Cryptocurrency: Bitcoin Marginally Bullish US$ 23,015, But Fell 2.68% In 5 Days

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oi-Kuntala Sarkar
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Published: Thursday, August 4, 2022, 13:15 [IST]

The cryptocurrency market is quite volatile now. Today, till 7.30 am UTC, Bitcoin surged by 0.83% and was quoted at US$ 23,015, in the intra day trading. Yesterday, Bitcoin closed at US$ 22,825. The asset fell by 2.68% in the last 5 days, and gained by 13.62% in the past 1 month. However, the largest crypto coin has plunged by 44.88% in the past 6 months. On this matter, Edward Moya, senior market analyst at Oanda commented to CoinDesk, “Bitcoin needs a crypto-specific catalyst to trigger a meaningful move above the $24,700 level.”

However, in the intra day trading today, other crypto coins have also gained marginally. Ether was quoted at US$ 1,630.83, gaining by 0.66%. Yesterday, Ether closed at US$ 1,620.13. Litecoin was quoted at US$ 58.82, gaining by 1.80%, Dogecoin was quoted at US$ 0.0669 gaining by 1.40%, and Cardano was quoted at US$ 0.5050 gaining by 0.84% today, till last traded.

Cryptocurrency Update

The crypto market has been mostly showing a bearish trend in the past 5 days. Multiple issues are influencing the assets at present, apart from the latest 75bps interest rate hike by the US Federal Reserve. According to a CoinDesk report, “The largest cryptocurrency by market cap seemed mostly unfazed by crypto’s latest hack that left over 8,000 wallets, including several Solana (SOL) addresses, compromised on Tuesday. But Solana’s SOL token fell over 4.2% during the past 24 hours and is down 76% year-to-date. For the past two weeks, bitcoin seems to have entered a new range, now hovering between $21,200 and $24,400, a step up from the $17,000 to $21,000 range in the weeks before.”

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Story first published: Thursday, August 4, 2022, 13:15 [IST]

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