On August 27, the global crypto market cap remained below the $2 trillion mark. Similarly, the volume of the total crypto market declined by almost 4 percent to $109.12 billion (approximately Rs 10,900 crore). The price of bitcoin, the world’s largest cryptocurrency, reached its year-high in late August, nearly three months after the market crash in May. But once the bounce has taken off, its price has started coming down again. Above the level of $ 50,000 (about Rs 37.1 lakh), this digital coin did not survive for long. The decline shortened bitcoin’s rally from July’s lows by nearly 60 percent. On August 28, the price of bitcoin in India was Rs 37.38 lakh.
According to a report published in the Economic Times, Sharan Nair, Chief Business Officer, CoinSwitch Kuber, said, “Except Solana, most coins were seen in the red over the past day due to the sell-off. Despite the decline, the market cap remains close to $2 trillion.”
The crypto market is in a difficult position right now as it is not getting strong support. Sharp volatility was observed in the last 24 hours. The entire market felt the shock of this volatility with similar selloff across the spectrum. “The market is expected to remain volatile in the next 24 hours”, said Edul Patel, CEO and co-founder of Mudrex.
It remains to be seen in the coming two days whether this volatility in the market remains the same or will the crypto market return to light once again.
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