Cryptocurrency Price Today (August 6): Bitcoin Dips To $55,000 As US Recession Fear Remains Strong
Cryptocurrency price on August 6 quick take: The global market cap dipped to $2.30 trillion.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, dipped down to $50,000 on Monday but managed to recover fast and climb above the $55,000 mark early Tuesday. The fear of recession in the US due to the US Federal Reserve's decision to maintain high interest rates continues to loom as a major concern among investors as of now. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — landed in the greens across the board as the overall Market Fear & Greed Index stood at 32 (Fear) out of 100, as per CoinMarketCap data. Akash Network (AKT) became the biggest gainer of the lot, with a 24-hour jump of over 33 percent. Tether Gold (XAUt) became the biggest loser, with a 24-hour dip of nearly 2 percent.
The global crypto market cap stood at $1.97 trillion at the time of writing, registering a 24-hour jump of 4.38 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $55,767.42, registering a 24-hour jump of 2.53 percent, as per CoinMarketCap. According to Indian exchanges, BTC price stood at Rs 46.82 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,496.02, marking a 24-hour gain of 6.93 percent at the time of writing. Ethereum price in India stood at Rs 2.09 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour jump of 6.42 percent, as per CoinMarketCap data, currently priced at $0.099. Dogecoin price in India stood at Rs 8.26.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour gain of 3.73 percent. At the time of writing, it was trading at $57.89. LTC price in India stood at Rs 4,849.80.
Ripple (XRP) Price Today
XRP price stood at $0.5121, seeing a 24-hour jump of 7.77 percent. Ripple price in India stood at Rs 42.95.
Solana (SOL) Price Today
Solana price stood at $139.08, marking a 24-hour gain of 8.56 percent. SOL price in India stood at Rs 11,106.55.
Top Crypto Gainers Today (August 6)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Akash Network (AKT)
Price: $2.64
24-hour gain: 33.84 percent
Bittensor (TAO)
Price: $251.36
24-hour gain: 33.08 percent
Helium (HNT)
Price: $4.64
24-hour gain: 20.61 percent
Brett (Based) (BRETT)
Price: $0.09428
24-hour gain: 19.25 percent
Mantle (MNT)
Price: $0.6127
24-hour gain: 19.24 percent
Top Crypto Losers Today (August 6)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Tether Gold (XAUt)
Price: $2,413.62
24-hour loss: 1.25 percent
Sei (SEI)
Price: $0.2941
24-hour loss: 8.09 percent
ORDI (ORDI)
Price: $32.41
24-hour loss: 7.72 percent
dogwifhat (WIF)
Price: $1.90
24-hour loss: 7.21 percent
Beam (BEAM)
Price: $0.01684
24-hour loss: 7.02 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin bounced to $55,000 level after plunging to $50,000 level yesterday. There are several factors attributed to the recent dip. The US Federal Reserve's decision to maintain high interest rates has heightened recession fears, while the Bank of Japan's rate hike has tightened global liquidity. Geopolitical tensions between Iran and Israel further erode market confidence. Additionally, significant crypto futures liquidations and uncertainties surrounding US presidential elections and Mt. Gox distributions have intensified market pressure, leading to widespread sell-offs across the crypto landscape. The next support of BTC lies at the $53,500 and the resistance is at the $58,000.”
CoinSwitch Markets Desk noted, “After seeing one of the biggest crashes in crypto of all times, BTC losing more than 250 billion dollar market cap in a single day - the world’s largest crypto found support at just below 50k USD and bounced back more than 14% to trade around the 56k USD mark. The crash was primarily triggered by two factors, the Middle East escalations of the war between Israel and Iran and the Japanese stock market recording the greatest single-day crash ever since 1987. However, the Nikkie index jumped more than 10% today - after losing 12% yesterday to recover most of its losses, which might trigger a rally in global stock markets again.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bettors on Polymarket recently dramatically revised their outlook on Bitcoin, reducing the odds of its price falling below $45,000 from 5% to as low as 15%. After a sharp drop below $55,000 on August 5, Bitcoin hovered around $50,000 before recovering to $55,289. This volatility resulted in over $1 billion in liquidation within 24 hours. Ethereum also saw a significant decline, its chances of trading above $3,000 dropping from 75% to just 3%. Analysts predict that Bitcoin may test the $40,000 to $45,000 range, but warn that quick reversals are possible.”
Avinash Shekhar, Co-founder & CEO, Pi42, said, “Bitcoin plunged below $50K, its lowest point in six months, triggering panic selling across major cryptocurrencies. However, Bitcoin has since rebounded towards $56K, and altcoins like Ethereum, Dogecoin, BNB, and XRP have recovered over 5%. Pi42 witnessed a surge in trading activity as many investors took advantage of the dip to buy.”
Shivam Thakral, CEO of BuyUcoin, said, “Bitcoin’s recovery to the $56,000 level, clawing back steep losses, is a positive sign for the crypto market. The rebound suggests that investors are actively buying the dip, showcasing their confidence in the long-term potential of digital assets. The global crypto market showcasing resilience in the face of recent volatility, with the total market cap reaching $1.97 trillion, reflecting a 3.37% increase. This surge in market cap was accompanied by the 55.53% rise in total trading volume. This recovery indicates that the cryptocurrency is finding support at higher levels. As the market is facing challenges, it is essential to maintain a long-term perspective.”
CoinDCX Research Team told ABP Live, “In the last 24 hours, the crypto market continued to fall during the day but saw a slight recovery in the evening. Currently, BTC has pulled back near $56,000 and ETH near $2,500. All the global markets experienced a decline, but it remains to be seen whether the recent movements indicate a dead cat bounce or if it indicates sustainable upside liquidity before potentially falling further.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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