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24 Crypto Update, 15 Aug: Bitcoin Remains Below $30,000

Key Takeaways
  • The trading of major cryptocurrency tokens experienced a decrease during the early morning hours
  • The collective market capitalization of cryptocurrency tokens underwent a slight decrease, reaching $1.20 trillion
  • Bitcoin maintains its position above the $29,000 threshold, while Ethereum continues to uphold the $1,800 level
16-Aug-2023 By: Lokesh Gupta
24 Crypto Update, 15

Bitcoin surpasses $29,000, while ETH remains below $1,850

During a phase of decreased volatility, the price dynamics of Bitcoin evolve, and traders' inclination to sell intensifies as a result of the SEC's postponement in approving ETF applications. Additionally, the forthcoming publication of the Federal Reserve's minutes on Wednesday nurtures a sense of expectation, offering glimpses into potential developments for the September gathering.

In Amsterdam, Europe unveiled its long-anticipated spot Bitcoin ETF yesterday, providing institutional access to BTC through established and regulated avenues. While the US ETF is projected for a 2024 launch, these advancements might serve as a near-term driving force for positive price movement in BTC.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $29,180, showing a 24-hour loss of 0.50 percent. In India, the value of Bitcoin is Rs 25,23,365.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,826, showing a 24-hour loss of 0.80 percent. In India, the price of Ethereum stood at Rs 1,57,200.

Binance (BNB)

At the time of writing, the price of Binance was $236 showing a 24-hour loss of 1.40 percent. In India, the price of Binance stood at Rs 20,400.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2806, showing a 24-hour loss of 2.80 percent. In India, the price of ADA stood at Rs 24.60.

Dogecoin (DOGE)

DOGE recorded a 24-hour loss of 4.70 percent, with its current price at $0.07090. In India, the price of Dogecoin stood at Rs 6.10.

Litecoin (LTC)

Litecoin registered a 24-hour decrease of 3.60 percent. As of the current time, it was trading at $78.64. In India, the price of LTC stood at Rs 6850.

Ripple (XRP)

XRP's price, recorded at $0.6096, experienced a 24-hour fall of 2.90 percent. In India, Ripple's price stood at Rs 52.60.

Solana (SOL)

The price of Solana was recorded at $23.52, reflecting a 24-hour decrease of 5.70 percent. In India, the price of SOL stood at Rs 2020.

Crypto Fear and Greed:

Over the past day, the cryptocurrency markets have shown signs of selling sentiment, causing a 1-point drop in the crypto greed and fear index. The index now stands at 52 out of 100.

Major Event to be watch

Worldwide News Update:
  • In Pingnan County, China, the People's Court is holding a public hearing for a crypto crime case involving defendant Lai Mouhang and four accomplices. They're accused of a 600 million yuan pyramid scheme.

  • Requesting documents related to Prometheum's licensing, Patrick T. McHenry, Chair of the US House Financial Services Committee, has called upon SEC Chief Gary Gensler for their submission.

  • The awaited ruling on Grayscale Investments' legal clash with the US SEC, seeking to convert Grayscale Bitcoin Trust ($GBTC) into a Bitcoin ETF, has been postponed. The decision was expected on Tuesday at 11 AM EST.

  • Morocco has formally applied for BRICS economic alliance membership before the upcoming summit, aiming to join expanding nations like Saudi Arabia, Indonesia, and Egypt in the bloc's ranks.

  • Vitalik Buterin's recent statements sparked a crypto community debate on decentralizing Layer 2 projects like Arbitrum and Optimism. He revealed potential backdoors, raising questions about their assumed decentralization.

  • Crypto attorney John Deaton has raised concerns about Sam Bankman-Fried's parents' role in FTX's collapse. He highlighted instances of their financial gains from the exchange before bankruptcy, prompting fraud suspicions.

COIN GABBAR Views: Does the price dynamics of Bitcoin undergo changes amidst reduced volatility? Are traders increasingly inclined to sell due to the SEC's delay in approving ETF applications? Furthermore, does the upcoming release of the Federal Reserve's minutes on Wednesday create anticipation, providing insights into potential outcomes for the September meeting? Stay tuned for the latest news at www.coingabbar.com

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News:  Vitalik: Bitcoin's BRC-20 May Overtake Ethereum!

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