Despite an overall recovery, the crypto market continues to be affected by market volatility. On Friday, August 19, Bitcoin slid 1.15% to trade at $24,979 (roughly Rs. 20 lakh) according to Indian exchange CoinSwitch Kuber. The top-ranked cryptocurrency also failed to register a profit on international exchanges. According to data from Binance and Coinbase, BTC recorded losses of up to 2.53%, to trade at $22,823 (roughly Rs. 18 lakh). Investors can breathe a sigh of relief as it is clear that despite these losses, BTC has maintained a healthy price domestically and internationally.
“Crypto asset prices traded sideways last week as they rallied after US inflation data showed signs of slowing, but much of the gains were pared over the week. ETH’s market cap dominance is now over 19%, largely at the cost of BTC’s market cap dominance, which has fallen to around 38%. DeFi TVL market share as well, compared to other Layer 1s,” Parth Chaturvedi, head of crypto ecosystem at CoinSwitch Kuber, told Gadgets 360.
“DOGE and SHIB have been clear outlines suggesting that ‘risky/speculative’ capital is returning to crypto assets, although the launch of DogeChain can be attributed to much of the DOGE hype,” Chaturvedi noted.
Explaining the reasons for this market drop, Chaturvedi said: “the sanctions against Tornado Cashhave had a negative impact on sentiments around DeFi in general and the associated tokens have come under heavy selling pressure over the past week.
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