BTC Trading Around $56,600, Altcoins Show Mixed Price Movement
Bitcoin remained substantially below the $60,000 (roughly Rs. 50.3 lakh) mark on Wednesday, September 4, after its price fell earlier this week. Bitcoin saw price drops of around four percent on both Indian and international exchanges on Wednesday, taking the asset’s price to $56,560 (roughly Rs. 47.4 lakh) on global exchanges, according to MintMarketCapMeanwhile, on Indian exchanges, BTC is trading at $60,713 (roughly Rs. 50.9 lakh).
“Bitcoin broke through the critical $57,000 (approximately Rs. 47.8 lakh) support level and reached an intraday low of $55,680 (approximately Rs. 46.7 lakh) as the broader crypto market sentiment turns bearish. The downturn was led by Japan hinting at possible rate hikes and Nvidia’s biggest single-day drop on the Nasdaq,” Vikram Subburaj, CEO of Giottus, told Gadgets360, commenting on the situation.
Ether also reflected declines in its value on Wednesday. The crypto asset registered a loss of over 5.76 percent on Indian exchanges, Gadgets360’s crypto price tracker showed. On overseas platforms, meanwhile, Ether is trading at $2,375 (around Rs. 1.99 lakh) after losing 5.68 percent.
“Ethereum faced significant headwinds in August, marked by weak ETF demand and rising technical concerns, leading to the asset’s largest monthly drop in over two years. The last time Ethereum saw such a severe monthly drop was in June 2022, when it fell 45 percent amid a broader market downturn triggered by the Terra collapse,” ZebPay trading desk told Gadgets360. “ETH has been trading sideways with low volumes. The asset has a strong support zone at around $2,400 (roughly Rs. 2.01 lakh), while $2,850 (roughly Rs. 2.39 lakh) will act as a strong resistance.”
USD Coin, Cardano, Avalanche, Shiba Inu, Chainlink and Bitcoin Cash joined BTC and ETH on the cryptocurrency’s losing side.
Polkadot, Leo, Near Protocol, Polygon and Monero also suffered losses, as did Stellar, Cronos and Cosmos.
“The relationship between traditional and cryptocurrency markets is becoming increasingly apparent as traders adjust their expectations for the Federal Reserve’s interest rate decisions. The ongoing bearish sentiment in cryptocurrencies is influenced by data from the ISM Manufacturing PMI, which shows a continued economic contraction,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
The overall valuation of the crypto sector fell by 4.22 percent in the past 24 hours, taking the crypto market cap to $1.99 trillion (approximately Rs. 1,67,06,964 crore), which showed MintMarketCap.
Profitable cryptocurrencies on Wednesday included Tether, Binance Coin, Ripple, Tron, Litecoin and Bitcoin SV.
“The crypto market suffered significant losses as global markets experienced a sharp decline. Currently, BTC appears to have bottomed in the short term, closing a CME gap, grabbing liquidity, and flushing open interest. However, global markets and upcoming US macro events will play a crucial role in determining the next move,” CoinDCX’s research team noted.
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