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24 Crypto Update, 18 Aug: BTC hold firm at $26K; altcoin market varied

Key Takeaways
  • In Friday's trading session, major crypto tokens experienced trading under pressure.
  • Bitcoin hovers around $26,000, while Ethereum surpasses levels above $1,650 in trading.
  • Crypto token market capitalization plummeted significantly to $1.09 trillion.
19-Aug-2023 By: Lokesh Gupta
24 Crypto Update, 18

Bitcoin trades above $26K but remains below its 200-day EMA.

Friday witnessed Bitcoin falling under its 200-day moving average due to investor worries about sustained global interest rates and possible economic deceleration. Tether's choice to cease backing USDT on the Bitcoin blockchain further influenced this decline.

Amid rapid events like China's Evergrande Group seeking bankruptcy protection and rumors of SpaceX selling Bitcoins, the global crypto market faced significant declines throughout the week, culminating in a sharp drop.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $25,982 showing a 24-hour loss of 1.30 percent. In India, the value of Bitcoin is Rs 23,05,000.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,662, showing a 24-hour loss of 0.40 percent. In India, the price of Ethereum stood at Rs 1,52,270.

Binance (BNB)

At the time of writing, the price of Binance was $215.80 showing a minimal profit of 0.020% in 24-hour. In India, the price of Binance stood at Rs 19,261.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2625, showing a 24-hour profit of 1.80 percent. In India, the price of ADA stood at Rs 23.95.

Dogecoin (DOGE)

DOGE recorded a 24-hour gain of 4.50 percent, with its current price at $0.06389. In India, the price of Dogecoin stood at Rs 5.71.

Litecoin (LTC)

Litecoin registered a 24-hour increase of 0.40 percent. As of the current time, it was trading at $64.26. In India, the price of LTC stood at Rs 5703.

Ripple (XRP)

XRP's price, recorded at $0.5063, experienced a 24-hour rise of 2.90 percent. In India, Ripple's price stood at Rs 44.90.

Solana (SOL)

The price of Solana was recorded at $21.55, reflecting a 24-hour increase of 0.10 percent. In India, the price of SOL stood at Rs 1917.

Crypto Fear and Greed:

Over the past day, the cryptocurrency markets have shown signs of Buying sentiment, causing a 2-point up in the crypto greed and fear index. The index now stands at 39 out of 100.

Worldwide News Update:
  • Donald Trump aims to replace Fed Chair Jerome Powell if victorious in 2024, stirring debates on Reserve's autonomy. Powell's tenure saw praise and criticism, especially from Trump, raising worries of politicized central banking and hope for innovative financial strategies.

  • Mastercard partners with blockchain and crypto firms for CBDC support, aiding central banks in 93% of countries exploring digital currencies. Collaboration includes Ripple and ConsenSys, highlighting fusion of finance and digital trends, amid privacy and control concerns.

  • Following DOJ's bail revocation for FTX founder Sam Bankman-Fried, he seeks permission to work on his defense case outside detention five days a week. Lawyers claim confinement hinders document review.

  • Tesla CEO Elon Musk backs emerging GOP candidate Vivek Ramaswamy after an appearance on Tucker Carlson's show. Musk praises Ramaswamy as a promising contender, raising curiosity about his stance on cryptocurrency.

  • Anticipation builds in the crypto sphere as the DC Court of Appeals further delays its ruling in Grayscale vs. SEC, a case with market-altering implications. Next update is expected on August 22.

  • The SEC's request for a swift appeal in the Ripple XRP lawsuit led to confusion. The agency sought immediate action after Judge Analisa Torres' Summary Judgment. Misinterpretation arose, with some thinking it challenged XRP's "not a security" classification following the recent ruling.

COIN GABBAR Views: Is Bitcoin nearing a two-month low at approximately $25,200 following a sell-off? Can BTC sustain this level? The prevailing dilemma: will BTC reach $20K or $30K first? In this context, is it wise to contemplate investment, or should one exercise patience? 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: Trump Plans to Replace Fed Chair Jerome Powell if Elected in 2024

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