Bitcoin traded at $26,230 (roughly Rs 2.18 lakh) on Friday, September 8, recording a modest gain of 1.61%. This marks the first time this week that the most expensive cryptocurrency has breached the $26,000 (Rs 2.16 lakh) mark. BTC is trading around $25,000 (roughly Rs. 2.07 lakh) most days so far. Investor sentiment appeared to have lifted slightly after news that JPMorgan Chase & Co was exploring a blockchain-based payment and settlement system, industry analysts said. This suggests that the company is still building in the ongoing bear market phase.
Ethereum gained 0.52 percent to trade at $1,647 (roughly Rs 1.37 lakh). In the past 24 hours, the value of ETH has increased by $15 (roughly Rs. 1,247).
In addition to JPMorgan’s blockchain exploration, other factors are also working in favor of the cryptocurrency industry.
“This positive price movement may be due to a paper published yesterday by the IMF and the G20 Financial Stability Board. Sexual restrictions and comprehensive monetary policy,” Mudrex CEO and co-founder Edul Patel told Gadgets 360.
The paper essentially emphasizes the importance of global regulation and recommends targeted restrictions and sound monetary policy.
Among the profitable cryptocurrencies today, Binance Coin, Ripple, USDcoin, Cardano, Dogecoin, Solana, and Polkadot all performed well.
Other cryptocurrencies that are up today include Litecoin, Bitcoin Cash, Avalanche, Stellar, Monero, Binance Dollar, Cosmos and Cronos.
According to the data, the overall valuation of the cryptocurrency market has increased by 1.15% in the past 24 hours, touching a capitalization point of $1.05 trillion (approximately Rs 87,32,986 crore) coin market cap.
The Fear and Greed Index is also up 5 points from yesterday and is now in the fear zone with a score of 46/100.
Meanwhile, some cryptocurrencies also suffered losses on Friday, including Polygon, Shiba Inu, Chainlink, Uniswap and Qtum.
The next three days could be crucial for the global cryptocurrency market, given that G20 leaders are heading to Delhi today for the G20 meeting. India, as the chairman of the G20, has been working to formulate cryptocurrency rules applicable at the international level. Expect a similarly important update in the coming days.
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.
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