Crypto market update: The crypto market held steady over the weekend. As per market data, the global crypto market capitalisation is up 0.2 per cent in the last 24 hours and continues to remain above $1 trillion.
The crypto fear and greed index continues to be in the fear zone with a score of 39/100, a point up since yesterday. Crypto investors are cautious, even though downward price action seems to be slowing down.
Crypto Fear and Greed Index | Image credit: Alternative.me
While talking to Republic about the price movement of the crypto market, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “BTC and ETH have registered marginal gains of 0.2 per cent each, and are currently trading >$26,000 and >$1,600, respectively. BTC, however, briefly slipped below its crucial support of $26,000 on Friday 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.”
Sudeep Saxena, Co-Founder, CoinGabbar, said, “Bitcoin’s price struggles to rebound after last week’s drop, indicating a bleak short-term outlook. In the Jackson Hole speech, Powell admitted the Federal Reserve’s distant path to achieving the 2 per cent inflation target. Yet, this understates the risk, as a major financial crisis might emerge before the target is met, leading the Fed to consider raising the target beyond 2 per cent.”
On the other hand, Edul Patel, Co-Founder & CEO, Mudrex, also pointed out crucial factors affecting the crypto market. Patel said, “Bitcoin’s valuation and overall market sentiment changed following favourable insights from JPMorgan analysts about the possible conclusion of Bitcoin’s downward trajectory infused optimism. This sentiment is corroborated by the diminishing open interest observed in Bitcoin futures contracts on the Chicago Mercantile Exchange, hinting at the end of prolonged liquidation. In contrast, Ethereum’s is trading around the $1,650 range.”
In other news, the US Treasury Department has published a nearly 300-page proposal around crypto tax and regulation. While the proposal clarifies certain definitions, it has also received a lot of criticism from the crypto ecosystem, one of which is the impossibility of bringing tax-reporting compliance to decentralised crypto operations.
Crypto market in last 24 hours
The last week has been highly volatile for cryptocurrencies including Bitcoin and Ethereum. At the time of writing this news, Bitcoin is trading at $26,007.66 with a 0.03 per cent decline in the price in the last 24 hours. On the other hand, Ethereum has recorded a 0.14 per cent price rise and currently trades at $1,649.19.
Image credit: Unsplash
Other altcoins including BNB, Cardano, Solana, Tron, Polygon, Dai and others recorded some positive movement yesterday. While XRP, Dogecoin, Polkadot, Litecoin, and Shiba Inu remained negative in the same period.
BNB is trading at $217.89 with a 0.79 per cent increase while XRP trades at $0.5195 with a 0.99 per cent decline. Dogecoin is hovering close to $0.0626 with a 0.12 per cent loss but Solana recovered by 0.94 per cent and currently trading at $20.48.