped by 0.89 percent in the last 24 hours to be at $1.08 trillion (roughly Rs. 89,20,972 crore) as of August 31, showed CoinMarketCap.
Investor sentiment, however, continued to climb and jumped three points since yesterday; currently in the neutral zone with a score of 52/100.
“The crypto market has traded sideways with downward pressure in the last 24 hours. Most of the top 10 cryptos by market capitalisation were trading in the red today,” Hudda added.
Meanwhile, a small number of cryptocurrencies did see profits today.
These include Leo, EOS Coin, Zcash, Dash, Augur, and Circuits of Value.
“In other news, Robinhood, one of the largest financial brokers in the US has been gaining significant traction in its wallet app after enabling wallet support for BTC and DOGE. Even though this seems like a late development in a crowded market segment, investors seem to be welcoming the move,” Hudda noted.
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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