On Friday, October 13, Bitcoin fell by 0.09% and was trading at $26,777 (approximately Rs. 2.22 crore). This is Bitcoin’s fifth consecutive day of losses. The value of Bitcoin has fallen by $43 (approximately Rs. 3,578) in the past 24 hours. Currently, Bitcoin has a support level of $26,500 (approximately Rs. 22 lakh) and a resistance level of $27,000 (approximately Rs. 22.40 lakh). Market experts said the price decline for Bitcoin and Ethereum was due to cautious market sentiment, influenced by slightly higher-than-expected inflation reports, which led to higher U.S. Treasury rates and a stronger U.S. dollar.
Ethereum fell 1.29% on Friday and was trading at $1,540 (approximately Rs 1.28 lakh). ETH price fell by $20 (approximately Rs. 1,664) in the last 24 hours. Currently, ETH is trading at its lowest price since March.
“ETH came under selling pressure, sending its price to a seven-month low before recovering slightly. The U.S. dollar index (DXY) has risen around 0.8%, putting pressure on ‘risky’ asset classes such as stocks and cryptocurrencies.” CoinSwitch Parth Chaturvedi, head of investments at Ventures, told Gadgets 360.
Binance Coin, Solana, Cardano, Dogecoin, Tron, Polygon, and Polkadot all lost money along with BTC and ETH.
Other cryptocurrencies currently losing money include Shiba Inu, Chainlink, Avalanche, Stellar, Monero, Cosmos and Uniswap.
The overall market valuation of the cryptocurrency industry fell by 0.50% in the past 24 hours. The market capitalization of the digital asset industry has remained unchanged at $1.05 trillion (approximately Rs 8,731,296 crore) over the past three days.
“The decline in markets, including cryptocurrencies, was attributed to September CPI (Consumer Price Index) data released yesterday. CPI increased by 0.4%, while market expectations were for 0.3%.” Chaturvedi pointed out.
Meanwhile, stablecoins are trading in the green today. These include Tether, Ripple, USD Coin and Binance USD.
Other cryptocurrencies achieving profitability today include Litecoin, Bitcoin Cash, Leo, Elrond, EOS Coin, and Cartesi.
“It’s worth noting that today the U.S. Securities and Exchange Commission faces a key decision: whether to challenge Grayscale Investments’ recent legal victory. This choice will not only have a significant impact on the spot Bitcoin ETF, but it may also bring some ups and downs to the price of Bitcoin. As we await the SEC’s decision, it’s important to understand what’s at stake. Some experts believe that if the SEC challenges this, it could slow down the approval of Bitcoin ETFs. However, most believe that the SEC will likely agree with the court. decision,” the CoinDCX research team told Gadgets 360, explaining that the coming days are likely to see continued price volatility for crypto assets.
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.
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