Cryptocurrency Prices on August 30: Bitcoin slips below $60,000; Altcoins decline up to 4%

economictimes.indiatimes.com:

cryptocurrency market cap dropped by 1% to approximately $2.08 trillion in the last 24 hours.

As of 1:14 pm IST, Bitcoin was trading at $59,390, down nearly 0.5%, while Ethereum declined by 1% to $2,525.

«The cryptocurrency market saw a downturn due to factors like the House Financial Services Committee's planned hearings on DeFi and 'pig butchering' scams, as well as Nvidia's disappointing earnings report,» said Avinash Shekhar, Co-Founder & CEO of Pi42. AI-related tokens such as Render and Injective were hit particularly hard, falling by 7% and 3% respectively. Despite recent volatility, Bitcoin and Ethereum are showing signs of consolidation at $59,000 and $2,500, continuing the downward trend that began in March.

Edul Patel, CEO of Mudrex, noted that Bitcoin is struggling to break through the $65,000 resistance level. «If bearish momentum continues, we could see Bitcoin drop to $55,700,» he said. He also highlighted the critical support level for Ethereum at $2,300, warning that a breach could lead to a retest of the $2,111 mark.

Did you Know?

The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.