Major cryptocurrencies have faced a considerable drop in value, with the summer slump in trading activity exerting pressure on digital assets.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | -2.13% | $28,592 |
| Ethereum ETH/USD | -1.74 | $1796 |
| Dogecoin DOGE/USD | -4.61% | $0.067 |
What Happened: Bitcoin, the leading cryptocurrency, experienced 9% drop from its all-time high of 2023, reaching a low of $28,592.
This comes as Securities and Exchange Commission (SEC) is currently evaluating multiple applications for spot BTC ETFs, including one from financial powerhouse BlackRock.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Rocket Pool | +4.18% | $27.24 |
| USUS SED LEO | +1.46% | $4.03 |
| Synthetix | +0.14% | $2.33 |
Currently, the global crypto market capitalization stands at $1.13 trillion, a 2.18% decrease in the last day.
Stocks took a downturn on Wednesday as investors processed the key takeaways from the Federal Reserve’s July meeting. According to the meeting’s summary, there is a possibility of rising interest rates. As a result, the S&P 500 saw a decline of 0.76%, while the Nasdaq Composite dropped 1.15%.
See More: Best Crypto Day Trading Strategies
Analyst Notes: Crypto analyst Michael Van De Poppe emphasized the significant positive impact on the Bitcoin and Crypto markets with Coinbase securing NFA approval for Crypto futures.
Bitcoin bull Tom Lee of Fundstrat Global Advisors predicts a potential surge of almost 420% in the crypto king’s price if the right fundamentals align. "If the spot Bitcoin [ETF] gets approved, I think the demand will be greater than the daily supply of Bitcoin, and so the clearing price… Is over $150,000. It could even be like $180,000…
Crypto analyst Jason Pizzino expresses a potential surge of more than 40% for Bitcoin by September 2024, providing a positive outlook for the flagship cryptocurrency. "It's possible that we see a test of $42,000 happen within the period between now and September of 2024. So in basically 12,13 months, a test of the 50% level, $42,200, and then a retreat."
Photo Courtesy: Shutterstock.com
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
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