Bitcoin crosses the $65,000 mark for the first time since August
The overall crypto market is witnessing a rally after the US introduced interest rate cuts last week. Bitcoin recorded price increases of 3.09 percent and 2.4 percent on international and domestic exchanges, respectively, on Friday, September 27. At the time of writing, BTC was trading at $65,314 (approximately Rs. 54.6 lakh) on foreign exchanges, CoinMarketCap showed. On Indian exchanges, meanwhile, the most expensive crypto asset is trading at $66,251 (approximately Rs. 55.4 lakh).
“Bitco crosses $65,000 (approximately Rs. 54.3 lakh) for the first time since early August. The recent US Federal Reserve rate cut and positive macroeconomic conditions are fueling this rally and the revival of investor interest in spot Bitcoin ETFs,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
Ether saw a price increase of 0.81 percent to trade at $2,695 (approximately Rs. 2.25 lakh) on Indian exchanges such as CoinDCX, Gadgets360 crypto price tracker showed on Friday. On global exchanges, ETH costs $2,648 (approximately Rs. 2.21 lakh).
“There is a crucial moment for Ethereum as it needs to stay above the $2,600 (approximately Rs. 2.17 lakh) support level to continue the momentum. Optimism is that gains in BTC and other assets could lead to changes in positive market sentiment,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
Solana, Ripple, Cardano, Avalanche, Shiba Inu, Polkadot and Close to protocol saw gains alongside BTC and ETH on Friday.
Cronos, Cosmos, Polygon, Zcash and Bitcoin SV also posted gains.
As shown by CoinMarketCap, the total crypto market capitalization has increased by 3.10 percent in the past 24 hours. The industry’s valuation currently stands at $2.3 trillion (approximately Rs. 1,92,48,723 crore).
Meanwhile, Binance Coin, USD Coin, Dogecoin, Tron and Chainlink saw losses on Friday.
Leo, Litecoin, Uniswap and Stellar also recorded price drops.
“Historically, September has been a challenging month for crypto, but renewed interest from retail and institutional players signals a possible deviation from this trend, paving the way for a strong close to the month,” said Vikram Subburaj, CEO of Giottus crypto exchange. Gadgets360.
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