Bitcoin prices continued to edge higher on Thursday, with the world’s most widely used cryptocurrency rising in value for a second day in a row. Bitcoin gained 1.57% and is currently trading at $26,560 (approximately Rs. 2.17 crore). The value of Bitcoin has surged by $623 (approximately Rs. 51,674) in the past 24 hours. The rise in the value of Bitcoin and most other cryptocurrencies may be related to the news that collapsed exchange FTX received legal approval from a U.S. court to sell billions of dollars worth of crypto tokens to raise funds to repay creditors who bore the brunt of FTX’s collapse.
Ethereum joined Bitcoin on Thursday in rising prices. At the time of writing, ETH is worth $1,620 (roughly Rs. 1.34 lakh), up 2.06% from Wednesday’s price. According to data, the overall market value of cryptocurrencies fell by 1.22% in the past 24 hours to $1.04 trillion (approximately Rs. 8,626,987 crore) coin market cap.
“Bankrupt FTX exchange has received court approval to liquidate its crypto assets worth over $3.4 billion (approximately Rs 28,200 crore). Judge John Dorsey’s decision allows FTX to continue selling, pledging and hedging its holdings. Although some expected Activity in FTX will bring additional selling pressure, but experts believe that current market prices already take this into account. Importantly, a large portion of FTX’s assets are located in Solana, but the majority of them are pledged and cannot be sold, which Allaying people’s concerns,” the CoinDCX research team told Gadgets 360.
Altcoins that saw price gains include Tether, Binance Coin, Ripple, Cardano, Dogecoin, Solana.
These weren’t the only altcoins to record gains in value on Thursday. Polkadot, Polygon, Litcoin, Shiba Inu, Bitcoin Cash and Avalanche also rose in value alongside the most valuable cryptocurrencies.
“BTC price action over the past 24 hours has also withstood US inflation data, which showed the highest monthly gain since June 2022. The data came in above expectations of 3.2%, coming in at 3.7%. Bitcoin Max Economists have long viewed Bitcoin as an inflation hedge. It will be interesting to see if Bitcoin continues to hold current price levels. The support level to watch is $24,500 (roughly Rs. 20.3 lakh),” CoinSwitch Markets Desk senior manager Shubham Hudda told Gadgets 360.
Some cryptocurrencies did see price declines, including Leo, Bitcoin SV, Spell Token, and Augur.
“Bitcoin buyers are waiting for the price to rise to sell their coins at higher prices. The price of the coin appears to be stable. Nasdaq’s willingness to register a spot Bitcoin ETF has boosted market sentiment. Meanwhile, Ethereum A possible liquidity crunch on the coin is closely tied to its volatility indicators. However, user interest in purchasing the token appears to have increased,” WazirX Vice President Rajagopal Menon told Gadgets 360.
Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risks. The information provided in this article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV is not responsible for any losses incurred as a result of any investment based on any perceived recommendations, predictions or any other information contained in the article.
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