On Wednesday, September 27, Bitcoin fell 0.14%. Bitcoin is currently trading at $26,180 (approximately Rs. 2.18 crore). This marks the third consecutive day of losses for the most expensive cryptocurrency this week. The value of Bitcoin has fallen by $96 (approximately Rs. 7,995) in the past 24 hours. There is no specific reason why BTC is unable to see profits. Currently, market volatility brought about by regular changes in macroeconomic conditions keeps cryptocurrency trading at a low level.
Elaborating on Bitcoin’s low trading range, Mudrex’s Edul Patel said, “Bitcoin’s recent consolidation above the $26,100 (approximately Rs. 2.17 lakh) mark may be due to the surge in the US 10-year Treasury yield to 4.55%. Comparable to the highest level in 2019.” About 16 years. Sharp rises in interest rates have had a similar impact on the stock market. “
Many cryptocurrencies that saw gains earlier this week are now suffering from market volatility and lagging behind Bitcoin.
The price of Dogecoin, Solana, Polkadot, Polygon, Litecoin, and Shiba Inu all lagged behind BTC, posting small but significant losses.
Chainlink, Leo, Stellar, Cosmos, and Cronos also experienced price drops.
“Unless Bitcoin can break above the late-August high of $28,000 (approximately Rs. 23.20 lakh), the most likely direction for its price from a technical perspective remains a sideways decline. From a broader perspective, any decline below This is the case for $25,000 (approximately Rs. 23.20 lakh) which could have a significant impact,” the CoinDCX research team told Gadgets 360.
At the same time, Ethereum does not follow Bitcoin’s traditional practices today. At the time of writing, Ethereum has made a modest profit of 0.52% and is trading at $1,591 (approximately Rs. 1.32 lakh). However, Ethereum did not see any significant changes in its value on the final day.
Tether, Binance Coin, Ripple, USD Coin and Cardano – all recorded small losses.
according to coin market capthe overall cryptocurrency market valuation has not changed and continues to remain above the $1.05 trillion (approximately Rs. 87,34,099 crore) mark. coin market cap.
Industry experts suggest that given that the market is currently in a volatile and active state, investors should be cautious when investing in digital assets.
Shubham Hudda, senior manager at CoinSwitch Markets, said: “It is worth noting that Bitcoin trading volume on centralized exchanges has hit a 5-year low. The last time we saw this was in September 2018, when Bitcoin was Hitting 5-year lows. The last time we saw this was in September 2018 when Bitcoin was hitting near the end of its bear market cycle,” Desk told Gadgets 360.
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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