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24 Crypto Update, 01 Sep: Crypto Ongoing Weakness: Is the Bottom Near?

Key Takeaways
  • Bitcoin and most Altcoins are currently witnessing unfavorable trading
  • Bitcoin experienced a drop below the $26,000 threshold, while Ethereum also traded below $1,650
  • The total market value of cryptocurrencies experiences a notable decline, reaching a point of $1.09 trillion
02-Sep-2023 By: Lokesh Gupta
24 Crypto Update, 01

BTC and ETH hold $25,000 and $1,600; Altcoins mixed.

Cryptocurrency prices slide on Friday due to surprising U.S. August unemployment data. The economy added 187,000 jobs, surpassing the expected 170,000, but the unemployment rate rose to 3.8% instead of the predicted 3.5%. Analysts anticipate increased uncertainty regarding the Federal Reserve's future interest rate decisions.

The Bitcoin landscape has experienced a significant uptick in interest, particularly among prominent large wallet holders. Recent data from IntoTheBlock reveals that addresses with at least 0.1% of Bitcoin's total supply have added a remarkable $1.5 billion in BTC over a two-week period.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $25,760 showing a 24-hour loss of 1.10 percent. In India, the value of Bitcoin is Rs 22,79,800.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,632, showing a 24-hour loss of 1.10 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 $215 showing a loss of 0.94% in 24-hour. In India, the price of Binance stood at Rs 18,656.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2564, showing a 24-hour gain of 0.10 percent. In India, the price of ADA stood at Rs 23.40.

Dogecoin (DOGE)

DOGE recorded a 24-hour loss of 0.01 percent, with its current price at $0.06379. In India, the price of Dogecoin stood at Rs 5.57.

Litecoin (LTC)

Litecoin registered a 24-hour decrease of 0.80 percent. As of the current time, it was trading at $63.43. In India, the price of LTC stood at Rs 5,521.

Ripple (XRP)

XRP's price, recorded at $0.4973, experienced a 24-hour loss of 2.40 percent. In India, Ripple's price stood at Rs 43.45.

Solana (SOL)

The price of Solana was recorded at $19.55, reflecting a 24-hour decrease of 1.60 percent. In India, the price of SOL stood at Rs 1,777.

Crypto Fear and Greed:

Over the past day, there has been a significant rise in pessimistic market outlook within the realm of cryptocurrencies. This shift has led to a 1-point decrease in the crypto greed and fear index, now standing at a value of 39 out of 100.

Worldwide News Update:
  • Renowned Brazilian crypto streamer, "CryptoKing," lost $60,000 in digital assets after accidentally sharing private keys during a tutorial livestream. The incident underscores the critical importance of safeguarding sensitive cryptocurrency information.

  • Swiss SEBA Bank gains regulatory approval in Hong Kong to offer cryptocurrency services, reflecting growing integration of digital assets into mainstream finance amid tightening regulations in the region.

  • Ripple and its executives, Brad Garlinghouse and Christian A. Larsen, oppose the SEC's push for an interlocutory appeal in a pivotal case that could define cryptocurrency regulations in the U.S.

  • Galaxy Digital's CEO, Mike Novogratz, expresses confidence in the eventual arrival of a spot Bitcoin ETF, echoing industry sentiment. Grayscale's legal win against the SEC reinforces this optimism.

  • Cardano's latest development update highlights upgrades in the ecosystem. The Lace wallet integrates Metadex and improves functionality, while the Hydra team enhances communication and Mithril for improved blockchain performance.

  • Bitcoin's prominent large wallet addresses have added $1.5B in BTC over two weeks, coinciding with interest sparked by a potential spot Bitcoin ETF. Ethereum's long-term holders also surge.

COIN GABBAR Views: Is the BTC price dilemma pushing it towards $30k or $20k? Are we witnessing a resumption of crypto weakness, and could the bottom be on the horizon? Did cryptocurrency prices decline on Friday due to unexpected U.S. August unemployment data, and are analysts expecting heightened uncertainty about the Federal Reserve's future interest rate decisions? 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: Brazilian Crypto Streamer Loses $60K Due to Reveal Private Keys

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