Bitcoin, Ether Prices Stay Low as Crypto Market Continues to Be Volatile

Bitcoin on Friday, August 4, recorded a small profit of 0.16 percent, despite which it remained under the price mark of $30,000 (roughly Rs. 24.6 lakh). The most expensive cryptocurrency, BTC is currently trading at the price point of $29,133 (roughly Rs. 24 lakh). Industry analysts have noted that Bitcoin is facing an increasingly rising selling pressure. Experts have also noted that the price of Bitcoin is weirdly not being affected by macroeconomic factors like the rise in jobless claims and the US Treasury yield reaching a 10-year high.

Ether recorded a loss of 0.30 percent on Friday. This has brought its trading value to $1,831 (roughly Rs. 1.5 lakh). With this, both Ether and Bitcoin wrap up the first week of August with a rather stable price action.

As of Friday, more cryptocurrencies reflected losses alongside ETH on the price chart. These include Ripple, Dogecoin, Cardano, Solana, Polygon, and Polkadot. Other loss-making cryptocurrencies include Bitcoin Cash, Avalanche, Chainlink, Stellar, and Uniswap.

“All of the top ten cryptos by market capitalisation have performed in a tight range since yesterday. Both BTC and ETH have showcased rather stable price action during this week. In terms of stablecoins, Tether (USDT) has seen massive selling pressure as investors started shifting toward DAI (+0.2 percent) and USDC, on DeFi platforms like Curve Finance and Uniswap. However, despite the imbalances, USDT has not lost its peg and currently trades at 99.9 cents,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.

The overall crypto market cap, that currently stands at $1.17 trillion (roughly Rs. 96m84,207 crore), slipped by 0.08 percent in the last 24 hours, as per CoinMarketCap. The crypto greed and fear index is up by 2 points and is currently in the neutral zone with a score of 54/100.

Meanwhile, among profit-making cryptocurrencies, Tether, Binance Coin, and USD Coin marked their presence. Tron, Shiba Inu, Leo, Binance USD, and Zcash also recorded minor gains.

“There has been a lack of fresh money flowing into the crypto market. On a positive note, the chances of a spot Bitcoin ETF being launched in the US this year have improved significantly, from 50 percent to an encouraging 65 percent as per Bloomberg Intelligence. Companies such as BlackRock, Fidelity, WisdomTree, and Valkyrie have applied to create a spot Bitcoin ETF, and that of BlackRock is particularly interesting. At this point, investors are waiting for more clarity on the regulatory environment and the potential approval of a Bitcoin ETF in the United States,” the CoinDCX research team told Gadgets 360.

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