Bitcoin fell to the $26,035 (roughly 21.5 lakh rupees) price point on Friday, September 1 after suffering a 4.46 percent decline. After just a few days of trading at around US$27,000 (about 22.3 lakh rupees), the most expensive cryptocurrency has fallen back to its resistance point of US$26,000 (about 26 lakh rupees). In the last 24 hours, the value of Bitcoin has increased by a whopping $1,155 (approximately Rs.95,412). According to industry experts, this could be due to the US Securities and Exchange Commission delaying its decision on all Bitcoin exchange-traded fund (ETF) applications until October.
Ether lost 3.04 percent on Friday. At the time of writing, ETH is valued at $1,648 (roughly 1.36 lakh rupees). This marks a $51 (roughly Rs.4,213) drop from Ether’s value over the last day.
“In addition to the SEC delay, the price of Bitcoin could also fall later in the day due to the release of the monthly U.S. jobs report,” Edul Patel, Mudrex co-founder and CEO, told Gadgets 360.
The market situation that has pushed back the rise in value of BTC and ETH has also catapulted the majority of altcoins onto the losing 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 total capitalization of the crypto sector is down 3.03 percent over the past 24 hours. According to CoinMarketCap, the global crypto value currently stands at $1.05 trillion (approximately Rs.86,80,612 crore). The crypto fear and greed index appears to have suffered a 12-point plunge and has returned to the fear zone at a reading of 40/100.
“The crypto market remained under selling pressure for the second day in a row. With the exception of stablecoins Tether and USDC, all top 10 cryptos by market cap are in the red. “The number of BTC held at addresses tied to centralized exchanges has fallen another four percent, resulting in the lowest FX reserves since early January 2018,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gagdets 360
Meanwhile, Tron and Braintrust managed to keep the greens on the price chart with tiny gains.
Additionally, a New York judge who is also overseeing the SEC lawsuit against Coinbase has classified BTC and ETH as commodities while dismissing a class action lawsuit against Uniswap, a leading decentralized crypto exchange.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to be, and does not constitute, financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on a perceived recommendation, forecast or other information contained in the article.