The overall cryptocurrency price chart is in the red, indicating losses for most cryptocurrencies. On Thursday, October 12, Bitcoin fell by 1.01% and was trading at $26,820 (approximately Rs. 2.22 crore). The value of BTC fell by $240 (approximately Rs. 19,950) in the last 24 hours. Industry experts also acknowledged that there was indeed a downward trend in the prices of major crypto assets this week, including Bitcoin and most other cryptocurrencies.
“Traders are now eyeing Bitcoin’s next key support level, which is expected to materialize near the $25,000 (approximately Rs. 2.07 Lakh) mark. When we check Bitcoin’s moving averages, they consistently indicate “Sell” Sentiment further underlined the generally bearish outlook. ” WazirX Vice President Rajagopal Menon told Gadgets 360 when commenting on the situation of BTC.
On Thursday, Ethereum price fell 0.13%. The cryptocurrency is currently trading at $1,560 (approximately Rs. 1.29 lakh).
“Both BTC and ETH have experienced a four-day losing streak, indicating a bearish trend in the market. From a technical perspective, it is worth noting that both cryptocurrencies are currently trading below the key daily 50 and 200 EMAs (Exponential Moving Average).” CoinDCX research team told Gadgets360.
Tether, Binance Coin, Ripple, USD Coin, Solana, Cardano and Dogecoin also joined BTC and ETH in falling for the second day in a row.
Polygon, Polkadot, Litecoin, Shiba Inu and Bitcoin Cash also continued their losses for the second day in a row.
The overall cryptocurrency market valuation fell by 0.66% in the past 24 hours. However, the market capitalization remained at $1.05 trillion (approximately Rs. 87,31,296 crore), unchanged from the previous day. coin market cap.
Meanwhile, Tron, Chainlink, Monero, Cosmos, Cronos, and Bitcoin SV all posted small gains.
Despite continued market volatility, industry experts advise cautious trading decisions. Despite volatile market conditions, the industry continues to evolve, and industry experts remain optimistic about its stable future. JPMorgan Chase’s in-house blockchain Onyx has launched its tokenized collateral network. It recently conducted the first blockchain-based instant collateral settlement transaction involving Barclays and BlackRock.
“Additionally, investors across financial markets, including cryptocurrencies, are looking forward to U.S. Consumer Price Index data expected to be released today. With U.S. stock indexes trading bullishly the day before the data is released, investors are hoping to see positive signs. CoinSwitch Shubham Hudda, senior manager at Markets Desk, told Gadgets360 that any sign of inflation data that exceeds expectations could put pressure on the overall market, and cryptocurrencies will also be affected.
Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risks. The information provided herein 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 loss arising from any investment based on any perceived recommendations, predictions or any other information contained in the article.
Svlook
