Bitcoin on Friday, October 13 saw a drop of 0.09 percent to trade at the price point of $26,777 (roughly Rs. 22.2 lakh). This is the fifth day in a row that Bitcoin is trading in losses. In the last 24 hours, the value of Bitcoin slipped by $43 (roughly Rs. 3,578). At present, Bitcoin’s support stands at $26,500 (roughly Rs. 22 lakh) and resistance at $27,000 (roughly Rs. 22.4 lakh). As per market experts, the price decline for Bitcoin and Ether was due to a cautious market mood, influenced by a slightly higher-than-expected inflation report, which led to an increase in US Treasury rates along with a stronger dollar.
Ether incurred a loss of 1.29 percent on Friday to trade at the price point of $1,540 (roughly Rs. 1.28 lakh). In the last 24 hours, ETH price dropped by $20 (roughly Rs. 1,664). At present, ETH is trading at its lowest price point since March.
“ETH witnessed selling pressure, taking its price down to its seven-month low, before showing a slight recovery. The US Dollar Index (DXY) has climbed around 0.8 percent, pressuring ‘risk-on’ asset classes like equities and crypto,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.
Binance Coin, Solana, Cardano, Dogecoin, Tron, Polygon, and Polkadot, all recorded losses alongside BTC and ETH.
Other loss-making cryptocurrencies today include Shiba Inu, Chainlink, Avalanche, Stellar, Monero, Cosmos, and Uniswap.
The overall market valuation of the crypto sector dropped by 0.50 percent in the last 24 hours. The market cap of the digital assets industry remains unchanged for the last three days at $1.05 trillion (roughly Rs. 87,31,296 crore).
“The dip in the markets, including crypto, is being attributed to the September CPI (Consumer Price Index) data that came out yesterday. CPI has risen 0.4 percent against a market estimate of 0.3 percent,” Chaturvedi noted.
Stablecoins meanwhile, are trading in the greens today. These include Tether, Ripple, USD Coin, and Binance USD.
Other cryptocurrencies that showed profits today include Litecoin, Bitcoin Cash, Leo, Elrond, EOS Coin, and Cartesi.
“Notably, today the US SEC faces a crucial decision: whether to challenge Grayscale Investments’ recent legal win. This choice not only holds big implications for spot Bitcoin ETFs but could also bring some ups and downs to Bitcoin’s price. As we wait for the SEC’s decision, it’s important to understand what’s at stake. Some experts think that if the SEC challenges this, it might slow down the approval of Bitcoin ETFs. However, most people believe the SEC will likely go along with the court’s decision,” the CoinDCX research team told Gadgets 360, explaining that the next few days could see crypto assets continue to fluctuate in prices.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
