H2: Bitcoin and Ethereum Drop as Market Sentiments Remain Volatile
Bitcoin and Ethereum faced a dip on Thursday, as traders opted to take some profit off the table amidst volatile market sentiments. The largest crypto token, Bitcoin, dropped by about one percent but managed to remain above the $27,000 levels. Meanwhile, its largest peer, Ethereum, declined by more than a percent, falling below the $1,700 mark again. Altcoins also experienced lower price action during early trade.
H3: Market Self-Correction and SEC Ruling
Bitcoin managed to stabilize its price above the $27,000 threshold, with the markets self-correcting following rapid expansion caused by Grayscale’s victory against the US SEC. Edul Patel, Co-Founder & CEO at Mudrex, commented on the situation, noting that the ruling had cultivated a sense of cautious hope within the market regarding an impending verdict on the Bitcoin spot ETF within the United States. Investors are eagerly anticipating an update from the SEC about Bitwise’s application, with the initial deadline set for September 1st. On the other hand, Ethereum has been trading around the $1,700 mark.
H3: Top Crypto Tokens and Global Market Cap
With a few exceptions, most top crypto tokens were trading slightly lower on Thursday. Solana dropped more than 4 percent, while Polkadot tanked 3 percent. Additionally, Polygon and Tron shed 2 percent each. However, among the gainers, Toncoin jumped by about one percent, while Dogecoin posted mild gains.
The global cryptocurrency market cap was also trading slightly lower, falling to the $1.08 trillion mark, experiencing a decrease of around one percent in the last 24 hours. Furthermore, the total trading volumes tanked by more than 45 percent, totaling $29.74 billion.
H3: Investor Sentiment and Market Desk Analysis
The crypto market has traded sideways with downward pressure, and investor sentiment has continued to climb, jumping 3 points since yesterday. Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, mentioned that most of the top 10 cryptos by market capitalization were trading in the red.
Furthermore, commenting on recent developments, Hudda added that Robinhood, one of the largest financial brokers in the US, has been gaining significant traction in its wallet app after enabling wallet support for BTC and DOGE. Despite this seeming like a late development in a crowded market segment, investors seem to be welcoming the move.
H2: Tech View by WazirX Trade Desk
The Tech View by WazirX Trade Desk provided an analysis of Merit Circle (MC), a prominent decentralized autonomous organization (DAO) that aims to optimize the accumulation of value throughout various games within the metaverse. Positioned at the convergence of capital, knowledge, and gamers, MC embodies investors, platform representatives, managers, and gaming enthusiasts.
H3: MC/USDT Trend
On the 4-hourly time frame, the MC/USDT trend is on the verge of breaking out of the triangle pattern with a consistent buildup of buying volume. The RSI on the daily period has nearly touched the 60 mark, and momentum is expected to continue into the coming days. The next resistance is anticipated at 0.36 USDT, with immediate support expected at 0.25 USDT.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
