Bitcoin Shows Weak Investor Sentiment, Hovering Around $62,000
Bitcoin is currently experiencing a downturn, influenced by a decline in New York tech stocks and waning investor sentiment. At 8:50 AM, Bitcoin traded at 84.6 million won (approximately $62,000) on Upbit, marking a 1.91% decrease from the previous day’s closing price.
According to CoinMarketCap, Bitcoin’s price internationally was $62,915, dipping below the $63,000 threshold.
Investor sentiment in the virtual asset market has also weakened. The Crypto Fear & Greed Index, tracked by the data platform Alternative.me, fell 7 points from the previous day, reaching a “neutral” state. This index, which ranges from 0 to 100, gauges investor sentiment, with higher values indicating stronger demand for virtual asset investments.
Analysts warn that Bitcoin may face further correction and could drop below $62,000. Despite having its most significant weekly gain since early July last week, the current selling pressure remains a notable concern.
Cointelegraph reported that despite Bitcoin experiencing its largest weekly increase since early July, there are indications that it might face a correction, with the potential to drop to the $60,000 to $62,000 range. The report attributes this forecast to increasing Bitcoin balances on exchanges and the potential liquidation of $300 million worth of long positions in the futures market if the price falls to $60,000.
Last Week, $533 Million Flowed into Cryptocurrency Investment Products
Investment in cryptocurrency-related products has been on the rise. CoinShares reported on the 26th that from August 18 to 24, $533 million flowed into cryptocurrency investment products. This marks the largest influx in the past five weeks.
The largest portion of this inflow was into BlackRock’s Bitcoin spot ETF, IBIT, which attracted $318 million in investments.
PayPal’s Stablecoin PYUSD Surpasses $1 Billion Market Cap
PayPal’s stablecoin, PYUSD, has surpassed a $1 billion market capitalization, achieving a notable milestone in the digital currency space.
As of the 27th, CoinMarketCap reports that PYUSD’s market capitalization is $1.007 billion, making it the 66th largest cryptocurrency by market cap.
PYUSD is a stablecoin pegged 1:1 to the U.S. dollar issued by Paxos Trust Company, a cryptocurrency custody provider that complies with U.S. regulations.
Dan Schulman, CEO of PayPal, stated last year that PYUSD is designed to provide a stable connection to fiat currencies like the U.S. dollar as the world transitions to digital currencies.
Telegram CEO’s Arrest Causes TON Coin to Plunge Nearly 9%
French authorities’ arrest of Telegram CEO Pavel Durov has led to a significant decline in the price of TON, Telegram’s cryptocurrency.
As of 10 AM on the 27th, CoinMarketCap reports that TON’s price had dropped 8.72% from the same time the previous day, settling at $5.28.
Pavel Durov, who hails from Saint Petersburg, Russia, and holds dual citizenship in the United Arab Emirates (UAE) and France, was apprehended in France on the 24th.
Durov faces allegations of failing to address the widespread dissemination of illegal content on Telegram, including child pornography, fraud, cyberbullying, drug trafficking, organized crime, and terrorism advocacy.