Bitcoin price did not see much price movement on Friday, August 25th. With a loss of 1.05%, Bitcoin is at $26,075 (roughly Rs. 21.5 lakh). The price of the most expensive cryptocurrency has dropped by $343 (roughly Rs 28,360) in the last 24 hours. Experts predict that Bitcoin may soon breach the $26,000 resistance (roughly Rs 21.5 lakh), the timing of which will depend on several macroeconomic factors.
"Bitcoin, in particular, is currently trading below the $26,500 (approx. 21.9 lakh) mark, increasing selling pressure ahead of Federal Reserve Chairman Jerome Powell's speech," said co-founder and CEO Edul Patel. Mudrex told Gadgets360.
The price of Ether also fell by 1.27% on Friday. This brings the trade value to $1,650 (roughly Rs. 1.36 lakh).
Both Bitcoin and Ether are far from their recent highs of $68,000 (approx. 56 lakh) and $4,800 (approx. 3.96 lakh) recorded in November 2021 respectively.
All major cryptocurrencies popular with investors posted losses on Friday, along with BTC and ETH.
These include Binance Coin, Ripple, Cardano, Dogecoin, Solana, Tron and Polkadot.
Other cryptocurrencies with losses include Polygon, Shiba Inu, Litecoin, Avalanche, Chainlink, Uniswap, and Monero.
"Most of the top ten cryptocurrencies by market capitalization are currently trading in the red. BTC is currently at $26,000 (approx. 21.5 riyals), close to the $25,000 (approx. 20 riyals) support level. Above. PEPE has. Last 24 hours In addition, Partha Chaturvedi, chief investment officer at CoinSwitch Ventures, told Gadgets 360 that the initial stage of the PEPE multi-signature wallet was reduced from eight to eight. approx.) are transferred to a central exchange, which results in volatility.
The total valuation of the cryptocurrency market decreased by 1.79% in the last 24 hours to 1.05 trillion dollars (about $86.80402 million), CoinMarketCap showed.
The crypto fear and greed index has made some adjustments, losing two points since yesterday. The index has a score of 39/100 in the fear zone.
A few groups of altcoins they have found include: Tether, USD Coin, LEO, Binance USD, Ardor and Braintrust.
"The market is waiting for the speech of the chairman of the Federal Reserve, Jerome Powell, on Friday. Investors are waiting for the end of the transfer cycle, which may affect the future performance of the cryptocurrency market." "Meanwhile, Nvidia's better-than-expected second-quarter earnings show a strong trend in AI, so many investors are closely following AI-related cryptocurrencies, including FET, GRT and AGIX," Hooda said.
In other news, the price of major NFT clusters has fallen by as much as 25% in the past month. Projects such as Bored Up Yacht Club and Digods have seen significant monthly floor price reductions of 27% and 55% respectively. Chaturvedi told Gadgets360 that Azuki, which sold its "Elemental" NFT coin in 15 minutes in June, saw a 36 percent drop in floor price.
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