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Cryptogambling / Bitcoin & ether steady, cardano gains, Solana down

Bitcoin & ether steady, cardano gains, Solana down

Publish Date: 29/08/2023
selective focus photo of Bitcoin near monitor - After watching my portfolio in usd drop by over 50% in one day I realized it wasn’t usd that is important, it is the btc ratio. You see, I’m holding all altcoins, which help me gain more bitcoin as they rise in price. End of the day, I believe Bitcoin is king. This photo represents Bitcoins ratio to altcoins (seen in the trading chart behind)., tags: ether - unsplash

selective focus photo of Bitcoin near monitor – After watching my portfolio in usd drop by over 50% in one day I realized it wasn’t usd that is important, it is the btc ratio. You see, I’m holding all altcoins, which help me gain more bitcoin as they rise in price. End of the day, I believe Bitcoin is king. This photo represents Bitcoins ratio to altcoins (seen in the trading chart behind). – unsplash

Bitcoin and Ether remained relatively steady in the early hours of Asia’s Tuesday session. Meanwhile, other top cryptocurrencies outside stablecoins had mixed trading patterns.

The Forkast 500 NFT Index, which measures the performance of non-fungible tokens, kept decreasing, indicating more challenges for the NFT industry.

Experts believe that the current negative sentiment in the crypto market might become even stronger in the upcoming fall months.

Bitcoin’s value has decreased by 0.12 percent to reach $26,050.51 in the 24 hours before 7:00 a.m. Hong Kong time. Based on CoinMarketCap’s data, the cryptocurrency has experienced a 0.30 percent decline over the week. During the early hours of the day, Bitcoin reached its highest point at $26,198.58 before dropping again.

Ether also saw a decrease of 0.40 percent, bringing its value to $1,650.23. Over the week, Ether’s value has dropped by 0.99 percent.

“There could be another sell-off, but currently we have seen the usual correction in August and September, making it likely that we will not continue this decline for long and see more of an uptrend from now on,” said Michaël van de Poppe, the CEO of the Amsterdam-based MN Trading, as quoted by Dailynationtoday.

Van de Poppe’s statements aligned with a JPMorgan Chase & Co. report that forecasted a reduced potential for losses in the crypto market. Experts at the U.S. banking institution observed a decline in the count of unsettled bitcoin futures contracts on exchanges, suggesting that the declined prices are gradually losing their strength.

In a recent tweet, van de Poppe expressed optimism about a potential upcoming rally, primarily expected during the fourth quarter of 2023, a period historically favorable for crypto markets (usually October to December).

Van de Poppe indicated that Bitcoin’s upcoming halving event, scheduled for April 16, 2024, is poised to trigger optimism starting in the fourth quarter of this year. This event involves cutting the new issuance of Bitcoin in half every 10 minutes, thereby enhancing its scarcity and increasing its value.

Van de Poppe then discussed the release of this week’s U.S. employment data and the Purchasing Managers’ Index, highlighting that they are additional factors that could bolster Bitcoin’s value.

He also noted that the decision by the SEC regarding Bitcoin exchange-traded fund applications submitted by prominent investment firms such as BlackRock and Fidelity would also have an impact.

Cardano gains momentum

Cardano’s ADA saw gains due to optimistic statements from founder Charles Hoskinson, who predicted that its price could surpass Ether and Bitcoin.

The coin went up by 1.46 percent to $0.2669, with a weekly increase of 1.24 percent. ADA is currently the world’s seventh-largest cryptocurrency with a $9.36 billion market cap.

In contrast, Solana’s SOL decreased by 1.35 percent to $20.50 for a weekly loss of 3.61 percent, despite partnering with Shopify to offer USDC stablecoin payments. The token briefly went up to $21.98 on August 24, the day of the partnership announcement.

Matrixport’s Benjamin Stani noted that integrating Solana into an e-commerce app is a minor industry gain and may not heavily impact the markets.

However, he also mentioned that this represents an additional move in the direction of stablecoins becoming widely accepted, similar to what PayPal has done with PYUSD.

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