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 cryptocurrency market: Bitcoin Down at $22,000; Ether, Polkadot Lose Up to 12% in a Day


 The global cryptocurrency market on August 2, Tuesday, took a bigger hit as it struggled to extend gains made during July. Trading volumes on the day remained muted with a 5.51 per cent increase over the past 24 hours as investors put a reign on activities over an apparent economic slowdown across the globe. The crypto market cap fell by 3.06 per cent over the past day to scale $1.05 trillion at the time of writing this article as major cryptocurrencies — including Bitcoin, Ethereum, Polygon, Shiba Inu, Dogecoin and Polkadot — shed up to 12 per cent during the same time frame.

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Bitcoin has declined back to the $22,000 levels after nearing the $25,000 mark towards the end of last month and closed in red for three consecutive days till Monday. Bitcoin price today at the time of writing this article was $22,834.62, down by 1.98 per cent over the last 24 hours, data from CoinMarketCap showed.


“After edging above the $24K level, Bitcoin has declined marginally and closed in red for three successive days. Meanwhile, data indicates that long-term investors have accumulated approximately $64 billion worth of Bitcoin in the last 12 months. The 4-hourly trend for BTC continues to traverse within an ascending channel pattern. The next key resistance level for BTC is expected at $32,300. The daily RSI has maintained a strong position above the level of 50," said a spokesperson at the WazirX trade desk on Tuesday.

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Ethereum has also dropped to the $1500 level after scaling past the $1700 level during July-end in a back-to-back rally. On Tuesday, Ethereum lost nearly 7 per cent since open. Ether price today was standing at $1,581.80, down by 6.29 per cent over the last 24 hours.


“Ethereum dropped over 3 per cent yesterday and eventually slid below the $1,600 level. The trading volumes were tepid over the last few days with sellers dominating the markets. The weekly trend for Ethereum has formed a descending channel pattern with a recent bounce back from its support levels. The next key resistance for Ethereum is expected at $2,400 level. The daily RSI continues to remain above the 50 level," said the WazirX trade desk spokesperson on the day.

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Here are the top 10 cryptocurrencies and their prices on August 2, 2022, Tuesday, (According to data from coinmarketcap.com)


Bitcoin $22,834.62 or 1.98 per cent loss in the last 24 hours


Ethereum $1,581.80 or 6.29 per cent loss in the last 24 hours


Tether $1.00 or 0.00 per cent gain in the last 24 hours


USD Coin $1.00 or 0.01 per cent gain in the last 24 hours


BNB $278.28 or 3.20 per cent loss in the last 24 hours


Binance USD $0.9999 or 0.08 per cent loss in the last 24 hours

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XRP $0.3704 or 2.33 per cent loss in the last 24 hours


Cardano $0.4924 or 5.04 per cent loss in the last 24 hours


Solana $40.19 or 6.94 per cent loss in the last 24 hours


Dogecoin $0.06624 or 4.39 per cent loss in the last 24 hours

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