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$BTC BTC was trading at $61,129.4 by 18:00 (22:00 GMT) on Thursday, marking a 10.27% increase, the largest one-day gain since August 8. This surge pushed BTC’s market cap to $1,179.0B, representing 56.30% of the total cryptocurrency market cap. Despite the rise, BTC has seen a 7.87% drop in value over the past seven days, trading between $49,486.9 and $65,567.1. Currently, BTC is down 17.10% from its all-time high of $73,740.9 set on March 14. ETH was last at $2,636.95, up 11.66% on the day, with a market cap of $310.7B, or 14.84% of the total cryptocurrency market cap. Tether USDT was trading at $1.0004, with a market cap of $115.1B, or 5.50% of the total cryptocurrency market value. Bitcoin reclaimed $62,000 just days after “Crypto Black Monday,” with traders noting a bullish pattern on the seven-day price chart, suggesting Bitcoin may have hit its floor. Crypto trader Matthew Hyland highlighted a massive green weekly candle with a huge wick, forming a bull hammer on the weekly time frame, indicating a probable bottom for Bitcoin. On August 8, Bitcoin briefly touched $62,510 before pulling back to $61,068. The rebound followed a drop below a key support level to $49,751 on August 5, the first drop below $50,000 since February. Some traders believe the quick reversal was a bear trap, where experienced traders temporarily lower the asset’s price to trap short-sellers. The sentiment among future traders has shifted towards long positions, with 52.48% in long positions compared to 47.52% in short positions. This shift came a day after Morgan Stanley authorized its financial advisers to recommend Bitcoin ETFs to clients.
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XRP Surges Amid Ripple's Legal Victory and Market Dynamics
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"Solana Outperforms Ethereum; Shiba Inu Struggles; Bitcoin's Volatile Path" SOL has recently outperformed ETH, marking a crucial turning point for the cryptocurrency. At $152, SOL is performing marginally better than ETH, reflecting rising investor confidence and the growing uptake of Solana's protocols. The increase in Solana's worth is supported by a significant volume spike and increased revenue from its protocols. Solana's blockchain efficiently manages a high volume of transactions, offering quicker and cheaper alternatives to Ethereum, drawing in many developers and projects. Solana's high throughput and low transaction costs make it a strong rival to ETH, which struggles with scalability and high gas fees. The innovative use of blockchain technology, particularly its proof-of-history (PoH) consensus mechanism, improves network security and efficiency, making SOL a desirable choice for various applications. On the other hand, SHIB is struggling to maintain momentum despite early indications of a possible reversal. SHIB's price has only increased by about 3% from its lowest point of $0.000013, indicating limited investor interest. The rebound from the crucial support level at $0.000010 offered hope, but the actual performance has been weak. The modest upward trend and lack of significant buying pressure reflect traders' cautious approach. Technical indicators suggest a difficult road ahead for SHIB, with continued selling pressure likely. BTC has seen significant volatility, fluctuating between $50,000 and $56,000. The current market state suggests that a break above $56,000 could push it to $57,500, driven by leveraged positions. However, a decline in purchasing activity and potential spikes in selling pressure could extend a bearish rally. Bitcoin's price is also influenced by broader market sentiment, with economic uncertainties and regulatory concerns contributing to overall volatility. "source U. Today" $BTC $SOL $SHIB #CryptoNewss #btcnews99 #MarketDownturn #BlackRockETHOptions #XRPVictory
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"Understanding Crypto Market Terminologies" Hey everyone! I will be explaining$ various crypto market terminologies to help you better navigate the crypto world. Comment below on what specific terms or concepts you want to know more about, and I’ll make sure to cover them in upcoming posts. Let’s learn together! #LearnCrypto #crypto101 #cryptoexplained #CryptoKnowledge #MarketDownturn
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#MarketDownturn #NewsAboutCrypto "Bitcoin's Rebound Slows Amid Broader Crypto Market Volatility" Bitcoin price rose on Wednesday, extending a rebound from over five-month lows as bargain buyers stepped in and sentiment improved slightly, although the token’s recovery appeared to be running out of steam. This trend was also reflected in broader crypto prices, where gains slowed from the prior session as concerns over a U.S. recession, Japanese interest rate hikes, and tensions in the Middle East continued to weigh on sentiment. #Bitcoin❗ rose 1.9% to $56,952.4 by 01:26 ET (05:26 GMT) after slumping as low as $49,000 on Monday. However, gains slowed after a nearly 4% rebound on Tuesday, with the token still trading below levels seen before Monday’s rout. The crypto market struggled with the prospect of a mass sale by the U.S. government and waning interest in crypto derivatives. Risk-off sentiment led to steep outflows from crypto derivatives, mainly exchange-traded funds. Optimism over an improved regulatory environment in the U.S. waned as the 2024 presidential race heated up. Democratic nominee Kamala Harris was seen catching up with Republican nominee and pro-crypto candidate Donald Trump, according to a Bloomberg poll. The International Monetary Fund (IMF) reported progress in talks with El Salvador over a funding program, but noted Bitcoin adoption remained a point of contention. El Salvador adopted Bitcoin as legal tender in 2021, planning infrastructure around the cryptocurrency, but saw little improvement in its fiscal situation and few takers for its "Bitcoin bonds." On Wednesday, broader crypto prices were mixed. Ether fell 0.7% to $2,504.90, while XRP lost 0.4%. ADA and SOL rose 1.3% and 7.2%, respectively. Among meme tokens, $DOGE fell 0.9%, and $SHIB lost 1.4%.
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