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Prolonged waiting period for Bitcoin ETF approval adds to the negative market sentiment

By August 17, 2023August 18th, 20232 minute read

Anticipated changes in regulations around the upcoming elections have dampened the excitement surrounding the Crypto market in the United States, impacting the prices of key tokens such as BTC and ETH which decreased by 2.22% and 1.85% respectively over the last 24 hours.

The Exponential Moving Average for 10-day EMA indicates “Sell” at 29102 and 200-day EMA indicates “Buy” at 27315. The Simple Moving Average for 10-day SMA indicates “Sell” at 29269 and 200-day SMA indicates “Buy” at 27284. 

The Ichimoku Base Line, valued at 29321, continues to be neutral. The Hull Moving Average indicates “Sell” at 28765. The Volume Weighted Moving Average indicates “Sell” at 29304.

Major market oscillators point to a “Buy” sentiment. The Relative Strength Index (14) sits at 36, with a neutral outlook. The Stochastic %K (14, 3, 3) at 16 and the Average Directional Index (14) at 13 indicate a Neutral outlook. 

The MACD Level (12, 26), at -171, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 7 and William’s Percentage indicates a “Buy” sentiment at -86.

As of 10:00 AM, 17th August 2023, on WazirX, Bitcoin’s current price is ₹25,09,246. There was a 0.08% increase in its price in the last 24 hours. In the past 7 days, Bitcoin was down by 0.19%.

Ethereum (ETH) is trading at ₹1,56,500. There was a decrease of 1.57% in the last 24 hours. The 7-day ETH is down by 1.88%.

The top gainers on WazirX include Hifi Finance (HIFI), Loom Network (LOOM), and Nem (XEM), with price increases of 7.82%, 6.27%, and 5.87%, respectively.

However, the tokens that underperformed comprised Combo (Combo), DFI.Money (YFII), and Bob (BOB), with a price decrease of 15.33%, 13.21%, and 13.05%, respectively.

Shiba Inu (SHIB) saw a price decrease of 0.25% and is now priced at ₹0.000806. Dogecoin (DOGE) saw a decrease of 2.32% and is now priced at ₹5.94.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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