Bitcoin remains below $67,000 on global exchanges as altcoins surge
Several cryptocurrencies saw their prices surge on the crypto price chart on Friday, including the world’s most-used digital assets — Bitcoin and Ether. Bitcoin price rose 4.33 percent in the past 24 hours to trade at $66,945 (roughly Rs. 56 lakh) on international exchanges like CoinMarketCap. The value of BTC on Indian exchanges continues to fluctuate in the wake of the WazirX hack. At the time of writing, Bitcoin was trading between $53,785 (roughly Rs. 45 lakh) and $71,800 (roughly Rs. 60 lakh) on Indian exchanges.
“BTC has rebounded strongly from its weekly losses, driven by positive momentum and the kickoff of a Bitcoin conference yesterday. The asset is now consolidating within an ascending channel. This suggests that its uptrend remains intact and investor profitability is currently positive,” Vikram Subburaj, CEO of Giottus, told Gadgets360.
Ether also rose by 2.08 percent during the same period. At the time of writing, ETH was trading at $3,247 (approximately Rs. 2.71 lakh) on international exchanges. In India, the price of Ether ranges between $2,554 (approximately Rs. 2.12 lakh) and $3,540 (approximately Rs. 2.96 lakh).
“Substantial outflows from the Grayscale Ethereum Trust (ETHE) have caused ETH to trade low despite small gains. Investors are increasingly concerned about regulatory scrutiny and unfavorable market conditions, leading to a noticeable shift in sentiment,” the CoinSwitch Markets Desk told Gadgets360.
Binance Coin, Solana, Ripple, Dogecoin, Cardano and Avalanche increased in value.
The prices of Shiba Inu, Polkadot, Chainlink and Litecoin rose along with Bitcoin and Ether, but the prices of Qtum, Status, Circuits of Value and Near Protocol fell on Friday.
“Bitcoin has been trading sideways while other altcoins have fallen significantly. Solana and its ecosystem tokens remain strong. Volatility is expected to remain high with today’s PCE Price Index data announcement,” the CoinDCX markets team told Gadgets360. “China’s surprise rate cut and steepening US Treasury yield curve signaled panic,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
The total crypto market cap increased by 3.27 percent in the past 24 hours, taking the crypto market cap to $2.39 trillion (approximately Rs. 2,00,099 crore).
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.
