Bitcoin and Other Cryptocurrencies Trade Range-Bound as US Treasury Department Proposal Faces Public Comments
Bitcoin and other crypto tokens were trading range-bound as the US Treasury Department’s new proposal on how to handle digital assets taxes will face a long road as it enters a months-long period of public comments and hearings. Similarly, the Indian prime minister, Narendra Modi, called for an integrated approach and the need for a global framework for cryptocurrencies at B20 yesterday.
Bitcoin and Ethereum Remain Range-Bound
Bitcoin remained range-bound for the day as the largest crypto token inched up slightly to barely hold $26,000-levels. Similarly, its largest peer, Ethereum, moved on the similar line and crept higher to hold above the $1,650-mark. Price action in the altcoins was mixed on Monday.
Market Sentiment Improves
Bitcoin hovered near the $26,000 mark throughout the weekend. Market sentiment improved following optimistic remarks by JPMorgan analysts who suggested that the downward trend of Bitcoin might be coming to a close was well received, said Edul Patel, Co-Founder & CEO at Mudrex.
Similarly, Ethereum is currently trading at approximately $1,650. The weekend also saw criticism from crypto Twitter following the US Treasury Department’s new proposal on handling digital asset taxes.
Mixed Trading for Top Crypto Tokens
All top crypto tokens were trading mixed during the early day on Monday. Shiba Inu, XRP and Polkadot dropped more than a per cent each. Dogecoin was also down about a half a per cent for the day. Among the gainers, Polygon, Solana, Toncoin and BNB gained about a per cent each.
Global Cryptocurrency Market Cap Almost Unchanged
The global cryptocurrency market cap was trading almost unchanged, flat at $1.05 trillion-mark as it inched up slightly in the last 24 hours. However, the total trading volumes dropped as much as 18 a per cent to $17.47 billion.
Tech View by Giottus Crypto Platform
Ripple (XRP) is currently in a consolidation phase after facing rejection at $0.54. After recording short-term gains last month, the asset has declined by about 45 per cent since mid-July. Its 20-day EMA has been on the decline in August as price action finds resistance trading in this area around $0.56. With sufficient buying activity, a break above this level will lead to a rise towards $0.70 and higher. On the other hand, $0.48 is a key support level with $0.40 providing the final line of defence. Its RSI continues to move sideways in the oversold zone reflecting weak buying activity.
The Future of Cryptocurrencies
As the market for cryptocurrencies remains stable, there is a growing debate around how governments and global organizations will approach the regulation and integration of digital assets. With major leaders like the US Treasury Department and Indian Prime Minister Narendra Modi weighing in, it is clear that the future of crypto will be shaped by a complex web of policy decisions and global cooperation.
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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