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24 Crypto Update, 20 Aug: Crypto are striving to find their footing

Key Takeaways
  • Crypto tokens exhibited a varied trading pattern during the early hours of Monday.
  • Bitcoin stayed above $26,000 and Ethereum at $1,675.
  • The total market capitalization of crypto tokens remained relatively unchanged at $1.10 trillion.
21-Aug-2023 By: Lokesh Gupta
24 Crypto Update, 20

On Monday, crypto tokens traded with mixed results.

On Monday's early trading session, Bitcoin and other leading crypto assets displayed a diverse trading performance. Bitcoin experienced its most significant weekly drop since the November 2022 FTX crash. The ongoing legal dispute between Grayscale and US regulatory authorities exerted downward pressure on crypto prices. Additionally, traders are anticipating macroeconomic indicators scheduled for later this week.

Bitcoin is presently valued around the $26,000 range. This valuation might be the result of traders engaging in widespread token selling, influenced by various triggers including uncertainties surrounding the Grayscale versus US SEC case concerning a Bitcoin ETF, SpaceX's devaluation of their Bitcoin reserves, and the bankruptcy filing by China's Evergrande group.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $26,062 showing a 24-hour loss of 0.20 percent. In India, the value of Bitcoin is Rs 23,12,578.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,677, showing a 24-hour gain of 0.50 percent. In India, the price of Ethereum stood at Rs 1,48,000.

Binance (BNB)

At the time of writing, the price of Binance was $215.70 showing a loss of 0.30% in 24-hour. In India, the price of Binance stood at Rs 19,200.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2690, showing a 24-hour profit of 0.90 percent. In India, the price of ADA stood at Rs 23.90.

Dogecoin (DOGE)

DOGE recorded a 24-hour loss of 0.90 percent, with its current price at $0.06345. In India, the price of Dogecoin stood at Rs 5.78.

Litecoin (LTC)

Litecoin registered a 24-hour increase of 2.60 percent. As of the current time, it was trading at $65.97. In India, the price of LTC stood at Rs 5995.

Ripple (XRP)

XRP's price, recorded at $0.5292, experienced a 24-hour rise of 1.70 percent. In India, Ripple's price stood at Rs 46.75.

Solana (SOL)

The price of Solana was recorded at $21.47, reflecting a 24-hour decrease of 1.40 percent. In India, the price of SOL stood at Rs 1892.

Major Event to be watch

Crypto Fear and Greed:

Over the past day, the cryptocurrency markets have shown signs of fear, causing a 1-point up in the crypto greed and fear index. The index now stands at 38 out of 100.

Worldwide News Update:
  • Cryptocurrencies , blockchain reshape finance. Education boosts awareness. Industry, governments secure digital currency, drive global use. DeFi redefines banking, enhances accessibility.

  • Kraken joins exchanges listing PayPal's PYUSD from August 21, enhancing stablecoin's market presence. Fully-backed by USD, PYUSD gains momentum with $26.9M issued, supported by ByBit, Changelly, Huobi.

  • Friend Tech, a decentralized social dApp, surged with over $1M transaction fees in 24 hours, outpacing Bitcoin, BSC, Uniswap. It tokenizes friends' profiles for trading, sparking buzz in its launch.

  • Recent years saw rapid tech changes altering communication, work, interaction. "Friend Tech," a trending term, intrigues with its impact. Polish entrepreneur Adrian Zduńczyk's inquiry on X app adds to curiosity.

  • Shytoshi Kusama, Shiba Inu lead dev, shifts Shibarium Layer 2 blockchain to private mode. Community anticipates its relaunch, Kusama highlights meticulous prep for smooth user experience.

  • Mishaboar, Dogecoin lead dev, hints at leaving if Proof of Stake (PoS) shift occurs due to PoS flaws. Concerns include centralization, regulatory issues, and PoS benefits not aligning with Dogecoin's use cases.

COIN GABBAR Views:Could Bitcoin's sharp sell-off lead to a 60% rebound, as indicated by indicators? Will Bitcoin manage to find support or continue its decline in the battle at $25K? Is Bitcoin heading towards a 'bearadise'? Is $20K being reconsidered as a target price for BTC? 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: Discover How Digital Currencies Are Shaping Our Future?

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