Bitcoin Sees Modest 0.31% Gain, Ether Rebounds with 3.18%
On Monday, August 28, Bitcoin saw a 0.31 percent gain. This profit amount, however, had no discernible impact on the trading price of the most expensive cryptocurrency, BTC. At the time of writing, the crypto asset was worth $26,048 (about Rs. 21.5 lakh). Bitcoin’s price fell by $27 (approximately Rs. 2,311) over the weekend to reach its present value as the crypto market remained lethargic.
Ether, which had been losing ground for several days, managed to make a modest gain on Monday. After rising 3.18 percent, the value of ETH is now $1,648 (approximately Rs. 1.36 lakh).
Despite trailing BTC and ETH, a number of cryptocurrencies made money today.
Tether, Binance Coin, USD Coin, Cardano, Solana, and Polygon are among them.
Bitcoin Cash, Monero, Cronos, Zcash, and Cartesi are among the other cryptocurrencies that have seen advances.
According to CoinMarketCap, the overall capitalisation of the crypto market increased by 0.05 percent in the last 24 hours to sit at a pretty tense $1.05 trillion (approximately Rs. 86,80,402 crore).
Meanwhile, the crypto fear and greed index remains in the fear zone, with a score of 39/100, up one point from yesterday.
“Crypto investors are cautious, even though downward price action seems to be slowing down. Following Jerome Powell’s speech underlining the possibility of more interest rate hikes to further contain inflation. However, the price action for cryptos was accompanied by a plunge in stock and bond prices,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures was quoted in a report by Gadgets 360.
Several cryptocurrencies failed to profit from the gains made by BTC and ETH on Monday and ended up on the negative side of the price chart.
On Monday, Ripple, Dogecoin, Tron, Polkadot, Litecoin, Shiba Inu, Avalanche, and Stellar all saw losses.
Losses were also reported by Chainlink, Binance USD, Uniswap, Cosmos, and Elrond.
In other events, the US Treasury Department released a roughly 300-page proposal on cryptocurrency taxation and regulation. While the plan clarifies some terminology, it has also drawn a lot of criticism from the crypto community, one of which being the impossibility of bringing tax-reporting compliance to decentralized crypto activities.
Keywords: bitcoin, Ethereum, bitcoin price
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