The crypto price charts reflected greens for most cryptocurrencies as August progressed through the end of the first week. Bitcoin opened trading at 0.20 percent on Friday, August 5. According to the Indian exchange CoinSwitch Kuber, BTC is currently priced at $24,248 (about Rs. 19 lakh). The oldest cryptocurrency saw losses worth next to nothing on international exchanges. For example, on Binance and CoinMarketCap, BTC suffered minuscule losses of 0.37 and 0.24 percent to trade at $23,125 (about Rs. 18 lakh).
Small gains came to Ether as it continued into August. With gains of 0.94 percent, ETH values are currently around $1,741 (about Rs. 1.38 lakh). According to Gadgets 360 crypto price tracker.
Cardano, Solana, Polkadot, Polygon, Avalanche and Uniswap took the win.
“Recession fears seem to have been brushed aside by equity markets as they rose globally, even after the Fed’s rate hike. In the US, stock prices were further supported by stronger-than-expected earnings figures. The Fed still thinks rate hikes will only cause a slight slowdown, further suggesting inflation fears are peaking,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.
Meanwhile, USD Coin, Binance USD, Ripple, Shiba Inu, Litecoin and Steller are trading in red on the price charts.
Overall, the crypto sector’s market cap was $1.08 trillion (approximately Rs. 85,71,025 crore), after rising 0.49 percent in the past day.
According to Chaturvedi, crypto asset prices traded sideways this week due to the macro narrative that continues to dictate the digital asset markets.
He noted that the waning enthusiasm around Ethereum’s ‘Merge’, Bitcoin’s narrow range trading, and the Nomad, Solana hacking attacks increased fear among crypto community members.
“In India, the CRE8 index rose 1.96 percent, reflecting global sentiment. As of 09:00 IST, August 5, the index value (sum of crypto asset values of all crypto assets in the CRE8 index) was Rs. 2,985.99. BTC and ETH were the top assets by market cap. From a weekly perspective, from July 29 to August 5, the CRE8 index rose 2.08 percent, from Rs. 2909.12 to Rs. 2967.80,” Chaturvedi emphasized.
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