The crypto price chart reflected more profits than losses on Wednesday. Bitcoin showed a profit of 0.74 percent while trading at the price point of $25,766 (roughly Rs. 21.4 lakh). This profit bounty for most cryptocurrencies comes in the backdrop of Grayscale Investments' telling the US SEC that there are no valid reasons to reject the conversion of its Bitcoin ETF. As per market analysts, Bitcoin has clocked a 53 percent increase year-to-date, despite being 62 percent lower than its all-time high of $68,000 (roughly Rs. 56.4 lakh) that was recorded in November 2021.
Ether continues to trade in a narrow range. The second-most expensive cryptocurrency is presently trading at the point of $1,632 (roughly Rs. 1.35 lakh) after registering a profit of 1.11 percent.
Tether, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, Solana, and Polygon are among other cryptocurrencies to register small but significant profits.
Polkadot, Shiba Inu, Bitcoin Cash, Avalanche, Chainlink, and Binance USD, all trading in greens also showed minor profits.
“In a positive development, Solana's native token SOL (+5.11 percent) has been seeing a positive price action since last evening,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.
“This price action was a result of the announcement that the traditional payments giant VISA is expanding its stablecoin settlement capabilities to the Solana blockchain. VISA has already been working with USDC on the Ethereum chain to modernize the existing cross-border payment services,” Hudda noted.
The overall valuation of the crypto sector went up by 0.37 percent in the last 24 hours to be on the valuation of $1.04 trillion (roughly Rs. 86,39,077 crore), as per CoinMarketCap.
Among a small number of cryptocurrencies that did see losses today, Litecoin made a mark.
Stellar, Monero, Cronos, Braintrust, Circuits of Value, and Augur also reflected losses on Wednesday.
With more crypto-related initiatives seeing light of the day, analysts believe the future for the crypto sector does not look quite so bleak.
“Coinbase, for instance, has introduced a new cryptocurrency lending service tailored for institutional investors, potentially generating some optimism among market participants,” Edul Patel, CEO and Co-founder of Mudrex crypto investment platform, told Gadgets 360.
Meanwhile, India is gearing up to host the two-day long G20 summit in New Delhi starting September 9. As part of its ongoing G20 presidency, India has spearheaded the task of drafting crypto rules that would work on an international level. Updates on the same are expected to be disclosed either during these meetings or by December, when India's presidency over the G20 group would wrap up.
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