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24 Crypto Update, 10 Aug: Cryptos dropped on robust US inflation data

Key Takeaways
  • Early Friday morning saw a decline in the trading of leading crypto tokens
  • Bitcoin trade above the $29,500 level, as well as Ethereum hold $1,850 level
  • The overall market capitalization of cryptocurrency tokens experienced a minor decline to $1.22 trillion
11-Aug-2023 By: Lokesh Gupta
24 Crypto Update, 10

Bitcoin over $29.5K, Ethereum at $1.85K, Shiba Inu leads.

On Friday, Bitcoin and other major crypto tokens were trading negatively following favorable US inflation data. Despite broader economic influences, the top two cryptocurrencies remain resilient. Alongside macroeconomic considerations, analysts are closely monitoring Bitcoin's performance towards the $30,000 threshold.

Canadian adoption of a central bank digital currency (CBDC) faces hurdles due to a lack of incentives, according to a Bank of Canada paper. The study finds that most Canadians already have access to financial services, reducing motivation for CBDC usage. The paper highlights potential challenges and emphasizes the importance of sustaining cash alongside digital payment innovations.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $29,366, showing a 24-hour loss of 0.40 percent. In India, the value of Bitcoin is Rs 25,28,000.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,846, showing a 24-hour loss of 0.10 percent. In India, the price of Ethereum stood at Rs 1,56,135.

Binance (BNB)

At the time of writing, the price of Binance was $240.25 showing a 24-hour loss of 1.10 percent. In India, the price of Binance stood at Rs 20,530.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2964, showing a 24-hour loss of 0.80 percent. In India, the price of ADA stood at Rs 26.00.

Dogecoin (DOGE)

DOGE recorded a 24-hour loss of 0.10 percent, with its current price at $0.07552. In India, the price of Dogecoin stood at Rs 6.45.

Litecoin (LTC)

Litecoin registered a 24-hour decrease of 0.90 percent. As of the current time, it was trading at $83.08. In India, the price of LTC stood at Rs 7050.

Ripple (XRP)

XRP's price, recorded at $0.6357, experienced a 24-hour fall of 0.01 percent. In India, Ripple's price stood at Rs 54.01.

Solana (SOL)

The price of Solana was recorded at $24.64, reflecting a 24-hour increase of 1.90 percent. In India, the price of SOL stood at Rs 2120.

Crypto Fear and Greed:

Over the past day, the cryptocurrency markets have shown signs of selling sentiment, causing a 2-point drop in the crypto greed and fear index. The index now stands at 51 out of 100.

Major Event to be watch

Worldwide News Update:
  • Coinbase unveils "Base" blockchain, powered by Optimism's IO Stack, delivering swift, economical transactions surpassing Ethereum. "On-chain summer" event highlights Base's potential via varied dApps, a milestone for decentralization.

  • Concerns arise over the timing of the impending US SEC deadline for ARK Invest's Bitcoin ETF. Analysts predict a probable delay, but Bloomberg's James Seyffart suggests a day advancement. Potential Bitcoin price impact by early SEC actions.

  • On August 10, Gemini relaunched XRP trading after endorsing the XRP Ledger. Users noted unusually high prices, with XRP briefly surging to $50, sparking concerns.

  • The SEC's lawsuit against Ripple Labs over XRP has sparked debate. The SEC's recent appeal adds complexity, but XRP holder's lawyer, John E. Deaton, warns it might hinder regulatory goals.

  • Worldcoin (WLD) faces regulatory scrutiny post-launch. Argentina's Public Information Access Agency investigates data privacy concerns. Other countries, including Kenya, France, and Germany, also examining the blockchain biometrics project.

  • Web3.0 startup Circle surpasses expectations with H1 revenue of $779M, outperforming 2022 total. Robust cash flow and $1B+ balance sheet, yet faces competition from PayPal's stablecoin emergence.

COIN GABBAR Views: Could the decline of Bitcoin and other major crypto tokens on Friday, in response to better-than-expected US inflation data, indicate significant market movements ahead—either a potential crash or a soaring rally? 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: Coinbase Launches Base: Revolutionizing Decentralized Apps

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