After weeks of stagnation around $26,000 (roughly Rs. 2.15 lakhs), the price of bitcoin has finally managed to break through the resistance point. Bitcoin surged 5.30 percent to trade at $27,496 (roughly Rs 2.27 lakh) on Wednesday. The most expensive cryptocurrency gained $1,409 (roughly Rs 1.16 lakh) in the past 24 hours. According to experts, BTC’s price action was caused by the liquidation of around $75 million (roughly Rs. 620 crore) in short positions on exchanges.
Entering Wednesday, the price of Ethereum also rose sharply by 3.81%. As of writing, ETH is trading at $1,718 (roughly Rs 1.41 lakh). The value of ETH rose by $65 (roughly Rs. 5,370) in the last day.
“This huge positive increase may be attributable to a U.S. court ruling against Grayscale in a lawsuit against the SEC involving the company’s application to convert the Grayscale Bitcoin Trust into an ETF. The industry’s This development has led to positive sentiment among investors. “Market players are driving prices up,” Muder CEO Edul Patel told Gadgets 360. Based on this ruling, we may see more large companies applying for Bitcoin spot ETF licenses in the coming months. “
Profits are raining down on the top cryptocurrencies BTC and ETH, often bringing gains to cryptocurrency price charts.
Tether, Binance Coin, Ripple, Cardano, Dogecoin, Solana, Tron and Polygon all posted profits on Wednesday.
Litecoin, Shiba Inu, Bitcoin Cash, Avalanche, Leo, Stellar and Chainlink also saw minor gains.
The overall valuation of the cryptocurrency market surged 4% to $1.09 trillion (approximately Rs 90,07,269 crore) in the past 24 hours, according to coin market cap.
The Fear and Greed Index jumped 10 points into the neutral zone and currently scores 49/100.
Shubham Hudda, senior manager at CoinSwitch Markets Desk, said: “The cryptocurrency market has seen positive price action over the past 24 hours. According to CoinGecko, the global cryptocurrency market capitalization has increased by around $50 billion (roughly Rs. 4,13,758 crore). ” told Gadget 360.
Meanwhile, only a handful of altcoins are in the red today. These include Binance Dollar and Braintrust.
Cryptocurrency is an unregulated digital currency, not legal tender, and there are market risks. The information presented herein is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any losses arising from any investment based on any perceived advice, forecast or any other information contained in the article.
Svlook
