Global #cryptocurrency market

Bitcoin (BTC) saw its price peak at nearly $62,000 yesterday, only to face a sharp rejection and fall back by approximately $4,000. This volatile movement has significantly impacted the broader cryptocurrency market, leading to declines across major altcoins as well.

Binance, one of the world’s largest cryptocurrency exchanges, has resumed full operations in India following a substantial fine and successful registration with the Financial Intelligence Unit (FIU).

In the past 24 hours, the cryptocurrency market has experienced a notable uptick, with its total valuation rising by 2.49%, from $2.09 trillion to $2.14 trillion. This positive shift comes amidst a decrease in trading volume, which has dropped by 23.72% to $63.94 billion.

In early trading hours, Bitcoin (BTC) surged above $60,000 before experiencing volatile swings within the $58,500 to $59,700 range. This fluctuation coincided with Marathon Digital Holdings Inc.'s announcement of a $250 million debt offering to acquire more Bitcoin, which significantly impacted market sentiment.

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) each encountered significant resistance levels over the weekend, leading to declines that suggest potential continuation of downward trends in the coming days. Here’s a closer look at the technical analysis and current market conditions for these major cryptocurrencies.

Recent on-chain data reveals a significant increase in stablecoin activity following recent market fluctuations. Tether (USDT) and Circle’s USD Coin (USDC) have both experienced substantial growth, reflecting their crucial roles in the cryptocurrency market's recovery and expansion.

In a notable rebound, the cryptocurrency market has surged by approximately 2% over the past 24 hours, pushing its total market capitalization above the $2 trillion threshold. This upswing marks a significant recovery from recent downturns and underscores the market's resilience.

As of now, Bitcoin and major altcoins exhibit stability, yet the aftermath of the weekend's sharp liquidation has left a significant impact on the market. The recent wave of liquidations, which saw billions in leveraged positions wiped out, has created a technical pressure on prices, even though the market seems stable at press time.

A recent analysis by prominent crypto analyst CrediBULL Crypto has highlighted a significant divergence between Bitcoin (BTC) and Ethereum (ETH), indicating a potential disparity in their recovery trajectories.

Binance Coin (BNB) has recently faced a significant downturn, with its value plummeting by 31% over the past four days. This steep decline is part of a broader market crash that has adversely impacted most cryptocurrencies.

Ripple's XRP has made a notable recovery following a severe market correction on August 5. After hitting a one-month low of $0.43, XRP has surged by 15% over the past 24 hours, crossing the crucial $0.50 mark.

In the past 24 hours, the cryptocurrency market has experienced a modest rebound, recovering from Monday’s sharp decline that saw many assets hit multi-year lows.