Bitcoin, Ethereum, Stellar, and Algorand Daily Price Analysis – Summary of August 15th

The global crypto market has seen a continuation of the downtrend. There were no major changes for bitcoin, ethereum or other tokens to follow. They have continued to depreciate, affecting overall investment. The market has shown slight improvements for the smaller tokens, but it might take some time to lend bitcoin and other upsides. The negative changes hampered market growth for a long time. The market would need a strong wave of upward movement to see a positive change.

The US Federal Reserve has released new guidelines for crypto banks. As a result of the new announcement, American crypto banks could perform crypto and traditional banking functions. Before the recent order, American banks had to choose between the two. According to the Fed statement, these financial institutions will be granted a special status called Master Accounts.

The mentioned key financial status allows the approval of direct payments to these institutions. Currently, all state-licensed banks have “main accounts” status, allowing them to use it for crypto. Recently, some crypto banks have sued the Fed for delaying their master account applications. The new change will help the Fed streamline the process for principal account applications.

Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin and others.

BTC keeps losing

Bitcoin miner Greenidge Generation has announced a halt to its expansion plans. According to available information, the company has suspended its Texas expansion plans due to the huge losses in the second quarter of 2022. Greenidge Generation posted a loss of $107.9 million in the second quarter, so it won’t look to expand further in the coming months.

Source: TradingView

The latest data for Bitcoin shows downward movement. The market changes have resulted in a loss of 1.08% in the last 24 hours. The weekly data shows a gain of 1.21%.

Bitcoin price has remained recessionary as it currently stands around $24,119.40. The market cap value for Bitcoin is estimated at $461,225,188,170. Bitcoin 24-hour trading volume is approximately $35,292,005,496.

ETH cannot keep profits

Ethereum has rejected $2,000 despite investors being hopeful on the rise. Investors continued to invest their capital, but Ethereum failed to hold that position. The result is a retest of $1.8k while remaining bearish. The increased resistance halted its progress for a while.

Source: TradingView

Ethereum has continued to lose value due to the prevailing trend of losses. The latest data shows a 2.71% drop over the past day. The seven-day data shows that it has remained relatively better, gaining 6.69%.

The price value for Ethereum is in the $1,896.90 range. The market cap value for ETH is estimated at $231,383,542,954. The 24-hour trading volume of this coin is approximately $20,445,123,837.

XLM faces losses

Stellar was also in a bearish mood due to the declining market. The recent changes have resulted in losses of 2.52% over the past 24 hours. The weekly data also shows a strong bearish trend as it lost 4.74%. The price value for XLM is in the $0.1234 range.

Source: TradingView

The market cap value for Stellar is estimated at $3,113,944,213. The 24-hour trading volume of this coin is approximately $123,127,431. The same amount in its local currency is approximately 998,462,679 XLM.

ALGO on descent

Algorand has shown a downtrend on sustained losses. The latest data shows a 2.83% drop over the past 24 hours. The weekly data shows him down 3.74%. The price value for ALGO is currently in the $0.3566 range.

Source: TradingView

The market cap value for Algorand is estimated at $2,457,245,308. The 24-hour trading volume of this coin is approximately $84,447,304. The circulation supply of this coin is approximately $6,889,809,315 ALGO.

Final Thoughts

The global crypto market has seen a continuation of losses as it failed to recover. Recent market changes show that Bitcoin, Ethereum, etc. remain in recession. As the market remains recessionary, investors continue sell-offs. The above changes have had an adverse impact on the value of the global market capitalization. The global market capitalization is currently estimated at $1.15 trillion.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com is not liable for any investments made based on the information provided on this page. We strongly recommend independent research and/or advice from a qualified professional before making any investment decisions.

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