On Wednesday, October 11, Bitcoin fell 1.95%. The most expensive cryptocurrency is currently trading at $27,059 (approximately Rs. 2.25 crore). In the last 24 hours, the value of BTC fell by $530 (approximately Rs. 44,112). The cryptocurrency industry has seen increased volatility amid the ongoing Israel-Gaza war. Like Bitcoin, most cryptocurrencies are down today.
“Bitcoin has been trading around $27,100 (approximately Rs. 2.25 million) as US stocks edged higher. Investors have chosen to take a cautious approach as geopolitical tensions rise. Bitcoin now needs to break above $27,300 (approximately Rs. 2.27 million) rupee), or risk finding support near $27,000 (approximately Rs 2.24 lakh),” Mudrex co-founder and CEO Edul Patel told Gadgets 360.
Ethereum fell 2.09% on Wednesday. At this point, the value of Ethereum touched $1,554 (approximately Rs. 1.29 lakh). On the last day, the price of ETH fell by $29 (approximately Rs. 2,413).
“The ETH/BTC pair, often considered by the market to be the leading altcoin indicator, also continued to make new lows, touching an 11-month low. Ethereum has also recently failed to break above the $1,750 (approximately Rs. 1.45 lakh) resistance level, market forecasts It may also fall below $1,200 (approximately Rs. 99,860) in the coming months.
Tether, Binance Coin, Ripple, USD Coin, Solana, Cardano, and Dogecoin were also among the cryptocurrencies that posted losses today, along with BTC and ETH.
Tron, Polygon, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash also experienced price drops.
According to statistics, the cryptocurrency market valuation is currently $1.05 trillion (approximately Rs 87,37,785 crore), down 1.69% in the past 24 hours coin market cap.
Meanwhile, only a handful of cryptocurrencies are profitable today. These include Leo and Binance USD.
On the positive side, the CoinDCX research team stated that Bitcoin’s Layer 2 Lightning Network has witnessed significant growth, estimated at 1,212% in two years. The growth in Lightning Network usage is expected to enhance Bitcoin’s usability as a medium of exchange, facilitating faster and more cost-effective transactions.
“Asian markets fell overall, with Bitcoin’s dominance in the last three months peaking and strong investor support leading to lower market sentiment. WazirX Vice President Rajagopal Menon told Gadgets 360 that geopolitical tensions in the Middle East are affecting the cryptocurrency market, leading to Trading volume is up slightly, but market capitalization is down nearly 2% in the past 24 hours. .
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