Bitcoin on Friday, September 1 dropped down to the price point of $26,035 (roughly Rs. 21.5 lakh) after incurring a dip of 4.46 percent. After only a few days of trading at around $27,000 (roughly Rs. 22.3 lakh), the most expensive cryptocurrency has fallen back to its resistance point, that is $26,000 (roughly Rs. 26 lakh). In the last 24 hours, the value of Bitcoin cascaded by a whopping $1,155 (roughly Rs. 95,412). As per industry experts, this could be because of the US SEC delaying its decision on all spot Bitcoin exchange-traded fund (ETF) applications until October.
Ether dropped in value by 3.04 percent on Friday. At the time of writing, the value of ETH stood at $1,648 (roughly Rs. 1.36 lakh). This marks a drop of $51 (roughly Rs. 4,213) from Ether's value over the last day.
“Alongside the SEC delay, the price of Bitcoin could also be weakening because of the release of the monthly US jobs report later today,” Edul Patel, Co-Founder and CEO, Mudrex told Gadgets 360.
The market situation that has pushed back the value spike for BTC and ETH, has also flung majority altcoins on the loss-making side of the crypto chart.
These include Tether, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, and Solana.
In addition, Polkadot, Polygon, Shiba Inu, Litecoin, Avalanche, Chainlink, and Stellar also recorded losses.
The overall capitalisation of the crypto sector dropped by 3.03 percent in the last 24 hours. Currently, the global crypto valuation stands at $1.05 trillion (roughly Rs. 86,80,612 crore), as per CoinMarketCap. The crypto fear and greed index seems to have taken a hit of 12 points and has shifted back into the fear zone with a score of 40/100.
“The crypto market continued to see selling pressure for the second consecutive day. Except for the stablecoins Tether and USDC, all the top 10 cryptos by market capitalisation are trading in the red. The number of BTC held in addresses tied to centralised exchanges has dropped by another four percent, leading to the fewest exchange reserves since early January 2018,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gagdets 360.
Meanwhile, Tron, and Braintrust managed to retain greens on the price chart with miniscule profits.
In other news, a New York court judge who is also overseeing the SEC lawsuit against Coinbase, classified BTC and ETH as commodities while dismissing a class action lawsuit against Uniswap, a leading decentralised crypto exchange.
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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