**Bitcoin Dips As Traders Take Profits Amid Volatility**
*Volatility in the market sentiment leads to a dip in Bitcoin price. Ruling clearing the path for the spot Bitcoin ETF by Grayscale has mixed impact on the overall market sentiment.*
Bitcoin saw a drop of about 1% on Thursday, bringing it back into the red zone. The largest cryptocurrency remained above the $27,000-level. Ethereum, its largest peer, also saw a decline of more than 1% and dropped below the $1,700 mark. Altcoins experienced lower price action during early trade.
**Impact of Federal Court Ruling**
Bitcoin managed to stabilize its price above the $27,000 threshold, with the markets self-correcting after Grayscale’s victory against the US SEC. Edul Patel, Co-Founder and CEO at Mudrex, commented, “This ruling, has cultivated a sense of cautious hope within the market regarding an impending verdict on the Bitcoin spot ETF within the United States.”
Investors are eagerly waiting for an update from the SEC about Bitwise’s application, with the initial deadline set for September 1st. Ethereum, on the other hand, has been trading around $1,700.
**Market Performance**
Barring a few exceptions, all top crypto tokens were trading slightly lower on Thursday. Solana dropped more than 4%, while Polkadot tanked 3%. Polygon and Tron also shed 2% each. Among the gainers, Toncoin jumped about 1%, while Dogecoin posted mild gains.
The global cryptocurrency market cap fell to $1.08 trillion-mark, with a decrease of 1% in the last 24 hours. The total trading volumes tanked more than 45%, with $29.74 billion.
**Investor Sentiment and Market Analysis**
The crypto market has traded sideways with downward pressure in the last 24 hours. Investor sentiment, however, continued to climb and jumped 3 points since yesterday, currently in the neutral zone with a score of 52/100. Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, shared, “Most of the top 10 cryptos by market capitalization were trading in the red.”
**Tech View by WazirX Trade Desk**
Merit Circle (MC), a prominent decentralized autonomous organisation (DAO), aims to optimize the accumulation of value throughout various games within the metaverse. The MC/USDT trend is on the verge of breaking out of the triangle pattern with a buildup of buying volume. The RSI on the daily period has nearly touched the 60 mark, and the next resistance is expected at 0.36 USDT, with an immediate support at 0.25 USDT.
The overall volatility in the market signals caution for the traders as they continue to closely monitor the next move from the SEC and anticipate its impact on the future of Bitcoin and other cryptocurrencies.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin