Author: Roseline

Bitcoin Makes Much-Needed Gains, Roaring To Almost $65,000 This Week in Crypto

Crypto Week Ahead: The price of Bitcoin (BTC) reached a high of $64,606.82 during the previous seven days.

Due to growing buyer confidence, Bitcoin (BTC) enjoyed some much-needed rallies over the previous week, pushing the price up to about $65,000 over the weekend. Bitcoin looks to have leveled off at roughly $63,000. The market for cryptocurrencies is thought to have benefited from a potential rate decrease in the US and Robert F. Kennedy Jr.'s backing of Donald Trump, a fellow pro-crypto leader. We do not yet know how long Bitcoin can continue to rise.

Readers should be aware that coin prices and the cryptocurrency market as a whole are very erratic before continuing. It is impossible to predict with certainty how cryptocurrencies will perform in the future.

The purpose of this article is to assist investors in staying abreast of the most significant events that have already occurred, as well as some noteworthy forthcoming events and current market circumstances. Before taking any calls, investors are recommended to conduct their own research.

The Week's Worth of Cryptocurrency Prices

The total market capitalization of cryptocurrencies was $2.05 trillion on Monday, August 12. The price of Bitcoin was almost $58,590. The price of ETH was almost $2,550.

The whole market capitalization increased to $2.25 trillion a week later.

With a total volume of $3.21 billion, DeFi accounts for 6.31 percent of the market's 24-hour volume. Stablecoins make up $46.42 billion of the whole 24-hour market volume, or 91.24 percent of the total volume. The entire market fear and greed index, according to CoinMarketCap, was at 56 points (out of 100), or "Neutral."

As of the time of writing, 56.22 percent of BTC was dominated.

Bitcoin reached a high of $64,606.82 on August 24 and a low of $58,094.42 on August 19 over the last seven days.

In contrast, Ethereum had a high of $2,815.04 on August 24 and a low of $2,551.05 on August 21.

Notable Crypto Events

On August 23, when locals in the region complained about frequent power disruptions, Thai law enforcement successfully raided an illegal Bitcoin mining business.

The enterprise was set up in a residential neighborhood, and the authorities found that it was using a lot of electricity without being fully paid for it. Residents had first become aware of the problem when there were unexpected and regular power outages in the area. This prompted them to report the problem, which in turn prompted an investigation and raid.

Authorities are still looking into the scope of the operation and the people engaged in this illegal conduct. Concerns have been expressed regarding the possible effects on the nearby power system as well as the wider ramifications for comparable underground operations in other areas due to the mining process' unauthorized usage of electricity.

The Ethereum Foundation just finished a significant transaction in which 35,000 ETH were moved. At current market prices, this amount is expected to be worth approximately $96.9 million. The August 23, 2024, transfer has come under investigation from the cryptocurrency community, raising concerns about the foundation's openness in managing such substantial amounts of money.

The executive director of the foundation addressed the matter in response to the worries, stating that the transaction was a standard component of the company's treasury management procedures. With this explanation, the community was to be reassured that the transfer was a routine operating practice meant to optimize the foundation's financial resources. Even when it was clarified, the transaction created a stir in the cryptocurrency community, emphasizing how crucial openness is moving forward for the blockchain ecosystem's important asset management.

Following a recent cyberattack, Nischal Shetty, a co-founder of WazirX, has clarified the situation about the platform's residual assets and refuted widespread rumors. The propagation of false information, according to Shetty, has led to unwarranted concern by implying that the platform's residual assets have also been hacked. He told users that these accusations are baseless and seem to be made just to garner attention.

In keeping with his commitment to openness, Shetty said he would make WazirX's Proof of Reserves (PoR) available as soon as a new custody provider was secured.

The Views Of Cryptocurrency Traders Regarding The Present Market Situation

Co-founder and CEO of Mudrex Edul Patel said to ABP Live, "Bitcoin opened the week with a rise beyond $60,000, propelled by Robert F. Kennedy Jr.'s endorsement of a crypto-friendly position in favor of Donald Trump and Jerome Powell's hint at a potential rate drop in September." As momentum picks up, Bitcoin is aiming for the resistance level of $65,600, with solid support likely to be found at $63,600. We may expect Bitcoin to shortly move towards $70,000 if it maintains its position above the $62,000 support level.

