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Volatile Market, Bitcoin Investors Concerned, Up 13% In 1 Month, But Down 0.74% Intraday


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oi-Kuntala Sarkar

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With a volatile market condition, Bitcoin investors are quite concerned now. In the past 1 month, Bitcoin has been up by 12.6%, but, the asset has been down by 0.60% in the last 5 days. Today, till 6.15 pm UTC, Bitcoin fell by 0.74% and was quoted at US$ 23,133.10, in intra-day trading. Yesterday, Bitcoin closed at US$ 23,288.20. Bitcoin has been up in the past month, but the asset has not performed quite well this year. In the past 6 months, Bitcoin fell by 45%. Yesterday, the US Labor Department has reported its non-farm payroll data, which jumped 528,000 in July, beating all estimates. The employment data has been the largest in the past 5 months. Due to this, The US Stock markets have also been quite bearish today. S&P 500 stood at 4,145.19 points, down by 0.16%.

Volatile Market,Bitcoin Investors Concerned,Up 13% In 1Month,Down 0.74% Intraday

Similar to Bitcoin, other major cryptocurrencies are also down today. Ether was quoted at US$ 1,709.85, falling by 1.64%. Yesterday, Ether closed at US$ 1,620.13. Litecoin was quoted at US$ 61.37, falling by 1.79%, Dogecoin was quoted at US$ 0.0693 falling by 1.04%, and Cardano was quoted at US$ 0.5159 falling by 0.36% today, till last traded.

After the latest 75bps interest rate hike by the US Fed, the July non-farm payroll data is another significant factor for the economy. The sharp jump in the employment scenario is a positive turn for the US, along with the central bank’s move to control inflation. Hence, the commodities like gold, alternative assets like cryptocurrencies, and the US stock markets have been down today.

Ethereum News

According to a Bitcoin.com news, “Five days ago, the influential Chinese crypto miner, Chandler Guo, explained that a proof-of-work (PoW) version of Ethereum is coming soon as the community prepares for the network’s transition to proof-of-stake (PoS) next month. If Ethereum (ETH) transitions into a full PoS blockchain next month, there’s a very good chance a PoW version will fork away from the current version. The Merge has a pencilled-in date that could take place on the week of September 19, or 44 days from now. Guo is a well known crypto miner and he played a specific role in the 2016 creation of the blockchain network Ethereum Classic (ETC).”

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