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24 Crypto Update, 23 Aug:Observing short covering at lower levels

Key Takeaways
  • Early Thursday morning saw an upward trend in the trading of leading cryptocurrency tokens.
  • Bitcoin approached the $26,500 level, while Ethereum maintained its position close to $1,680.
  • The total market capitalization of cryptocurrencies experienced a roughly 2% surge, reaching $1.11 trillion.
24-Aug-2023 By: Lokesh Gupta
24 Crypto Update, 23

Volatility precedes Powell's speech and Jackson Hole event.

On Thursday, Bitcoin and other cryptocurrency tokens displayed notable gains, benefiting from renewed optimism in the global markets. These crypto gains paralleled a significant upward movement in traditional markets. Nvidia exceeded its second-quarter earnings projections comfortably, reaffirming the enduring strength of the bullish AI trend and propelling the digital asset market to higher levels.

During Thursday's trading, the remaining prominent cryptocurrency tokens exhibited respectable upward movement. Solana saw an increase of approximately 6%, while Cardano experienced a gain exceeding 4%. Toncoin registered a growth of over 3%, while Tron, Polkadot, BNB, Dogecoin, and Shiba Inu each contributed a 2% rise throughout the day.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $26,475 showing a 24-hour gain of 1.70 percent. In India, the value of Bitcoin is Rs 23,43,003.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,678, showing a 24-hour gain of 2.50 percent. In India, the price of Ethereum stood at Rs 1,47,235.

Binance (BNB)

At the time of writing, the price of Binance was $219.60 showing a gain of 2.90% in 24-hour. In India, the price of Binance stood at Rs 19,407.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2706, showing a 24-hour gain of 4.50 percent. In India, the price of ADA stood at Rs 23.95.

Dogecoin (DOGE)

DOGE recorded a 24-hour gain of 2.20 percent, with its current price at $0.06400. In India, the price of Dogecoin stood at Rs 5.66.

Litecoin (LTC)

Litecoin registered a 24-hour increase of 1.50 percent. As of the current time, it was trading at $65.79. In India, the price of LTC stood at Rs 5906.

Ripple (XRP)

XRP's price, recorded at $0.5310, experienced a 24-hour gain of 1.90 percent. In India, Ripple's price stood at Rs 47.05.

Solana (SOL)

The price of Solana was recorded at $21.94, reflecting a 24-hour increase of 6.70 percent. In India, the price of SOL stood at Rs 1922.

Major Event to be watch

Crypto Fear and Greed:

Over the past day, the cryptocurrency markets have shown signs of buying sentiment, causing a 4-point up in the crypto greed and fear index. The index now stands at 41 out of 100.

Worldwide News Update:
  • MOON cryptocurrency debuts on LBank as India's Chandrayaan-3 lands on the Moon. A Reddit-born token, MOON gains legitimacy and wider trading access, symbolizing innovation's convergence across blockchain and space exploration.

  • Gossip Protocol, inspired by human chatter, transforms data sharing in blockchain. With diverse forms like data spreading and summarizing, it offers adaptable efficiency, foreseeing a transformative role in crypto's evolution.

  • Binance.US teams up with MoonPay for USDT buying amidst obstacles. Chandrayaan-3's success could inform crypto-space ties. Binance.US and MoonPay display crypto's flexibility, fostering space-linked insights and global unity beyond banks.

  • US Treasury sanctions Tornado Cash co-founder, Roman Semenov, for alleged money laundering aiding North Korea. Crackdown on crypto mixer and links to DPRK's Lazarus Group prompt action.

  • Hangzhou Summit unveils blockchain-based data exchange, reshaping enterprise IT data trading. Chen Chun emphasizes trusted data sharing via blockchain, smart contracts, fostering innovation and economic growth.

  • SEC enforces broker-dealer rule changes to close regulatory gaps and ensure transparency. Private investment fund sector also faces SEC's oversight with transparency rules, sparking industry debate and potential reforms.

COIN GABBAR Views: Is the Bitcoin bull market viable after the drop to $25K? Can the Bitcoin price surpass the $25,000 support? With volatility preceding Powell's speech and the Jackson Hole event, how might the market be affected? Will it plummet or soar towards new heights? 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: Binance with MoonPay Tie-Up for Crypto Transactions Amid Chandrayaan-3

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