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24 Crypto Update, 27 Aug: Mixed trading session for crypto tokens

Key Takeaways
  • Early on Monday, major crypto tokens displayed a mixed trading pattern
  • The total market capitalization of cryptocurrencies traded nearly unchanged at $1.09 trillion
  • Bitcoin struggled to maintain its position above the $26,000-mark, while Ethereum remained above $1,650v
28-Aug-2023 By: Lokesh Gupta
24 Crypto Update, 27

PM Modi urges a global cryptocurrency framework.

Crypto tokens, including Bitcoin, traded within a range as the US Treasury Department's fresh tax proposal for digital assets enters an extended phase of public input and hearings. Additionally, Indian Prime Minister Narendra Modi emphasized the necessity of a worldwide cryptocurrency framework during the recent B20 conference.

Bitcoin's price is facing difficulties in recovering from the previous week's decline, suggesting a gloomy short-term perspective. During the Jackson Hole speech, Powell acknowledged the Federal Reserve's lengthy route to attaining the 2% inflation goal. However, this downplays the danger, as a significant financial crisis could arise before the goal is achieved, prompting the Fed to contemplate surpassing the 2% target.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $26,010 showing a 24-hour loss of 0.10 percent. In India, the value of Bitcoin is Rs 23,00,231.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,650, showing a 24-hour loss of 0.10 percent. In India, the price of Ethereum stood at Rs 1,46,000.

Binance (BNB)

At the time of writing, the price of Binance was $217.67 showing a gain of 0.60% in 24-hour. In India, the price of Binance stood at Rs 19,203.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2606, showing a 24-hour loss of 0.30 percent. In India, the price of ADA stood at Rs 23.00.

Dogecoin (DOGE)

DOGE recorded a 24-hour loss of 1.00 percent, with its current price at $0.06252. In India, the price of Dogecoin stood at Rs 5.62.

Litecoin (LTC)

Litecoin registered a 24-hour decrease of 0.60 percent. As of the current time, it was trading at $64.77. In India, the price of LTC stood at Rs 5702.

Ripple (XRP)

XRP's price, recorded at $0.5205, experienced a 24-hour loss of 1.00 percent. In India, Ripple's price stood at Rs 46.00.

Solana (SOL)

The price of Solana was recorded at $20.47, reflecting a 24-hour increase of 0.60 percent. In India, the price of SOL stood at Rs 1808.

Major Event to be watch

Crypto Fear and Greed:

In the last 24 hours, the cryptocurrency markets have exhibited indications of increased anxiety among investors, resulting in a slight uptick of 1 point in the crypto "Greed and Fear Index." Currently, the index is positioned at 39 out of a possible 100.

Worldwide News Update:
  • Oman allocates $1.1B for Bitcoin mining infrastructure, aiming to excel in crypto mining, create jobs, and transition to a tech and crypto hub, signaling innovation and global influence.

  • Ethereum ETF demand rises despite price struggles. Ongoing bearish trend attributed to regulations and market conditions. Regulatory uncertainty amplifies Ethereum's price volatility and decline.

  • PM Modi highlights embracing global tech growth, including cryptocurrencies. Urges unified global regulations akin to aviation standards. India's G20 presidency advances crypto discourse, fostering inclusive and informed decisions for future tech evolution.

  • Football star Cristiano Ronaldo's tweet about undergoing a lie detector test by Binance crypto exchange created buzz. Speculation surrounds his cryptocurrency involvement and NFT collection promotion. Binance's move combines tech, fame, and finance, raising discussions on innovation and ethics.

  • Following Kroll's cybersecurity breach, FTX Derivatives Exchange temporarily freezes accounts of affected users on its claims portal. Users' data compromised; caution urged amid similar breaches like Friend.tech.

  • After the SEC sued Binance for securities law violations, speculation grew about a potential US DOJ indictment. XRP lawsuit's impact discussed. Mastercard and Visa distancing are seen as signs. Concerns arise over market reaction.

COIN GABBAR Views: What could follow if BTC's price surpasses its $26K consolidation? What might be the next step for BTC's price? With Bitcoin's price showing limited movement, is a recovery likely? Are crypto tokens, including Bitcoin, still range-bound due to the US Treasury Department's new digital asset tax proposal undergoing extended public input and hearings? Will Indian Prime Minister Narendra Modi underscore the need for a global cryptocurrency framework at the recent B20 conference? 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.

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