On Monday, October 16, Bitcoin price increased by 1.15% and was trading at $27,204 (approximately Rs. 2.26 crore). Bitcoin suffered losses throughout last week amid macroeconomic fluctuations in the inflation report and the release of September Consumer Price Index data, which showed a higher-than-expected rise among other factors. As of October 14, Bitcoin was trading at $26,777 (approximately Rs. 2.22 crore). This shows that the value of BTC has increased by $427 (approximately Rs. 35,545) over the weekend.
“As global turmoil escalates along with macroeconomic uncertainty, investor bullish sentiment towards Bitcoin appears to be growing. The market will be keeping a close eye on BTC in the coming days as events progress. BTC’s positive price action also This can be attributed to the SEC’s lack of appeal in the court case related to Grayscale’s BTC ETF application. The longer the market keeps BTC prices around $27,000 (roughly Rs. 2.2 crore), the more likely it is to move higher next ; Parth Chaturvedi, head of investments at CoinSwitch Ventures, told Gadgets 360.
On Monday, Ethereum also joined Bitcoin in becoming profitable territory on the cryptocurrency charts. With a slim profit of 0.40%, the value of ETH has climbed to $1,562 (approximately Rs. 1.3 lakh). Ethereum prices were less volatile over the weekend but still rose by $22 (roughly Rs. 1,831).
Currently actively traded cryptocurrencies include Binance Coin, Solana, Cardano, Tron, Polkadot, and Litecoin.
Other currently profitable cryptocurrencies are Chainlink, Avalanche, Stellar, Cosmos and Uniswap.
The overall market valuation of the cryptocurrency industry has increased by 0.75% in the past 24 hours. According to statistics, the current market capitalization of the cryptocurrency industry is $1.06 trillion (approximately Rs. 882,284.6 crore) coin market cap. The Crypto Fear and Greed Index has jumped two points since yesterday, entering the neutral zone with a score of 47/100.
Mudrex co-founder and CEO Edul Patel told Gadgets360: “Market participants are now looking forward to the possible SEC approval of the Bitcoin spot ETF application and are therefore optimistic about the prospects.”
U.S. Securities and Exchange Commission, according to ReutersIt rejected all spot Bitcoin ETF applications, including that of well-known crypto asset manager Greyscale, saying the applicants had not shown they could protect investors from market manipulation. Although Greyscale has urged the SEC to reconsider its position, more details on the progress are awaited.
Meanwhile, stablecoins are trading lower today. These include Tether, Ripple, USD Coin and Binance USD.
Other cryptocurrencies currently experiencing losses include Dogecoin, Polygon, Shiba Inu, Monero, Bitcoin Cash and Bitcoin SV.
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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