Bitcoin Price Drops Again, Now Below 48K US Dollars

Last week, Bitcoin rose to 50,000 US dollars and fell to 49,000 dollars. (executium/unsplash)

JAKARTA - Bitcoin plunged 1.11 percent to 47,923.72 US dollars on Monday, August 30. The prices of all other cryptocurrencies, except Bitcoin, remain in the red, indicating that they are selling in the global market.

Last week, Bitcoin rose to $50,000 and dropped to $49,000. Apart from Bitcoin, Ethereum, Cardano, and Dagecoin are also treading and trading in the red zone. Ethereum was down 3.38 percent and Cardano was down 1.92 percent. However, the global cryptocurrency market cap fell 0.15% to US$2.7 trillion. Bitcoin, the largest currency, also saw a market gain of 0.10%.

“If BTC surpasses $48,750 in good volume and finds support, it could spike towards $50,000 by the end of next week. This may have been a turbulent week, so next week. The expected Bitcoin range could be around US$44,000 to US$50,000,” said Edul Patel, CEO and co-founder of Mudrex.

The total volume of the crypto market over the past 24 hours was 89.85 billion US dollars, down 7.11 percent. The current total amount of DeFi is 13.53 billion US dollars, which is 15.06% of the total 24-hour crypto market. According to coinmarketcap.com, the current sum of all stablecoins is 6.85 billion US dollars, which is 76.23 percent of the total 24-hour crypto market.

Bitcoin soared from a recent low of US$28,800 in June, surging nearly 75% to a high of US$50,505. A newcomer to the list of names commenting on cryptocurrencies is Raghuram Rajan, former Governor of the RBI said: It is well regulated.

After Elon Musk and Jeff Bezos, Raghuram Rajan's comments are positive news in the crypto world that can drive people's emotions about cryptocurrencies.

“BTC Bear has managed to keep BTC below $50,000 in the past week. BTC has risen towards 49,000 US dollars due to heavy selling in the US dollar spot market, but investors remain cautious. Yes, it appears to prevent the asset from exceeding the 50,000 psychological resistance level," said ZebPay Paydesk.

"Last week's Jackson Hall event did not have a significant impact on the market, but this week several key macroeconomic trends, namely private sector employment data and non-farm payrolls data, are planned for investors and therefore the market, which may affect emotions," said ZebPay Paydesk.

Here are the top cryptocurrencies and their prices as of August 30, 2021 (data from coinmarketcap.com in US dollars)

Bitcoin 47,923 or -1.11% changed in 24 hours

Ethereum 3,176.39 or -0.53% changed in 24 hours

Cardano 2.84 or 1.92% change in 24 hours

Binance Coin 478.00 or -1.15% change in 24 hours

Tether 1.00 or 0.00% change in 24 hours

XRP 1.13 or -0.01% change in 24 hours

Dogecoin 0.2813 or -0.26% change in 24 hours

US Dollar Coin 1.00 or -0.00% Changed Over Last 24 Hours

Polka Dot 25.14 or -2.15% change in 24 hours

Solana 97.22 or 13.51% changed in 24 hours

Uniswap 25.79 or 2.56% change in 24 hours

Terra 32.94 or -6.22% change in 24 hours

Bitcoin Cash 647.02 or -4.83% change in 24 hours