Crypto Update, 06 Aug: BTC stays at $29,000, while ETH below $1,850

Bitcoin and Ethereum slightly up, both near key price levels

BTC's price remains steady as investors monitor the SEC's cases against Binance and Coinbase. They are also eagerly awaiting the SEC's decision on spot ETFs.

On Monday morning in Asia, Bitcoin remained relatively stable, hovering slightly above the $29,000 support level, and its volatility reached a record low. Ether showed similar stability, while other top 10 non-stablecoin cryptocurrencies had mixed performance, with Solana leading the winners. Investors are anticipating a busy week with corporate earnings reports and U.S. inflation data in focus.

The global cryptocurrency market cap was trading slightly upper, falling up to $1.21 trillion-mark as it rose by 0.40 in the last 24 hours. However, the total trading volumes dropped about 16.45 per cent to $31.60 billion.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $29,188, showing a 24-hour gain of 0.30 percent. In India, the value of Bitcoin is Rs 25,11,930.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,841, showing a 24-hour gain of 0.20 percent. In India, the price of Ethereum stood at Rs 1,57,235.

BINANCE (BNB)

At the time of writing, the price of Binance was $243.67, showing a 24-hour loss of 0.20 percent. In India, the price of Binance stood at Rs 20,803.

CARDANO (ADA)

At the time of writing, the price of Cardano was $0.2940, showing a 24-hour loss of 0.20 percent. In India, the price of ADA stood at Rs 26.49.

Dogecoin (DOGE)

DOGE recorded a 24-hour loss of 0.60 percent, with its current price at $0.07520. In India, the price of Dogecoin stood at Rs 6.37.

Litecoin (LTC)

Litecoin registered a 24-hour decrease of 0.30 percent. As of the current time, it was trading at $83.03. In India, the price of LTC stood at Rs 7200.

Ripple (XRP)

XRP's price, recorded at $0.6260, experienced a 24-hour decline of 1.60 percent. In India, Ripple's price stood at Rs 53.64.

Solana (SOL)

The price of Solana was recorded at $23.31, reflecting a 24-hour increase of 1.80 percent. In India, the price of SOL stood at Rs 2015.

Crypto Fear and Greed:

Over the past 24 hours, the cryptocurrency market has seen a minor decline in buying sentiment. The crypto greed and fear index has dropped by 1 point, bringing it to a neutral zone with a current score of 49 out of 100.

Major Event to be watch

Worldwide News Update:

• Bitcoin halving, occurring every four years, cuts miner rewards by 50% and limits the total supply to 21 million BTC. This ensures controlled issuance of new coins.

• Massachusetts authorities are probing AI use in securities due to investor harm concerns. Companies were queried about their AI practices after the SEC proposed conflict prevention on trading platforms. AI's rapid expansion poses global regulatory worries, as highlighted by the Financial Stability Board.

• Coinbase challenges SEC's lawsuit, arguing cryptocurrencies differ from regular securities, shouldn't be under SEC control. Verdict could influence crypto industry regulations and innovation.

• Elon Musk denies creating a crypto token for his social media platform X (formerly Twitter) in response to scam token claims.

• Huobi experienced $64 million outflows amid rumors of Chinese authorities investigating its executives and potential insolvency. Huobi's head of social media denies the claims. Justin Sun assures Huobi's resilience in response to insolvency rumors.

• Tether's developer team plans to release new JavaScript libraries for Bitcoin mining hardware. The software aims to improve mining efficiency and will be open-sourced. Tether is also investing in sustainable BTC mining in Uruguay.

COIN GABBAR Views: Is Bitcoin forming its third-ever golden cross, signaling a path to a new record high? Could a 'Bitcoin halving' transform crypto into 'digital gold'? With BTC trading sideways, are investors closely monitoring the SEC cases against Binance and Coinbase, and eagerly anticipating the SEC's decision on spot ETFs? Stay tuned for the latest news at www.coingabbar.com

For More News: Elon Musk's Plan to Launch Stock and Crypto Trading Platform Denied

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.