Bitcoin’s Price Drops to $26,035 Amid US SEC Delay on ETF Decisions
Bitcoin experienced a 4.46 percent drop, reaching $26,035 (approximately Rs. 21.5 lakhs) on September 1. It had been trading at around $27,000 (approximately Rs. 22.3 lakhs) just a few days earlier, returning to its resistance point at $26,000 (approximately Rs. 26 lakhs). This decline of $1,155 (approximately Rs. 95,412) within 24 hours is attributed by industry experts to the US SEC’s decision to delay spot Bitcoin exchange-traded fund (ETF) applications until October.
Ether’s Value Decline
Ether (ETH) also experienced a 3.04 percent decline, with its value at $1,648 (approximately Rs. 1.36 lakhs) at the time of writing, marking a $51 (approximately Rs. 4,213) drop over the last day.
Market Situation Impact
The overall cryptocurrency market saw a 3.03 percent drop in its capitalization over the last 24 hours, resulting in a global crypto valuation of $1.05 trillion (approximately Rs. 86.8 lakh crores). The crypto fear and greed index fell by 12 points, shifting back into the fear zone with a score of 40/100.
Selling Pressure and Exchange Reserves
Selling pressure persisted in the crypto market for the second consecutive day. Except for stablecoins like Tether and USD Coin, all the top 10 cryptocurrencies by market capitalization were in the red. The number of Bitcoin (BTC) held in addresses associated with centralized exchanges also decreased by four percent, reaching the lowest exchange reserves since early January 2018.
Tron and Braintrust were among the few cryptocurrencies that managed to maintain positive price movements during this market decline.
In related news, a New York court judge overseeing the SEC lawsuit against Coinbase classified both Bitcoin (BTC) and Ethereum (ETH) as commodities while dismissing a class action lawsuit against Uniswap, a leading decentralized crypto exchange.
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