On Wednesday, October 4, Bitcoin was trading at $27,403 (approximately Rs. 22.8), down 0.61%. This is the second consecutive day this week that Bitcoin has held on to the $27,000 (approximately Rs. 22 lakh) mark. On the last day, the value of Bitcoin fell by $12 (approximately Rs. 998). Currently, Bitcoin’s current value is 59.59% below its all-time high. However, it is worth noting that Bitcoin’s year-to-date performance is up 65.54%.
On Wednesday, Ethereum price fell by 1.50%. At the time of writing, ETH is trading at $1,640 (approximately Rs. 1.36 lakh). For Ethereum, this marks a $21 (approximately Rs. 1,748) drop in value over the past day.
“Bitcoin has remained trading above $27,300 over the past 24 hours, likely due to traders taking profits amid continued volatility in traditional markets. Meanwhile, Ethereum’s trading patterns have remained stable.” Mudrex United Founder and CEO Edul Patel told Gadgets 360.
Most cryptocurrencies recorded losses today, lagging behind Bitcoin and Ethereum.
These include Tether, Binance Coin, Ripple, Solana, Cardano, Dogecoin, Polygon and Polkadot.
Litecoin, Wrapped Bitcoin, Bitcoin Cash, Shiba Inu, Chainlink and Avalanche also posted minor losses.
The overall valuation of the cryptocurrency industry fell by 0.91% in the past 24 hours. According to the data, this brings the total capitalization of the cryptocurrency market to $1.08 trillion (approximately Rs 89,89,304 crore) coin market cap.
On October 3, the U.S. 10-year Treasury bond yield soared to 4.75%, the highest level in 16 years. The rise was driven by statements from Federal Reserve officials who stressed that interest rates were not expected to fall in 2023 and 2024. The decline in cryptocurrency prices can be attributed to rising U.S. bond yields and overbought signals, which put pressure on Bitcoin. CoinDCX research team told Gadgets 360.
Meanwhile, some cryptocurrencies posted record gains today.
These include USD Coin, Tron, Leo, Stellar, Binance USD, and Monero.
Braintrust, Augur, and Bitcoin Hedge also appear on the profitable side of cryptocurrency price charts.
“The most important altcoin news since yesterday is the famous SEC vs. An attempt to file an interlocutory appeal. This appears to have contributed positively to its price movement,” Shubham Hudda, senior manager at CoinSwitch Markets Desk, told Gadgets 360.
This week, an Ethereum futures ETF began trading in the United States for the first time, marking a milestone for the cryptocurrency space. However, the development did not receive much deal volume as they only managed a total of $1.9 million in deal volume. Industry experts say this can still be considered a win for crypto as investors are still waiting for spot crypto ETFs.
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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