Crypto market remains positive amid regulatory hopes in G20 Summit 2023

Crypto market overview: The crypto market has picked up for the second consecutive day. According to global crypto market capitalisation, up 1.2 per cent, remains above $1.09 trillion.

The fear and greed index also jumped 5 points since yesterday and is currently in the fear zone with a score of 46/100.

Crypto Fear and Greed Index | Image credit: Alternative.me

While talking about the crypto market sentiment, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, ‘The investor sentiment seems to have been slightly boosted after news about JPMorgan Chase & Co. exploring a blockchain-based payment and settlement system’a sign that companies are still building in the bear phase. If implemented, this may further institutional adoption for the industry.’

Sudeep Saxena, Co-Founder, CoinGabbar also shared a general overview of the factors affecting crypto market movement. Sudeep said, ‘State unemployment benefit claims dropped by 13,000 to 216,000 during the week ending September 2, as reported by the Labor Department on Thursday. Meanwhile, Bitcoin is trading above the $26,300 mark, yet it encountered resistance and fell short of breaking through the $26,500 threshold.’

As per the latest updates, the much-awaited synthesis paper that has been jointly prepared by FSB and IMF was published for the public yesterday. In essence, the paper underlines the importance of a global regulatory framework but also against implementing blanket bans to mitigate risks associated with the sector, and recommends targeted restrictions and sound monetary policy instead.

The investors have reacted to this positively and seem to keenly await the outcome of this development.

Prices listed were last checked at 11:00 am today according to Coinmarketcap.com

Crypto market in last 24 hours

Most of the top 10 cryptos by market capitalisation are trading in the green. BTC moved past its resistance level at $26k and continues to trade above the mark. ETH logged marginal gains but remained under the $1,650 mark. Simultaneously, the aggregate crypto spot and derivatives trading volume has fallen to its lowest in the last 4 years, according to CCData.

XRP has also gained a little in the last 24 hours with a 0.51 per cent surge, however, the weekly chart of the token showcases the movement in a close range. On the other hand, Dogecoin is also struggling to break through its resistance after last month’s decline and recorded a 0.16 per cent increase yesterday.

With the market mostly moving sideways, Solana gained close to 1 per cent yesterday, however, the weekly charts depict high volatility in the prices of this fundamentally strong blockchain project’s token.

Published: September 08, 2023 11:43 IST

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