Bitcoin Back in Red as Traders Take Profit Amid Volatility
Bitcoin and Ethereum Prices Decline
Bitcoin was back in red on Thursday as the largest crypto token dropped about a per cent but remained above $27,000-levels. Its largest peer, Ethereum, declined more than a per cent to breach below $1700 mark again. Price action in the altcoins was on the lower side during the early trade.
Market Sentiments and News
Bitcoin has stabilized its price above the $27,000 threshold, as the markets self-corrected following rapid expansion caused by Grayscale’s victory against the US SEC. The ruling by the Federal Court on Tuesday is seen as clearing the path for a spot bitcoin ETF by the Grayscale. However, overall sentiments remain volatile for the traders.
“This ruling, though, has cultivated a sense of cautious hope within the market regarding an impending verdict on the Bitcoin spot ETF within the United States. Investors are in anticipation of an update from the SEC about Bitwise’s application, with the initial deadline set for September 1st. In contrast, Ethereum has been trading around $1,700,” said Edul Patel, Co-Founder & CEO at Mudrex.
Crypto Market Performance
Barring a few exceptions, all top crypto tokens were trading slightly lower on Thursday. Solana dropped more than 4 per cent, while Polkadot tanked 3 per cent. Polygon and Tron shed 2 per cent each. Among the gainers, Toncoin jumped about a per cent, while Dogecoin posted mild gains.
The global cryptocurrency market cap was trading slightly lower, falling to $1.08 trillion-mark, as it dropped as much as a per cent in the last 24 hours. However, the total trading volumes tanked more than 45 a per cent to $29.74 billion.
The crypto market has traded sideways with downward pressure in the last 24 hours. Investor sentiment, however, continued to climb and jumped 3 points since yesterday; currently in the neutral zone with a score of 52/100. Most of the top 10 cryptos by market capitalization were trading in the red, said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.
Expert Analysis and Recommendations
“Robinhood, one of the largest financial brokers in the US, has been gaining significant traction in its wallet app after enabling wallet support for BTC and DOGE. Even though this seems like a late development in a crowded market segment, investors seem to be welcoming the move,” added Shubham Hudda.
Tech View by WazirX Trade Desk
Merit Circle (MC), is a prominent decentralized autonomous organization (DAO), that aims to optimize the accumulation of value throughout various games within the metaverse. Positioned at the convergence of capital, knowledge, and gamers, MC embodies investors, platform representatives, managers, and, naturally, gaming enthusiasts.
On the 4-hourly time-frame, the MC/USDT trend is on the verge of breaking out of the triangle pattern with a consistent buildup of buying volume. The RSI on the daily period has nearly touched the 60 mark, and we could expect the momentum to continue into the coming days. The next resistance is expected at 0.36 USDT and an immediate support is expected at 0.25 USDT.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
