Crypto Update, 07 Aug: BTC, ETH Maintain Grip Above $29K, $1,850

Bitcoin Struggles Amidst Bullish and Bearish Tensions Despite PayPal N

BTC steady near 29K; ETH trades under 1,800, not breaking it

Bitcoin's movement reflects a fierce battle between bullish and bearish forces, each vying for control. Despite significant news from PayPal expanding into the cryptocurrency space, Bitcoin formed a low of $28,700.

Bitcoin exhibited a stable trading pattern, whereas several prominent crypto tokens faced downward movement on Tuesday. Those engaged in crypto options trading are placing their bets against significant price fluctuations, and it's improbable for BTC to encounter a bullish trigger. Traders are anticipating essential US inflation data scheduled for later in the week, a determinant of forthcoming trends.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $29,200, showing a 24-hour gain of 0.30 percent. In India, the value of Bitcoin is Rs 25,14,700.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,832, showing a 24-hour loss of 0.30 percent. In India, the price of Ethereum stood at Rs 1,56,235.

BINANCE (BNB)

At the time of writing, the price of Binance was $242.50 showing a 24-hour loss of 0.50 percent. In India, the price of Binance stood at Rs 20,769.

CARDANO (ADA)

At the time of writing, the price of Cardano was $0.2915, showing a 24-hour loss of 0.60 percent. In India, the price of ADA stood at Rs 25.28.

Dogecoin (DOGE)

DOGE recorded a 24-hour loss of 1.60 percent, with its current price at $0.07378. In India, the price of Dogecoin stood at Rs 6.40.

Litecoin (LTC)

Litecoin registered a 24-hour decrease of 0.50 percent. As of the current time, it was trading at $82.62. In India, the price of LTC stood at Rs 7010.

Ripple (XRP)

XRP's price, recorded at $0.6235, experienced a 24-hour decline of 0.30 percent. In India, Ripple's price stood at Rs 53.41.

Solana (SOL)

The price of Solana was recorded at $23.14, reflecting a 24-hour decrease of 0.50 percent. In India, the price of SOL stood at Rs 1999.

Crypto Fear and Greed:

In the last 24 hours, cryptocurrency markets displayed buying sentiment, raising the crypto greed and fear index by 5 points to a score of 54 out of 100.

Major Event to be watch

Worldwide News Update:

• Vitalik Buterin flags privacy risks in Worldcoin's PoP system, citing iris scanning dangers and security issues. Regulatory scrutiny and industry criticism stress the need for stronger measures to ensure Worldcoin's credibility and success in crypto.

• MetaMask leads as the favored cryptocurrency hot wallet with 22.66M users. Coinbase Wallet, Trust Wallet, and Blockchain.com Wallet follow suit, offering easy management, security, and diverse features for digital assets. The growing sector showcases increasing trust and convenience in blockchain tech.

• OPNX, a blockchain firm founded by 3AC, plans to acquire 75% of Hodlnaut, a bankrupt crypto lending platform, for $30M in $FLEX tokens. This innovative move could shape future crypto business transactions.

• Cathie Wood of ARK Invest predicts the SEC won't decide on their Bitcoin ETF filing by August 13, 2023. Collective ETF filings by Blackrock, Valkyrie, Wisdom Tree, and Fidelity fueled recent bullish crypto market trends.

• Bitstamp, a Luxembourg-based exchange, seeks global expansion and funding under Galaxy Digital's guidance. Plans include Europe-Asia service growth, UK operations boost, and 2023 European crypto derivatives launch.

• The House Financial Committee passes the Clarity for Payments Stablecoin Bill, as PayPal's stablecoin launch resonates. The move could impact financial firms and processors, reminiscent of JPM Coin's introduction.

COIN GABBAR Views: Will PayPal launch an Ethereum-based stablecoin? Will it affect the whole crypto market? Amidst Bitcoin's stability, are investors watching SEC cases on Binance and Coinbase, and awaiting spot ETF decisions? Stay tuned for the latest news at www.coingabbar.com

For More News: Ethereum CEO Questions Worldcoin's Privacy: Is Your Iris Data At Risk?