Crypto market wipes Grayscale gains within 2 days, Bitcoin down by 4.47%

Crypto market update: The crypto market continued to see selling pressure for the second consecutive day. According to the market data, the global crypto market capitalisation is back to the level at the start of the week, over $1 trillion. 

The crypto fear and greed index seems to have taken a hit of 12 points and has shifted back into the fear zone with a score of 40/100.

Crypto Greed and Fear Index | Image credit: Alternative.me

Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “The market has backtracked most of its gains which came after the Grayscale ruling. The drop in prices happened after an update from the SEC that it will be delaying its spot BTC ETF decision for all the applicants including Blackrock, till October. Except for the stablecoins Tether and USDC, all of the top 10 cryptos by market capitalisation are trading in the red.”

While talking to Republic about the crypto market movement, Sudeep Saxena labelled the US GDP data as another fuel for further selling pressure on cryptocurrencies. Sudeep said, “Cryptocurrency prices saw a dip on Thursday, relinquishing the momentum derived from the US Court of Appeal's judgement on the Grayscale vs. Securities and Exchange Commission (SEC) lawsuit. Moreover, the decline was exacerbated by the release of data revealing lower-than-expected US gross domestic product growth in the second quarter.”

In other news, a New York court judge, who is also overseeing the SEC lawsuit against Coinbase, classified BTC and ETH as commodities while dismissing a class action lawsuit against Uniswap, a leading decentralised crypto exchange.

Prices listed were last checked at 10:00 am today according to Coinmarketcap.com

Crypto market in last 24 hours

After regaining its overall value and market cap in the last 2 days, Bitcoin is back to its pre-grayscale verdict pricing, reiterating the negative sentiment in the crypto market. Bitcoin is currently trading at $26,034.01, marking a staggering 4.47 per cent decline in the last 24 hours. This substantial decline came right after the SEC decided to delay 7 pending spot Bitcoin ETFs and may take another 45 days to decline, accept or even further delay the ETFs for next year. 

Following the trend of Bitcoin, Ethereum and other prominent altcoins also recorded substantial losses in the last 24 hours. Ethereum is currently trading at $1,650.15 with a 3.03 per cent decline, Solana at $19.86 with a 4.09 per cent decline, while XRP also recorded a 3.52 per cent decline in its price. 

The same decline can also be witnessed in meme coin charts including Dogecoin and Shiba Inu which recorded a 2.84 per cent and 1.88 per cent fall in their prices respectively. Apart from them, BNB, Cardano, Polkadot, Matic, Litecoin, and Bitcoin Cash also recorded substantial losses.