Bitcoin briefly reaches $93,000 before retreating amid price correction
Over the past 24 hours, Bitcoin’s value briefly rose to $93,469 (approximately Rs. 78.8 lakh). However, the onset of a price correction prevented this level from being maintained. As of Friday, November 15, Bitcoin is trading at $87,617 (approximately Rs. 73.9 lakh) on global exchanges and $88,506 (approximately Rs. 74.4 lakh) on Indian platforms. The cryptocurrency has experienced a price drop of around 2.5 percent in both international and domestic markets.
Commenting on the market status, Giottus CEO Vikram Subburaj said that recent comments from Fed Chairman Jerome Powell may have influenced BTC’s price movement, in addition to a price correction. “Powell said there is no urgency to cut rates further. Post this, Bitcoin saw a modest dip,” Subburaj said.
Ether saw a bigger price drop than Bitcoin on Friday. ETH is suffering a loss of over five percent on both domestic and international exchanges and is currently trading around the price of $3,042 (approximately Rs. 2.56 lakh).
According to Gadgets360 crypto price tracker, several cryptocurrencies posted losses than gains on Friday.
Tether, Solana, Binance Coin, Dogecoin and USD Coin slid down the price ladder.
Tron, Shiba Inu, Avalanche, Bitcoin Cash, Chainlink and Polkadot also saw price drops on Friday.
The total crypto market capitalization fell by 2.48 percent in the past day CoinMarketCap. At the time of writing, the crypto market’s valuation stood at $2.91 trillion (approximately Rs. 2,45,75,066 crore).
Ripple, Cardano, Near Protocol, Stellar and Monero held on to gains on the price chart.
Despite continued market volatility, Bitcoin appears to be on an upward trajectory.
“Bitcoin has become the seventh largest asset surpassing Saudi Aramco,” Edul Patel, co-founder and CEO of Mudrex told Gadgets360 – predicting that Bitcoin’s support has risen to $86,200 (approximately Rs. 72.7 lakh), while the next resistance point is $90,900. (approximately Rs. 76.7 lakh).
