Bitcoin Remains Under Rigid Loss-Spell, Most Cryptocurrencies Register Losses

Bitcoin price seems to be inching away from the mark of $30,000 (roughly Rs. 24.9 lakh) this week. Bitcoin on Thursday, August 17 registered a price dip of 2.47 percent to trade at $28,554 (roughly Rs. 23.7 lakh). In the last 24 hours, the value of Bitcoin has dropped significantly by $631 (roughly Rs. 52,398). Industry experts have predicted that Bitcoin's value may gradually go up once other cryptocurrencies also start to reap profits in the days to come.

Ether reflected a dip of 1.76 percent on Thursday. This brings the price of ETH to $1,798 (roughly Rs. 1.49 lakh).

“BTC and ETH are seeing their lowest prices in close to two months. In fact, altcoins started declining before BTC, which caused the BTC's dominance to top 50.59 percent before correcting a little,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.

From top to bottom, the crypto price charts are all in red today.

Tether, Binance Coin, Ripple, USD Coin, Cardano, Solana, Polygon, and Tron — all recorded losses.

Price dips also struck Litecoin, Shiba Inu, Wrapped Bitcoin, Bitcoin Cash, Avalanche, Chainlink, and Stellar alongside Uniswap, Cosmos, and Monero.

“A notable drop yesterday came from SHIB (-8.91%) as the popular memecoin tried to shed its ‘meme' status and launched its Ethereum layer-2 scaling solution called ‘Shibarium'. SHIB had been gaining momentum preceding the launch of Shibarium and was dumped yesterday as traders followed what the market calls ‘buy the rumour, sell the news',” Hudda noted.

The overall valuation of the crypto sector presently stands at $1.14 trillion (roughly Rs. 94,72,545 crore), down 1.97 percent in the last 24 hours, as per CoinMarketCap.

The crypto fear and greed index is also down two points and is currently in the neutral zone with a score of 50/100.

“The current sell-off coincides with Binance, one of the largest crypto exchanges in the world, shutting down its regulated payment arm Binance Connect. As the sideways trading trend continues, data shows that around 80 percent of all Bitcoin (BTC) holders (specifically holding the unspent amount) are currently in a state of profit. This increases the risk of a sell-off, as holders may be looking to take profits amid the current market uncertainty,” the CoinDCX research team told Gadgets 360.

In other news, Coinbase has been granted official approval to launch BTC and ETH futures in the US by the National Futures Association (NFA). Coinbase had filed to become a Futures Commission Merchant (FCM) back around Bitcoin's all-time high in November 2021.

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