Bitcoin started Thursday’s trading session with losses. The most valuable cryptocurrency experienced a decrease of 0.67 percent today and is currently priced at $27,190 (approximately Rs. 22.4 lakh). Just a day ago, Bitcoin managed to break free from its $26,000 (roughly Rs. 21.5 lakh) range. Despite today’s slight setback, Bitcoin has maintained its increased value. In the past 24 hours, the value of BTC declined by $306 (about Rs. 25,292).
Ether also joined Bitcoin in the loss column on the crypto price chart for Thursday. With a drop of 1.15 percent, Ether is currently valued at $1,699 (around Rs. 1.4 lakh). Over the last 24 hours, losses have caused Ether’s price to decrease by $19 (roughly Rs. 1,570).
“BTC appears to have lost some of the momentum it gained following Grayscale’s landmark victory over the SEC. Nonetheless, analysts are anticipating a 75 percent likelihood of Bitcoin ETFs receiving approval this year. The SEC is also expected to make decisions regarding ETF applications from other entities like BlackRock, Fidelity, Invesco, and WisdomTree this week,” said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, suggesting a positive outlook for Bitcoin’s future in the upcoming days.
Most of the major cryptocurrencies experienced price drops on Thursday, mirroring the trends seen in BTC and ETH.
These include Tether, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, and Solana.
Additionally, minor losses were noted for Tron, Polkadot, Polygon, Litecoin, Shiba Inu, and Avalanche.
In the last 24 hours, the overall crypto market capitalization declined by 0.89 percent, reaching $1.08 trillion (approximately Rs. 89,20,972 crore) as of August 31, according to data from CoinMarketCap.
Investor sentiment, however, continued to rise, increasing by three points since yesterday and now resting in the neutral zone with a score of 52/100.
“The crypto market displayed sideways movement with downward pressure in the past 24 hours. Most of the top 10 cryptos by market capitalisation were trading in the negative zone today,” Hudda added.
Meanwhile, a few cryptocurrencies did manage to achieve gains 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 considerable traction for its wallet app after introducing support for BTC and DOGE. Although this might seem like a late development in a competitive market segment, investors seem to be welcoming the move,” observed Hudda.
It’s important to note that cryptocurrency is an unregulated digital currency and not considered legal tender; it’s subject to market risks. The information presented in this article is not intended to provide financial advice, trading guidance, or any other form of advice or recommendation, and is not endorsed by NDTV. NDTV will not be held responsible for any losses resulting from investments based on perceived recommendations, forecasts, or information contained in this article.
