Bitcoin and ETH See No Relief from Prevailing Market Volatility
Ahead of the US decision on interest rate cut scheduled for September 18, the overall crypto market is struggling to overcome the volatility. Bitcoin saw losses of 0.42 percent and 1.20 percent on international and domestic exchanges respectively on Wednesday, September 11. At the time of writing, Bitcoin was trading at $59,315 (roughly Rs. 49.8 lakh) on Indian exchanges such as CoinSwitch and CoinDCX. Meanwhile, BTC was trading at $56,490 (roughly Rs. 47.4 lakh) on global exchanges, data from CoinMarketCap showed.
“Bitcoin is consolidating around $57,000 (approximately Rs. 47.8 lakh) and is showing signs of resilience. After nine days of outflows totaling over $1 billion (approximately Rs. 8,396 crore), Bitcoin ETFs saw a notable turnaround with $34 million (approximately Rs. 285 crore) in net inflows yesterday, indicating renewed investor confidence. BTC’s 30-day average funding rate for perpetual futures has also turned negative, indicating a shift in momentum,” Vikram Subburaj, CEO, Giottus told Gadgets360 while commenting on Bitcoin’s market situation.
Ether, meanwhile, saw a loss of less than one percent on both domestic and international exchanges. The price of ETH on Indian exchanges currently stands at $2,453 (roughly Rs. 2.05 lakh), according to Gadgets360’s crypto price tracker. On foreign exchanges, the price of ETH is $2,327 (roughly Rs. 1.95 lakh).
“With US CPI data due at 6pm IST, market volatility is expected. If inflation comes in lower than expected, a short-term rally could be in the offing. The Fear and Greed Index is at 37, which reflects fear, but it’s a notable improvement from last week’s more extreme fear sentiment. Overall, today promises to be an exciting day, setting the stage for price action that could shape market momentum for the coming weeks,” the CoinSwitch markets desk told Gadgets360.
Binance Coin, Solana, USD Coin, Ripple, Dogecoin and Cardano suffered losses on Wednesday, as did BTC and ETH.
Also, Shiba Inu, Polkadot, Near Protocol, Stellar, and Cronos on the crypto chart and other altcoins experienced price drops.
The overall valuation of the crypto market declined by 0.51 percent in the past 24 hours. However, the capitalization of the sector remains resilient at $1.99 trillion (approximately Rs. 1,67,04,188 crore) for another day, according to MintMarketCap.
Tron, Tether, Avalanche, Chainlink and Leo maintained small gains on the price charts.
Cosmos, Bitcoin SV, Neo Coin, Zcash and Zilliqa also showed small gains alongside their names.
However, market analysts believe that investor confidence is not waning despite the ongoing volatile market period.
“August has seen a 30 percent month-on-month increase in centralized exchange volumes and a surge in SEC fines of over 3,000 percent, both of which are indicative of positive underlying market sentiment. Data shows that spot Bitcoin ETFs in the US have reached a turning point with $28.7 million (approximately Rs. 240 crore) in net inflows, ending a streak of $1.2 billion (approximately Rs. 10,073 crore) in outflows. This shift signals renewed investor confidence and optimism in the crypto space,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information contained in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
