24 Crypto Update, 31 Aug: BTC drops under $26K due to SEC ETF delays

BTC, ETH dip below $26,000, $1,650; Altcoins also suffer.

On Thursday, there was a decline in cryptocurrency prices, undoing the positive impact of the U.S. Court of Appeals' ruling in the Grayscale vs. Securities and Exchange Commission (SEC) legal case. This drop was further intensified by the unveiling of data that disclosed a second-quarter U.S. gross domestic product (GDP) growth rate lower than initially anticipated.

Market participants have turned their attention to the impending release of non-farm payroll data set to unveil on Friday morning. Traders hold optimism that the report will indicate a notable deceleration in the economy, leading the central bank to reassess their plans for raising benchmark interest rates.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $26,033 showing a 24-hour loss of 4.40 percent. In India, the value of Bitcoin is Rs 22,65,506.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,650, showing a 24-hour loss of 3.10 percent. In India, the price of Ethereum stood at Rs 1,44,600.

Binance (BNB)

At the time of writing, the price of Binance was $216.00 showing a loss of 3.30% in 24-hour. In India, the price of Binance stood at Rs 18,718.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2561, showing a 24-hour loss of 3.50 percent. In India, the price of ADA stood at Rs 22.65.

Dogecoin (DOGE)

DOGE recorded a 24-hour loss of 2.90 percent, with its current price at $0.06380. In India, the price of Dogecoin stood at Rs 5.58.

Litecoin (LTC)

Litecoin registered a 24-hour decrease of 5.30 percent. As of the current time, it was trading at $63.91. In India, the price of LTC stood at Rs 5686.

Ripple (XRP)

XRP's price, recorded at $0.5098, experienced a 24-hour loss of 3.40 percent. In India, Ripple's price stood at Rs 44.80.

Solana (SOL)

The price of Solana was recorded at $19.87, reflecting a 24-hour decrease of 3.90 percent. In India, the price of SOL stood at Rs 1849.

Major Event to be watch

Crypto Fear and Greed:

Over the past day, there has been a significant rise in pessimistic market outlook within the realm of cryptocurrencies. This shift has led to a 12-point decrease in the crypto greed and fear index, now standing at a value of 40 out of 100.

Worldwide News Update:

• Mukesh Ambani, Chairman of Reliance Industries, revealed plans for an AI system akin to OpenAI's ChatGPT in India, countering Sam Allman's earlier notion about India's AI capabilities.

• Elon Musk's initiatives hint at imminent cryptocurrency payment integration on X. Initially, X will mirror PayPal's fiat support, eventually expanding to include cryptocurrencies. Licensing for X boosted DOGE's value.

• Indian crypto exchange CoinSwitch cut 7% of staff due to market slump, aligning support with queries. CoinDCX also downsized 12%, offering support for affected workers amidst regulatory uncertainties and industry challenges.

• The U.S. SEC postponed approval for seven Bitcoin ETF applications, including BlackRock and WisdomTree. This follows Grayscale's win and aligns with Chair Gary Gensler's investor protection stance against fraud risks.

• Bitwise unexpectedly withdrew its Bitcoin and Ethereum Market Cap Strategy ETF application filed with the SEC on August 3. This move contradicts CIO Matt Hougan's recent plea to approve all ETFs.

• Leon Foong, Binance Asia-Pacific's leader, is reportedly leaving his position, having contributed significantly to the exchange's growth in regions like South Korea, Thailand, and Japan, according to sources cited by Bloomberg.

COIN GABBAR Views: Will there be further declines in the crypto market? With crypto experiencing a 4.5% drop and the excitement about the Spot Bitcoin ETF waning, could we anticipate more significant losses in the days ahead? Is this a suitable moment to consider selling Bitcoin? 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.

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