24 Crypto Update, 28 Aug: Crypto tokens trading in range bound

Bitcoin and Crypto Tokens Experience Modest Recovery Amid Bearish Sen

BTC, ETH steady; Altcoins show upward movement.

Following recent declines, Bitcoin and other crypto tokens made a modest recovery, edging slightly higher. However, growing bearish market sentiment limited gains. While Bitcoin bounced back from sub-$26,000 levels, the rally was restrained due to a lack of fresh catalysts.

Fueled by Chinese tax reductions that uplifted risk assets, Bitcoin sustained its position at $26,000. Despite a substantial dip, its trading volume for the month hit a nearly five-year low, resulting in a loss exceeding $1 billion. BTC is now eyeing crucial US economic data this week, including GDP figures, unemployment claims, and rate data, as factors that could impact its re-engagement in the market.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $26,058 showing a 24-hour gain of 0.20 percent. In India, the value of Bitcoin is Rs 22,92,000.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,650, showing a 24-hour gain of 0.10 percent. In India, the price of Ethereum stood at Rs 1,44,201.

Binance (BNB)

At the time of writing, the price of Binance was $217.90 showing a gain of 0.20% in 24-hour. In India, the price of Binance stood at Rs 18,930.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2646, showing a 24-hour gain of 1.60 percent. In India, the price of ADA stood at Rs 23.00.

Dogecoin (DOGE)

DOGE recorded a 24-hour gain of 1.20 percent, with its current price at $0.06320. In India, the price of Dogecoin stood at Rs 5.54.

Litecoin (LTC)

Litecoin registered a 24-hour increase of 0.80 percent. As of the current time, it was trading at $65.24. In India, the price of LTC stood at Rs 5552.

Ripple (XRP)

XRP's price, recorded at $0.5201, experienced a 24-hour loss of 0.01 percent. In India, Ripple's price stood at Rs 45.40.

Solana (SOL)

The price of Solana was recorded at $20.47, reflecting a 24-hour increase of 0.10 percent. In India, the price of SOL stood at Rs 1803.

Major Event to be watch

Crypto Fear and Greed:

Over the past day, the cryptocurrency markets have shown signs of varied investor sentiment, leading to a stabilization in the crypto "Greed and Fear Index." Currently, the index stands at 39 out of 100, indicating a neutral outlook.

Worldwide News Update:

• Indian PM Narendra Modi advocated global cryptocurrency regulations at the B-20 summit, emphasizing integrated solutions for challenges. He sought innovation while addressing the concerns of crypto's gambling perception and regulatory barriers. Changes may follow for India's crypto landscape.

• Elon Musk foresees Tesla's fleet growing to 10 million vehicles. A Model 3 FSD beta test drive gained attention, sparking both praise and safety concerns. Tesla's AI progress and potential Apple Shortcuts integration were highlighted.

• DeFi redefines finance with blockchain, using smart contracts for decentralized lending, trading, and interest. Uniswap, Aave, and Compound lead, democratizing access, reducing costs, and revolutionizing money management.

• Football star Cristiano Ronaldo's tweet about undergoing a lie detector test by Binance crypto exchange created buzz. Speculation surrounds his cryptocurrency involvement and NFT collection promotion. Binance's move combines tech, fame, and finance, raising discussions on innovation and ethics.

• Lugano, Switzerland sponsors local soccer with Bitcoin, sparking a potential shift in sports sponsorship. The move highlights cryptocurrency's broader role and Switzerland's digital asset strategy.

• US lawmakers have contacted Federal Reserve Chair Jerome Powell about concerns that the central bank's actions might hinder Congressional efforts to regulate payment stable coins, potentially discouraging financial institution involvement in the digital asset landscape.

COIN GABBAR Views: Is a Macro Bullish Breakout on the Horizon? With a significant dip and trading volume for the month reaching an almost five-year nadir, leading to a loss surpassing $1 billion. Is BTC's focus now on pivotal US economic data this week? Could GDP figure, unemployment claims, and rate data influence its return to the market? Stay tuned for the latest news at www.coingabbar.com

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: PM Modi Calls for Global Crypto Rules at B-20 Summit