Bitcoin price on Friday, August 25 failed to see any major movement price wise. Incurring a loss of 1.05 percent, Bitcoin is trading at the price point of $26,075 (roughly Rs. 21.5 lakh). In the last 24 hours, the value of the most expensive cryptocurrency tumbled by $343 (roughly Rs. 28,360). Experts predict that Bitcoin could soon break out of $26,000 (roughly Rs. 21.5 lakh) barrier, the timeline of which depends on certain macro-economic factors.
“Bitcoin, in particular, is currently trading below the threshold of $26,500 (roughly Rs. 21.9 lakh), with increasing selling pressure in anticipation of Federal Reserve Chair Jerome Powell’s imminent speech scheduled for today,” Edul Patel, Co-Founder and CEO, Mudrex told Gadgets 360.
The price of Ether also slipped by 1.27 percent on Friday. This took its trading value to $1,650 (roughly Rs. 1.36 lakh).
Both Bitcoin and Ether are currently far away from their last attained all-time highs of $68,000 (roughly Rs. 56 lakh) and $4,800 (roughly Rs. 3.96 lakh) respectively, both of which were recorded in November 2021.
All major cryptocurrencies popular among investors reflected losses alongside BTC and ETH on Friday.
These include Binance Coin, Ripple, Cardano, Dogecoin, Solana, Tron, and Polkadot.
Other loss-ridden cryptocurrencies include Polygon, Shiba Inu, Litecoin, Avalanche, Chainlink, Uniswap, and Monero.
“Most of the top ten cryptos by market capitalisation are currently trading in the red. BTC is currently trading around $26,000 (roughly Rs. 21.5 lakh), well above the crucial support level of $25,000 (roughly Rs. 20 lakh). PEPE has lost over 17 percent of its value in the last 24 hours due to a suspicious outflow of funds,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360. The threshold of keys for the PEPE’s multi-signature wallet was reduced from eight to two signatures, which was followed by PEPE tokens worth around $15 million (roughly Rs. 123 crore) being transferred into centralised exchanges leading to the volatility.
The overall crypto market valuation cascaded by 1.79 percent in the last 24 hours to be at $1.05 trillion (roughly Rs. 86,80,402 crore), showed CoinMarketCap.
The crypto fear and greed index has seen some correction as it fell by two points since yesterday. The index continues to be in the fear zone with a score of 39/100.
A small bunch of altcoins that did register gains include Tether, USD Coin, LEO, Binance USD, Ardor, and Braintrust.
“The market is looking forward to the US Federal Reserve Chair Jerome Powell’s speech on Friday. Investors are expecting an end to the rate hike cycles, which may impact how the crypto market performs subsequently. Meanwhile, Nvidia’s recent stronger-than-expected second-quarter earnings hints at bullish AI trends, post which many investors are closely following AI-related cryptos including FET, GRT, and AGIX,” Hudda noted.
In other news, the floor prices of major NFT collections have tumbled by as much as 25 percent in the last month. Projects like the Bored Ape Yacht Club and DeGods have recorded a significant monthly drop, with their floor prices sliding by 27 percent and 55 percent respectively. Azuki, which sold out its ‘Elementals’ NFT mint in 15 minutes in June, has experienced a steep 36 percent floor price decline, Chaturvedi told Gadgets 360.
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.
