BTC and ETH See Losses Ahead of Upcoming Macroeconomic Events
As the crypto market entered September 2024, most cryptocurrencies recorded significant losses. On Monday, September 2, the price of Bitcoin fell by 2.57 percent on Indian exchanges like CoinDCX and was down by around 1.69 percent on international platforms, according to CoinMarketCap. With this, the trading value of Bitcoin on Indian exchanges currently stands at $61,469 (around Rs. 51.5 lakh). Meanwhile, BTC is trading at $57,480 (around Rs. 48.2 lakh) on international exchanges.
Commenting on Bitcoin’s price situation, Giottus CEO Vikram Subburaj said, “Bitcoin started September with a two percent decline and is now trading below $58,000 (approximately Rs. 48.6 lakh), a two-week low. The asset has recorded lower highs over the past 30 days, suggesting that the price action is fundamentally bearish. Reclaiming $60,000 (approximately Rs. 50.3 lakh) is key for bullish action, while a bounce off support near $56,000 (approximately Rs. 46.9 lakh) is likely in case of further decline.”
Ether reflected a 0.11 percent drop in price on Gadgets360’s crypto price tracker. With this, the value of ETH in India is hovering above the $2,424 (roughly Rs. 2.03 lakh) mark. Internationally, ETH is meanwhile trading at $2,439 (roughly Rs. 2.04 lakh).
Ripple, Tron, Cardano, Avalanche, Shiba Inu and Chainlink.
Bitcoin Cash, Polkadot, Leo, Near Protocol, Polygon and Uniswap also showed losses on the crypto price charts on Monday.
In the past 24 hours, the total market capitalization of the crypto sector has declined by 1.44 percent, taking the sector’s valuation to $2.02 trillion (approximately Rs. 1,69,43,760 crore), data from MintMarketCap.
“A strong US employment report in September could temper expectations for looser monetary policy, potentially leading to further market volatility. However, there is also a 50% chance of an uptrend,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
Among the losing cryptocurrencies, only a handful of altcoins showed gains on Monday. These include USD Coin, Augur, Circuits of Value, Dogefi, Gas and Bitcoin Hedge.
“Over the weekend, the crypto market remained neutral to bearish, continuing its erratic behavior. The market closed August with negative returns, and since September is historically one of the worst months for returns, many expect further declines,” CoinDCX market desk told Gadgets360. “This trend may not continue this time around due to factors such as the upcoming US presidential election, expected rate cuts, and ETF inflows. Technically, the charts remain erratic and mixed. With the upcoming US unemployment figures, we could see increased volatility in the market, potentially providing a clearer direction.”
