Bitcoin Surges Past $56,000 Despite Volatility: Details
Bitcoin recorded minor losses of around 0.77 percent on both domestic and international exchanges on Friday, September 13. According to CoinMarketCap, BTC fell to $57,854 (roughly Rs. 48.5 lakh) on global exchanges. However, on Indian platforms such as CoinSwitch and CoinDCX, the leading cryptocurrency was trading at $60,708 (roughly Rs. 50.9 lakh). In the US, the Producer Price Index (PPI) beat expectations while the unemployment rate has marginally beaten predictions in the past few days. These mixed economic signals have contributed to increased volatility in the crypto market.
“In the past 24 hours, Bitcoin has shown resilience, trading around $57,916 (roughly Rs. 48.6 lakh) despite volatility on the back of mixed US macroeconomic data. With leverage in the Bitcoin market rising to 0.2060, the highest level since October 2023, traders are willing to take more risk, indicating the potential for increased volatility. The market remains optimistic as institutional demand increases, with ETFs seeing renewed inflows,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Ether was down 0.70 percent on Friday. The asset is trading at $2,350 (roughly Rs. 1.97 lakh) and $2,484 (roughly Rs. 2.08 lakh) on international and domestic exchanges, respectively.
According to Gadgets360’s crypto price tracker, Solana, USD Coin, Dogecoin, Tron, Avalanche and Shiba Inu also joined BTC and ETH on the losing side of the crypto charts on Friday.
Leo, Stellar, Bitcoin SV and Elrond also registered price drops.
“Investors are reacting to broader market trends and new inflows into crypto exchange-traded funds (ETFs). With anticipation mounting ahead of next week’s crucial FOMC meeting, where the Fed is expected to announce a 25 basis point rate cut, there is optimism that this could have a positive impact on the crypto market,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
The total market capitalization of cryptocurrencies has fallen slightly by 0.49 percent over the past 24 hours, according to MintMarketCapThe valuation of the crypto sector currently stands at $2.04 trillion (approximately Rs. 1,71,22,648 crore).
Meanwhile, Tether, Binance Coin, Ripple, Cardano, Chainlink, Polkadot and Cronos managed to maintain small gains on the price chart.
Cosmos, Polygon, EOS Coin, Status and Cartesi also posted gains on Friday.
“AI tokens in particular are showing strength, which correlates with the impressive performance of NVDA, which has risen by over 10 percent over the past three days. Looking ahead, next week’s Fed Funds rate data will be a major event and could introduce significant volatility into the market,” CoinDCX’s research team 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.