As Top Coins Experience a Bloodbath, Bitcoin Falls Below $27,000

Quick analysis of the cryptocurrency pricing on August 18 The value of the entire market fell to $1.06 trillion. The world's oldest and most valuable cryptocurrency, Bitcoin (BTC), fell under the $27,000 threshold early on Friday, casting a dismal shadow over the entire market. The US Federal Open Market Committee (FOMC) meeting's concerns about inflation were the primary reason of this. Additionally, it's thought that SpaceX downgrading its BTC holdings and the deteriorating status of the Chinese economy may have had an impact. Other well-known altcoins, such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL), also ended the day in negative territory. At the time of writing, the market cap of all cryptocurrencies was $1.06 trillion, representing a 6.76 percent decline over the previous 24 hours. Bitcoin Price Today According to CoinMarketCap, the price of one bitcoin was $26,361.86, a drop of 8.02 percent over the previous 24 hours. Bitcoin was trading at Rs 23.80 lakh, according to Indian exchange WazirX. Ethereum Price Today At the time of writing, the price of ETH was $1,675.36, a drop of 6.78 percent over the previous 24 hours. According to WazirX, the price of ethereum in India was Rs 1.48 lakh. Dogecoin Price Today According to data from CoinMarketCap, the price of DOGE, which is currently $0.06071, fell by 10.98% over the course of a day. Dogecoin's pricing in India was Rs 5.40, according to WazirX. Litecoin Price Today The 24-hour loss for Litecoin was 14.48 percent. Its price at the time of writing was $64.31. In India, the cost of LTC was Rs 5,679. Ripple Price Today The price of XRP was $0.4906, down 17.03 percent over the previous day. WazirX reported that the price of ripple was Rs 44. Solana Price Today The price of Solana was $21.53, down 8.16% over the previous 24 hours. SOL cost Rs 1,949.97 in India, according to WazirX.

Following the announcement of PayPal USD, Bitcoin briefly increases before losing momentum

The price of Bitcoin (BTC) reached a high of $30,030.97 over the previous seven days. Due to the launch of PayPal's own US dollar-backed stablecoin, named PayPal USD, the largest fintech company's flagship cryptocurrency, Bitcoin (BTC), managed to briefly cross the $30,000 barrier. PayPal is the world's oldest and most significant cryptocurrency. A few people opposed the decision, most notably US Representative Maxine Waters, who voiced her opposition to it in light of the absence of a comprehensive national structure to supervise digital assets. Eventually, BTC prices fell once more, giving the market a gloomy picture. With a market cap of $1.17 trillion, there was no evidence of a bullish trend. Even though the general market sentiment is still neutral, it is possible that the market will continue to trade sideways unless a significant pro-crypto development takes place. Readers should be aware that the entire cryptocurrency market and coin prices are very erratic before continuing. There are no surefire ways to predict how cryptocurrencies will act in the future. The goal of this post is to assist investors in staying informed about the current market conditions, the most significant recent events, as well as some noteworthy upcoming developments. Before making any decisions, investors are encouraged to conduct their own research. Crypto Prices Over The Past Week The total value of the cryptocurrency market was $1.16 trillion as of last Monday, August 7. BTC's price was approximately $29,120, and ETH's price was approximately $1,840. The market cap managed to increase to $1.17 trillion a week later. Check Out Top Crypto Prices Today DeFi's overall volume is $2.33 billion, or 10.13 percent of the 24-hour volume for the entire market. Stablecoins currently account for $21.43 billion in total volume, or 93.26 percent of the total 24-hour market volume. The overall market fear and greed index, according to CoinMarketCap, was 50 out of 100, or Neutral. At the time of writing, BTC has a 48.74 percent market share. Bitcoin reached a high of $30,030.97 on August 9 and a low of $28,746.26 on August 7 over the course of the last seven days. On the other side, Ethereum experienced a high of $1,868.56 on August 9 and a low of $1,806.36 on August 7. Crypto Events To Note As the first significant fintech business to integrate digital currencies into its payment and transfer systems, PayPal made history last week. The result was the launch of PayPal USD, a stablecoin tied to the US dollar. Democratic Party representative Maxine Waters expressed serious concerns about the decision, particularly in light of the lack of a comprehensive federal framework for regulating digital assets. Waters expressed her worries in a statement, pointing to PayPal's impressive scale and wide-ranging impact. She emphasised the need for federal oversight and legislative restrictions on PayPal's stablecoin operations. According to Waters, the two goals of this oversight are to protect consumer interests and reduce any potential concerns about the stability of the economy. Additionally, before issuing, holding, or engaging in transactions involving dollar tokens intended to facilitate payments, such as stablecoins, State banks that are participants in the US Federal Reserve system should get a formal supervisory nonobjection from the Fed, the central bank stated in a fresh supervisory letter. In order to supplement its current supervisory process and strengthen the oversight of tech-driven activities, the Fed also announced it is developing a new supervisory programme to monitor the activities of the banks it regulates that are related to cryptocurrencies, blockchain technology, and tech-driven nonbank partnerships. On a more upbeat note, the Russian central bank has revealed that it plans to start a consumer trial of its virtual currency, the digital rouble, on August 15. Following a lengthy testing phase in association with financial institutions, this development. The measure fits with Moscow's strategic goal of expanding the use of its digital currency in international transactions. Russia has been actively involved in the development of a central bank digital currency (CBDC), which includes digital tokens issued by the central bank, much like many other countries. This project, which has been ongoing for a while, aims to update the nation's financial system and prevent the effect of cryptocurrencies like Bitcoin.