24 Crypto Update, 22 Aug: Thrilling Roller Coaster ride seen in Crypto

Crypto Tokens Dip as Traders Await Fed Chairman Powell's Speech

Market volatile before Fed Chair Powell's speech this week.

Crypto tokens dipped on Tuesday as traders await Fed Chairman Jerome Powell's upcoming speech. Investors anticipate his insights on potential policy adjustments to curb inflation due to robust economic growth, or if current disinflation efforts warrant maintaining steady rates.

Bitcoin's unusual behavior could be linked to the significant rise in US Treasury yields, causing disruptions in more vulnerable market segments. Simultaneously, there's anticipation in the market regarding the upcoming Jackson Hole symposium, where Fed Chair Powell's discussions carry importance.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $26,009 showing a 24-hour loss of 0.10 percent. In India, the value of Bitcoin is Rs 23,10,000.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,635, showing a 24-hour loss of 1.60 percent. In India, the price of Ethereum stood at Rs 1,44,000.

Binance (BNB)

At the time of writing, the price of Binance was $213.40 showing a gain of 2.30% in 24-hour. In India, the price of Binance stood at Rs 19,157.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2590, showing a 24-hour loss of 1.00 percent. In India, the price of ADA stood at Rs 23.10.

Dogecoin (DOGE)

DOGE recorded a 24-hour gain of 0.20 percent, with its current price at $0.06269. In India, the price of Dogecoin stood at Rs 5.59.

Litecoin (LTC)

Litecoin registered a 24-hour increase of 0.30 percent. As of the current time, it was trading at $64.86. In India, the price of LTC stood at Rs 5603.

Ripple (XRP)

XRP's price, recorded at $0.5210, experienced a 24-hour loss of 0.20 percent. In India, Ripple's price stood at Rs 46.40.

Solana (SOL)

The price of Solana was recorded at $20.62, reflecting a 24-hour decrease of 2.30 percent. In India, the price of SOL stood at Rs 1800.

Major Event to be watch

Crypto Fear and Greed:

In the preceding 24 hours, the cryptocurrency markets have exhibited indications of consolidation, resulting in a lack of significant movement in the crypto greed and fear index. Currently, the index holds at a value of 37 out of 100.

Worldwide News Update:

• NFTs are revolutionizing art sales by empowering artists to directly sell digital creations. Traditional galleries and collectors face change, but NFTs won't fully replace them. Challenges like plagiarism and legal issues emerge, driving adaptation.

• Ripple's SEC lawsuit hindered 3 years of U.S. adoption and market growth. Despite early non-objection, the lawsuit questioned regulatory consistency. A 2023 ruling partly favored Ripple, yet lost time and opportunities had notable impact.

• RBI's stringent guidelines restrict Indian Bitcoin ATMs, fostering a safer crypto space. Despite challenges, India slowly embraces Bitcoin ATMs, aligning with global trends and potential influence from Bitcoin ETFs. Exploring RBI's Caution and Crypto Kiosk Outlook.

• Reportedly, Binance is selling Bitcoin to support its declining BNB value, down over 30% this year. Amidst regulatory pressure and Bitcoin sell-off accusations, Binance aims to maintain its market dominance.

• The BIS cautioned emerging economies about financial risks linked to crypto investments. Monitoring the digital asset market and gauging stability concerns pose challenges for these nations, according to the institution.

• Binance Pay launches in Brazil, enabling local merchants to accept cryptocurrencies, enhancing processing speed, reducing costs, and aiding crypto adoption amid a rising trend in global payment acceptance.

COIN GABBAR Views: Is BTC undergoing a significant development? Is Binance using Bitcoin sales to curb BNB declines? What's the reality behind this? Will the 25000 support maintained by the bulls persist? Could it surge to $30000, or might we witness a drop to 20000? 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: NFTs VS Traditional Art - Will NFTs Replace Traditional Art Form?