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24 Crypto Update, 29 Aug: Crypto Soars after Grayscale’s Triumph

Key Takeaways
  • Bitcoin and the majority of Altcoins are experiencing positive trading trends
  • Bitcoin surpasses the $27,500 mark, with Ethereum maintaining its position above $1,700
  • Cryptocurrency market capitalization rises significantly, reaching $1.14 trillion
30-Aug-2023 By: Lokesh Gupta
24 Crypto Update, 29

Bitcoin, Ethereum & Altcoins Display Strong Price Recovery.

On Tuesday, there was a notable surge in the prices of Bitcoin and various other altcoins. This surge followed a decision by the U.S. Court of Appeals for the DC Circuit, which ruled that the Securities and Exchange Commission's denial of permission to Grayscale, a significant player in crypto investments, for the conversion of its widely-used Bitcoin trust into an ETF was incorrect.

In a noteworthy move, Binance, a prominent cryptocurrency exchange, has introduced a platform named Send Cash in the Latin American region. This strategic step is aimed at users across nine countries, offering them the capability to effortlessly transfer funds from cryptocurrency to conventional bank accounts.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $27,450 showing a 24-hour gain of 5.40 percent. In India, the value of Bitcoin is Rs 23,99,100.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,719, showing a 24-hour gain of 4.30 percent. In India, the price of Ethereum stood at Rs 1,50,000.

Binance (BNB)

At the time of writing, the price of Binance was $225.33 showing a gain of 3.50% in 24-hour. In India, the price of Binance stood at Rs 19,430.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2665, showing a 24-hour gain of 0.80 percent. In India, the price of ADA stood at Rs 23.64.

Dogecoin (DOGE)

DOGE recorded a 24-hour gain of 3.90 percent, with its current price at $0.06570. In India, the price of Dogecoin stood at Rs 5.81.

Litecoin (LTC)

Litecoin registered a 24-hour increase of 3.90 percent. As of the current time, it was trading at $67.88. In India, the price of LTC stood at Rs 5861.

Ripple (XRP)

XRP's price, recorded at $0.5332, experienced a 24-hour gain of 2.50 percent. In India, Ripple's price stood at Rs 46.73.

Solana (SOL)

The price of Solana was recorded at $21.68, reflecting a 24-hour increase of 6.20 percent. In India, the price of SOL stood at Rs 1887.

Major Event to be watch

Crypto Fear and Greed:

In the last 24 hours, there has been a noticeable increase in positive market sentiment within the cryptocurrency space. This has resulted in a 10-point upward movement in the crypto greed and fear index, which currently rests at a value of 49 out of 100.

Worldwide News Update:
  • Shibarium adoption skyrockets, surpassing 100,000 wallets on Layer-2 after its August 28th relaunch. A single-day surge added 35,000 wallets, spiking wallet activity by 55.8% and transactions by 20.2%.

  • South Korea's new cryptocurrency exchange regulations focus on bolstering consumer protection. These guidelines mandate exchanges to uphold a minimum reserve of 3 billion won ($2.3 million) for compliance.

  • Grayscale Investments achieves a significant win over the SEC, gaining approval for its Bitcoin Trust product. However, Peter Schiff, a notable pro-Bitcoin voice, expresses concerns about the impact on the market.

  • Binance launches Send Cash in Latin America, enabling users across nine countries to smoothly transfer funds from crypto to bank accounts. The service initially focuses on Colombia and Argentina.

  • Francis Suarez, the Bitcoin-supporting Miami mayor and 2024 GOP Presidential Candidate, concludes his campaign. This decision follows his recent proposal to take a presidential salary in Bitcoin.

  • Amid a series of legal clashes, U.S. Rep. Warren Davidson persists in challenging SEC Chair Gary Gensler's role due to perceived bias against cryptocurrency innovation. Davidson's stance aligns with crypto community sentiment.

COIN GABBAR Views: Is a forthcoming macro bullish breakout plausible? Is BTC currently eyeing crucial US economic data for the week? Might jobless claims and rate information impact its market momentum? How does Grayscale's victory impact the SEC and the future of Bitcoin ETFs? 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: Shibarium's Relaunch Make Significant Impact, Spur Growth in Shiba Inu

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