On Friday, October 6, Bitcoin fell by 0.53% and was trading at $27,553 (approximately Rs. 2.29 crore). On the last day, the value of BTC fell by $127 (approximately Rs. 10,566). The decline in Bitcoin price and the apparent slowdown in cryptocurrency trading activity may be due to the upcoming release of US non-farm payrolls (monthly) and US unemployment rate (monthly) data later today. However, it is worth noting that despite the high volatility in the market, the price of BTC has managed to remain within the range of $27,000 (approximately Rs. 2.24 lakh).
Ethereum fell even more than Bitcoin on Friday. The asset is currently trading at $1,622 (approximately Rs. 1.34 lakh) after suffering a loss of 1.32%. Ethereum price fell by $21 (approximately Rs. 1,747) in the past 24 hours.
“The market was initially optimistic due to this surge, but bearish comments from the Fed, low ETH futures trading volume, and delays in Bitcoin ETFs have caused the trend to slow down. At this time, it seems that BTC may enter a sideways period. Mudrex Co-Founder Edul Patel, CEO and CEO, told Gadgets 360 that neither bulls nor bears are in control, with immediate resistance at $27,850 (roughly Rs. 23 lakh) and support at $27,400 (roughly Rs. 2.27 lakh).
Binance Coin, Ripple, Solana, Dogecoin, Tron, Polygon and Polkadot all posted small losses, as did BTC and ETH.
Small price drops also affected Shiba Inu, Chainlink, Stellar, Monero, Cosmos, Binance USD and Cronos, among others.
“Cryptocurrency markets have been trading sideways over the past 24 hours with mild selling pressure. Most of the top ten cryptocurrencies by market cap appear to be trading slightly lower. Looking at Bitcoin’s price action, the market is starting to establish a bullish pattern. However, , due to the lack of new capital flowing into the market, this rebound will be short-lived.” Parth Chaturvedi, investment director at CoinSwitch Ventures, told Gadgets 360 when commenting on market conditions.
It shows that the overall market value of cryptocurrencies fell by 0.50% in the past 24 hours to $1.08 trillion (approximately Rs. 89,85,416 crore) coin market cap.
The Crypto Fear and Greed Index has risen two points since yesterday and is currently in the middle of the scale with a score of 50/100.
Among the profitable cryptocurrencies, Cardano, Litecoin, Bitcoin Cash, Avalanche, Leo, Uniswap and Zcash announced their names on Friday.
“Despite BTC price stability and USD volatility, BTC has remained resilient to sudden swings in the USD Index (DXY). Notably, whales accumulated the highest amount of BTC in 2023, according to Santiment data. Whale accumulation The surge is largely attributable to a flood of requests to the U.S. Securities and Exchange Commission (SEC) to approve Bitcoin spot ETFs,” the CoinDCX research team told Gadgets 360.
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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