Bitcoin Falls Below $27K Amidst Major Decline in Top Coins
On Friday, Bitcoin and other major crypto tokens were trading significantly lower. A sudden sell-off in the last few hours resulted in losses of $1 billion, marking one of the most severe market downturns of the year. Bitcoin's price hit a two-month low amid this decline. Trading volumes in the crypto market experienced a sudden surge.
Amid rising risk aversion in the crypto market, Bitcoin hit a two-month low near $25,200. This drop is partly attributed to surging global government bond yields, reaching a 15-year high. SpaceX's $373 million write-down and ongoing SEC legal battles are also contributing to disruptions in crypto trading.
Top Crypto Currency Updates:
Bitcoin (BTC)
As of the current writing, the price of Bitcoin is $26,275 showing a 24-hour loss of 8.20 percent. In India, the value of Bitcoin is Rs 24,00,000.
Ethereum (ETH)
At the time of writing, the price of Ethereum was $1,670, showing a 24-hour loss of 7.10 percent. In India, the price of Ethereum stood at Rs 1,45,250.
Binance (BNB)
At the time of writing, the price of Binance was $215 showing a 24-hour loss of 6.80 percent. In India, the price of Binance stood at Rs 18,995.
Cardano (ADA)
At the time of writing, the price of Cardano was $0.2575, showing a 24-hour loss of 6.90 percent. In India, the price of ADA stood at Rs 23.00.
Dogecoin (DOGE)
DOGE recorded a 24-hour loss of 10.80 percent, with its current price at $0.06060. In India, the price of Dogecoin stood at Rs 5.33.
Litecoin (LTC)
Litecoin registered a 24-hour decrease of 15.30 percent. As of the current time, it was trading at $63.67. In India, the price of LTC stood at Rs 5601.
Ripple (XRP)
XRP's price, recorded at $0.4888, experienced a 24-hour fall of 17.40 percent. In India, Ripple's price stood at Rs 43.50.
Solana (SOL)
The price of Solana was recorded at $21.46, reflecting a 24-hour decrease of 7.70 percent. In India, the price of SOL stood at Rs 1880.
Crypto Fear and Greed:
Over the past day, the cryptocurrency markets have shown signs of selling sentiment, causing a 13-point drop in the crypto greed and fear index. The index now stands at 37 out of 100.
Major Event to be watch
Worldwide News Update:
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KuCoin , a major crypto exchange, enforces KYC verification using official IDs like passports, enhancing security. This mirrors a trend among exchanges to deter unlawful finance activities, fostering crypto's legitimacy and growth.
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WorldCoin's token value fell 44% in 3 weeks post-launch. Exchanging iris scans for crypto in needy areas raised privacy and ethical issues. Global regulators, including Kenya and the UK, assess data practices.
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Oman allocates $370 million to water-cooled Bitcoin mining, fostering eco-friendly crypto expansion, economic growth, and tech employment. Vision aligns with making Oman a green cryptocurrency hub.
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Anticipating a Bitcoin ETF, the US SEC plans to approve an Ethereum Futures ETF, potentially on Oct. 3rd or 4th by Valkyrie. SEC's green light for Ether Futures ETF indicates positive market reception. Other firms seek Ethereum-based ETFs.
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Shibarium, Shiba Inu's layer-2 scaling solution, encountered challenges post-launch as user numbers and transactions surged beyond expectations, causing technical issues for the SHIB cryptocurrency project.
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Coinbase will pause trading Tether (USDT), Dai (DAI), and RAI stablecoins for Canadian users from August 31st due to evolving regulations. Following Crypto.com's lead, Coinbase aims to comply with Canadian standards amid regulatory changes.
COIN GABBAR Views: Is now a suitable time for investment in the market amid growing risk aversion, as Bitcoin approaches a two-month low around $25,200? Should one consider investing, or is it better to wait? 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: The Meteoric Rise and Fall of WorldCoin: Privacy Over Price?
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