Benzinga - by Mehab Qureshi, Benzinga Staff Writer. Major cryptocurrencies have faced a considerable drop in value, with the summer slump in trading activity exerting pressure on digital assets.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -2.13% | $28,592 |
| Ethereum (CRYPTO: ETH) | -1.74 | $1796 |
| Dogecoin (CRYPTO: DOGE) | -4.61% | $0.067 |
What Happened: Bitcoin, the leading cryptocurrency, experienced 9% drop from its all-time high of 2023, reaching a low of $28,592.
This comes as Securities and Exchange Commission (SEC) is currently evaluating multiple applications for spot BTC ETFs, including one from financial powerhouse BlackRock.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Rocket Pool | +4.18% | $27.24 |
| USUS SED LEO | +1.46% | $4.03 |
| Synthetix | +0.14% | $2.33 |
Currently, the global crypto market capitalization stands at $1.13 trillion, a 2.18% decrease in the last day.
Stocks took a downturn on Wednesday as investors processed the key takeaways from the Federal Reserve’s July meeting. According to the meeting’s summary, there is a possibility of rising interest rates. As a result, the S&P 500 saw a decline of 0.76%, while the Nasdaq Composite dropped 1.15%.
See More: Best Crypto Day Trading Strategies
Analyst Notes: Crypto analyst Michael Van De Poppe emphasized the significant positive impact on the Bitcoin and Crypto markets with Coinbase securing NFA approval for Crypto futures.
Coinbase getting NFA approval for #Crypto futures is extremely positive for the #Bitcoin and #Crypto markets.— Michaël van de Poppe (@CryptoMichNL) August 16, 2023
Bitcoin bull Tom Lee of Fundstrat Global Advisors predicts a potential surge of almost 420% in the crypto king’s price if the right fundamentals align. "If the spot Bitcoin [ETF] gets approved, I think the demand will be greater than the daily supply of Bitcoin, and so the clearing price… Is over $150,000. It could even be like $180,000…
Crypto analyst Jason Pizzino expresses a potential surge of more than 40% for Bitcoin by September 2024, providing a positive outlook for the flagship cryptocurrency. "It's possible that we see a test of $42,000 happen within the period between now and September of 2024. So in basically 12,13 months, a test of the 50% level, $42,200, and then a retreat."
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