Ethereum dropped over a per cent to break below the $,1700 mark again

Bitcoin was back in red on Thursday as traders took some profit off the table amid volatile market sentiments. The decision by US Federal Court on Tuesday is seen as paving the way for a spot bitcoin ETF by the Grayscale. However, overall sentiments remain volatile for the traders.

Bitcoin was back in red on Thursday as the world’s biggest crypto currency declined nearly a per cent but stayed above the $27,000-level. Its biggest peer, Ethereum, dropped over a per cent to break below the $,1700 mark again. Price action in the altcoins was on the lower side during the early trade.

Bitcoin has stabilized its price above the $27,000 threshold, as the markets self-corrected after quick expansion caused by Grayscale’s victory against the US Securities and Exchange Commission yesterday, said Edul Patel, Co-Founder & Chief Executive Officer at Mudrex.

This ruling, though, has cultivated a sense of cautious optimism within the market regarding an upcoming verdict on the Bitcoin spot ETF within the US. Investors are in anticipation of an update from the Securities and Exchange Commission about Bitwise’s application, with the initial deadline set for September 1st. On the contrary, Ethereum has been trading near $1,700, Patel added.

Apart from a few exceptions, all leading crypto currencies were trading slightly lower on Thursday. Solana shed more than 4 per cent, while Polkadot slumped 3 per cent. Polygon and Tron lost 2 per cent each. Among the gainers, Toncoin climbed nearly a per cent, while Dogecoin gain marginally.

The global crypto currency market capitalisation was down slightly, dropping to $1.08 trillion-mark, nearly a per cent during the past 24 hours. Nevertheless, the total trading volumes dipped over 45 per cent to $29.74 billion.