The cryptocurrency market on Thursday saw another day of weak price action as the financial world’s focus remains on the upcoming Jackson Hole summit, with most traders taking a risk-off approach until the US Federal Reserve’s next monetary policy decision is ascertained. Is. The value of bitcoin has seen a drop of 1.15 percent in the last 24 hours, its price remains just below $21,500 (approximately Rs. . 17.11 lakh), 0.65 per cent less than yesterday.
On global exchanges such as CoinMarketCap, Coinbase, and Binance, bitcoin is priced at $21,452 (approximately Rs 17.13 lakh), while CoinGecko information Shows that the value of BTC is currently down 7.7 percent compared to last Friday.
Ether outperformed on Thursday but fell by Friday. As things stand, the value of Ether on CoinSwitch Kuber is $1,663 (approximately Rs 1.3 lakh). In comparison, global exchanges see the value of the crypto at $1,664 (approximately Rs 1.3 lakh), where the value of the cryptocurrency has fallen by 2.15 percent in the past 24 hours.
Ether’s performance in the week so far turns the cryptocurrency’s value into double-digit figures in the red 10 percent Compared to its value last Friday, according to CoinGecko data.
Gadgets 360’s cryptocurrency price tracker shows that most major altcoins were down slightly after a topsy-turvy week. The global crypto market capitalization also saw a decline of 1.81 percent.
Polygon, Polkadot, Uniswap, Cosmos, Solana, Monero, Cosmos, Avalanche and BNB all saw price drops in the last 24 hours. That said, Cardano ran against the tide to stay in the green.
Memecoins Shiba Inu and Dogecoin also followed most of the altcoins with a mix of declines and gains. Dogecoin is currently valued at $0.06 (approximately 5.41), after a 1.86 percent drop over the past 24 hours, while the Shiba Inu is valued at $0.000013 (approximately 0.001066), up 0.61 percent from the previous day.
“All eyes will be on the US Federal Reserve’s annual economic symposium today in Jackson Hole, Wyoming; where the Fed’s “hawkish” statements could result in another fall in “at risk” asset prices. Over the coming weeks, however. There the focus will shift away from the woes of the Chinese real estate sector to the US housing market. Nowhere in the economy is a rise in interest rates more significant than in the housing market, where the average 30-year fixed-rate mortgage rate rose last year. This time it increased from 3.0 percent to 5.4 percent last week,” said Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch, while talking to Gadgets 360.
“In India, the CRE8 index was down 0.69 per cent, reflecting global sentiment. At 9 am IST, August 26, the index value (the sum of the crypto asset values of all the crypto assets in the CRE8 index) stood at Rs 2,975.82. BTC and ETH were the top assets by market capitalisation. From a weekly perspective, from August 19 to August 26, the CRE8 index was down 4.92 per cent from Rs 3130.07 to Rs 2,975.82.’
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