Bitcoin on Monday, August 28 reflected a small profit of 0.31 percent. This profit value however, did not add any notable significance to the trading price of the most expensive cryptocurrency, that is BTC. At the time of writing, the crypto asset was trading at $26,048 (roughly Rs. 21.5 lakh). Over the weekend, Bitcoin’s price sipped by $27 (roughly Rs. 2,311) to reach its current value as the crypto market continues to remain slow.
Ether, after having been under a loss spell for days, managed to register small gains on Monday. The value of ETH currently stands at $1,648 (roughly Rs. 1.36 lakh) after gaining 3.18 percent.
“Market sentiments improved as JPMorgan analysts suggested that Bitcoin’s downtrend might end soon. This stance gains further support from the observed decline in open interest within Bitcoin futures contracts on the Chicago Mercantile Exchange, indicating a potential end to extended liquidation,” Edul Patel,Co-Founder & CEO, Mudrex told Gadgets 360.
Trailing behind BTC and ETH, a number of cryptocurrencies managed to see profits today.
The overall capitalisation of the crypto market went up by 0.05 percent in the last 24 hours to sit on the rather edgy mark of $1.05 trillion (roughly Rs. 86,80,402 crore), showed CoinMarketCap.
Meanwhile, the crypto fear and greed index continues to be in the fear zone with a score of 39/100, a point up since yesterday.
“Crypto investors are cautious, even though downward price action seems to be slowing down. Following Jerome Powell’s speech underlining the possibility of more interest rate hikes to further contain inflation. However, the price action for cryptos was accompanied by a plunge in stock and bond prices,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.
Several cryptocurrencies failed to reap the profits pulled-in by BTC and ETH on Monday, and ended up on the red side of the price chart.
In other news, the US Treasury Department has published a nearly 300-page proposal around crypto tax and regulation. While the proposal clarifies certain definitions, it has also received a lot of criticism from the crypto ecosystem, one of which is the impossibility of bringing tax-reporting compliance to decentralised crypto operations.
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