Bitcoin Drops To Six Month Low
By Laxmikant Khanvilkar
The leading virtual digital assets or VDAs prices declined further on Tuesday during the Asia trade, following an unexpected widespread dump of several tokens.
Bitcoin (BTC), the world’s most valuable cryptocurrency, dropped to a six-month lows at $24,951. It has since retreated and was recently trading at $25,194.20, a loss of 1.98%. Ethereum (ETH), the second largest crypto in market value, was quoting 3.27% lower in the last 24-hours to $1,556.40.
Bitcoin bears seems to have taken complete control and are actively trying to reverse gains posted between June and July 2023.
Meanwhile, the latest crash saw the BTC drop below the consolidation of the past few trading days with the bearish breakdown, looking at price action, canceling bulls of August 31, and setting an increased selling pressure, analysts have said.
The broader markets witnessed a selling pressure that was led by slump Solana, Ripple, and others on a rumors that defunct crypto exchange FTX is planning to sell a large percentage of its assets. FTX is reportedly seeking permission from the court to liquidate its $3.4 billion worth of cryptocurrency holdings, including SOL and other cryptocurrencies.
Ripple (XRP), Arbitrum (ARB), joined SOL in pulling down the markets.
As such, the global crypto market cap lost 2.81% to $1.01 tn, over the last 24-hours. On the other hand, the total crypto market volume increased 60.36% to $32.52 bn. The total volume in DeFi is currently $2.05 bn and all stablecoins $30.37 bn, representing 6.31% and 93.40% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.10% to 48.68%.
IC15 index, the barometer of top fifteen tokens, dropped 2.93% to 32,638.76.
Amid high pressure liquidity pressure, there’s an update to provide little relief. Animoca Brands, a Web3 and gaming firm, has successfully raised $20 million to hasten the creation of its Mocaverse platform.
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