Bitcoin Dips as Investors Brace for Tech Earnings Reports
On Wednesday, August 28, Bitcoin saw a notable dip of 4.22 percent over 24 hours on Indian exchanges, trading at $63,385 (approximately Rs. 53 lakh) on platforms like CoinSwitch. On international exchanges, the cryptocurrency fell below the $60,000 (roughly Rs. 50.3 lakh) mark for the first time in weeks, with CoinMarketCap data showing Bitcoin trading at $59,613 (approximately Rs. 50 lakh).
This decline is largely attributed to investor activity as many liquidated their assets, leading to significant market disruption. Mudrex CEO Edul Patel explained to Gadgets360 that this liquidation is contributing to market chaos and warned that further volatility could be expected in the coming days.
Patel highlighted that the upcoming earnings reports from major tech firms like Nvidia, CrowdStrike, Salesforce, and HP, scheduled for release later in the day, and Autodesk, set to report the following day, are crucial. Market participants are closely monitoring these earnings, as they could greatly influence overall market sentiment and potentially affect Bitcoin’s price movement.
As Bitcoin continues to face downward pressure, the broader market is on edge, with the outcome of these earnings reports likely to play a pivotal role in determining the near-term direction of cryptocurrency prices. Investors are advised to stay vigilant and consider the potential impact of these tech earnings on their investment strategies.
“The cryptocurrency market experienced a significant downturn led by a drop in Bitcoin. This triggered a wave of liquidations, affecting over 87,000 traders and resulting in losses exceeding $320 million (roughly Rs. 2,686 crore). While August is usually a relatively calm period for cryptocurrencies, this year's market has been exceptionally volatile,” Avinash Shekhar, Co-Founder and CEO at Pi42, told Gadgets360.
The overall market cap of the crypto sector has dropped by 5.27 percent in the last 24 hours. With this, the valuation of the sector has come to $2.09 trillion (roughly Rs. 1,75,46,041 crore), showed CoinMarketCap.
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The crypto market cap slipped by 0.40 percent in the last 24 hours, leaving most cryptocurrencies, including Bitcoin and Ether, to trade in losses on Monday, August 26. Cardano, Avalanche, and Shiba Inu are among the cryptocurrencies that continue to struggle in a volatile market.