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24 Crypto Update, 04 Sep:Crypto market persist in their downward trend

Key Takeaways
  • Bitcoin and Ethereum are on a downward trajectory, while Altcoins exhibit mixed trading patterns
  • Bitcoin trades below $26,000, while Ethereum remains stable under $1,650
  • The cryptocurrency market cap has notably dropped to around $1.08 trillion
05-Sep-2023 By: Lokesh Gupta
24 Crypto Update, 04

BTC and ETH persist in trading below $26K and $1,650.

Bitcoin started the week with a bearish sentiment, remaining below $26,000 on Monday, largely attributed to reduced market activity during the U.S. Labor Day celebration. The SEC's decision to postpone the Bitcoin ETF approval to October triggered another drop in Bitcoin's price to the $25,000 range, further prolonging the anticipated recovery in the crypto market.

Ethereum, faces the possibility of a substantial price drop due to significant online transfers that have occurred recently. On-chain data reveals that an astounding 300,000 ETH, equivalent to nearly $500 million, has been moved from two distinct wallets to the cryptocurrency exchange Coinbase.

Top Crypto Currency Updates:

Bitcoin (BTC)

At the moment, Bitcoin is priced at $25,690, reflecting a 1.10% decrease in the past 24 hours. In India, Bitcoin's value stands at Rs 22,55,400.

Ethereum (ETH)

As of now, Ethereum is priced at $1,621.40, with a 1.00% 24-hour loss. In India, Ethereum is valued at Rs 1,42,550.

Binance (BNB)

At the time of writing, the price of Binance was $214.45 showing a loss of 0.40% in 24-hour. In India, the price of Binance stood at Rs 18,780.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2570, showing a 24-hour loss of 0.20 percent. In India, the price of ADA stood at Rs 22.52.

Dogecoin (DOGE)

DOGE saw a 0.30% 24-hour gain, trading at $0.06356. In India, Dogecoin was priced at Rs 5.57.

Litecoin (LTC)

Litecoin experienced a 1.80% 24-hour drop, with its current price at $63.22. In India, LTC was valued at Rs 5,545.

Ripple (XRP)

XRP's price, recorded at $0.5072, experienced a 24-hour loss of 0.70 percent. In India, Ripple's price stood at Rs 44.65.

Solana (SOL)

The price of Solana was recorded at $19.26, reflecting a 24-hour decrease of 2.70 percent. In India, the price of SOL stood at Rs 1,700.

Major Event to be watch

Crypto Fear and Greed:

In the last 24 hours, the cryptocurrency market has remained remarkably stagnant in terms of its overall outlook. The crypto greed and fear index continues to show a flat trend, currently holding at a value of 40 out of 100.

Worldwide News Update:

  • El Salvador pioneers sustainable Bitcoin mining, harnessing volcano-based renewable energy, inspiring environmentalists and financial markets. It exemplifies integrating cryptocurrency and renewables for economic growth and global environmental stewardship.

  • Ripple's significant XRP transfer to Bitstamp sparks speculation. The purpose, be it a partnership, product development, or strategic maneuver, remains uncertain. With legal challenges and global payment ambitions, this move warrants close attention.

  • Despite losing the Grayscale Bitcoin ETF case, ETF popularity soars. Ex-SEC Chair Jay Clayton predicts BTC ETF approval, but XRP lawyer John Deaton remains critical, vowing not to let Clayton escape scrutiny.

  • Shibarium, a layer-2 protocol in the Shiba Inu ecosystem, is progressing with updates. A Burn Portal is in development, focusing on adoption alongside token burning to enhance SHIB's value.

COIN GABBAR Views: Is the BTC price destined for further drops? Who will prevail in the battle between the bearish trend and bullish divergence? Is Bitcoin, now at $26K, going quiet in its range? Could we expect Bitcoin to ascend beyond the descending consolidation, and where might it reach following a breakout? Stay tuned for the latest news at

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: Ripple's Massive XRP Transfer to Bitstamp Sparks Speculation