On Monday evening, major cryptocurrencies fell, with minor shifts in altcoin prices. Ethereum’s co-founder, Vitalik Buterin, deposited 600 ETH (approximately $1 million) into Coinbase. The global crypto market cap is $1.05 trillion, down 0.80% in the past day.
On Monday evening, major cryptocurrencies went down, but altcoins didn’t change much in price. This happened as the markets tried to stabilize after a big sell-off, which was one of the largest in recent months.
Here are some cryptocurrency prices at 9:30 p.m. EDT:
- Bitcoin (BTC) decreased by 0.02% to $26,056.
- Ethereum (ETH) went down by 0.59% to $1664.
- Dogecoin (DOGE) dropped by 1.04% to $0.062.
What Happened: On Monday, Ethereum’s co-founder, Vitalik Buterin, put a notable amount of cryptocurrency onto the Coinbase exchange. According to data from etherscan, he added 600 ETH, which is worth about $1 million.
This comes as the value of ether, the second-biggest cryptocurrency, has dropped by 10% in the past week. This fall is part of a larger downturn in the market, leading to traders seeing $1 billion in assets sold off.
Coinbase is also getting a partial ownership in Circle Internet Financial and ending its partnership with Centre Consortium. This consortium used to help make USD Coin, the second-largest stablecoin in the world.
Biggest Winner (Past 24 Hours)
Here are the cryptocurrencies that gained the most in the last day:
- Akash Network: Went up by 16.75% to $1.58.
- Optimism: Increased by 2.27% to $1.52.
- THORChain: Rose by 1.72% to $1.77.
Right now, the total value of all cryptocurrencies together is $1.05 trillion, which dropped by 0.80% in the last day.
On Monday, the Nasdaq Composite ended its four-day streak of losing, even though Treasury yields went up a lot, more than they have in many years. It went up by 1.6%, which is the most in one day since July 28 when it went up by 1.9%. At the same time, the S&P 500 went up by 0.69%.
One of the experts, crypto analyst Michael Van De Poppe, mentioned that BNB is having an effect on the whole crypto market. He remembered a similar situation from last year when SBF was dealing with a big ETH sell-off at $800.
$BNB casually dragging the entire #Crypto markets down.
Brings memories back from last year, when SBF was chasing a big $ETH liquidation at $800.
— Michaël van de Poppe (@CryptoMichNL) August 21, 2023
According to an analyst named TechDev, Bitcoin dropping to $25,000 might actually make a new upward trend happen, looking at how things have gone in the past. They say that the months ahead could surprise everyone, or this time might really be different.
Another expert, crypto analyst Chris Burniske, thinks that Bitcoin (BTC), Ethereum (ETH), and SOL won’t go down to new low prices this year. He’s advising not to trust people who predict lower prices just to get attention. He believes that the lowest point was in 2022, not in 2019.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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