Bitcoin posted a small gain of 0.31 percent on Monday, August 28. However, this profit value did not significantly contribute to the trading price of the most expensive cryptocurrency, namely BTC. At the time of writing, the crypto asset was trading at $26,048 (roughly 21.5 lakh rupees). Over the weekend, bitcoin price fell by $27 (approximately Rs.2,311) to reach its current level as the crypto market remains subdued.
After suffering losses for days, Ether managed to post small gains on Monday. ETH is currently valued at $1,648 (roughly 1.36 lakh rupees) after rising 3.18 percent.
“Market sentiment improved as JPMorgan analysts hinted that Bitcoin’s downtrend could end soon. This stance receives further support from the observed decline in open interest in bitcoin futures contracts on the Chicago Mercantile Exchange, suggesting a possible end to the expanded liquidation,” Edul Patel, co-founder and CEO of Mudrex told Gadgets 360.
Behind BTC and ETH, a number of cryptocurrencies have seen gains today.
These include Tether, Binance Coin, USD Coin, Cardano, Solana, and Polygon.
Other altcoins that have seen gains include Bitcoin Cash, Monero, Cronos, Zcash, and Cartesi.
The crypto market’s total capitalization is up 0.05 percent over the past 24 hours to sit at the rather jittery $1.05 trillion (approximately Rs.86,80,402 crore) mark, CoinMarketCap showed.
Meanwhile, the crypto fear and greed index remains in the fear zone at 39/100, up since yesterday.
“Crypto investors are cautious even as the downward movement in prices appears to be slowing. Following this, Jerome Powell’s speech underscored the possibility of further rate hikes to further contain inflation. However, the price action in cryptos has been accompanied by a slump in stock and bond prices,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.
Several cryptocurrencies failed to match BTC and ETH gains on Monday, ending up on the red side of the price chart.
Ripple, Dogecoin, Tron, Polkadot, Litecoin, Shiba Inu, Avalanche and Stellar all posted losses on Monday.
Chainlink, Binance USD, Uniswap, Cosmos, and Elrond also posted losses.
Additionally, the US Treasury has released a nearly 300-page crypto tax and regulation proposal. While the proposal clarifies certain definitions, it has also drawn a lot of criticism from the crypto ecosystem, including the inability to ensure tax return compliance for decentralized crypto operations.
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.