BTC bounces back to $61,000, overall crypto chart points to recovery
The crypto market, which has recently seen a slump, is jumping back to recovery, as can be seen from the crypto charts on Friday, August 9. Bitcoin managed to register a gain of 7.63 percent over the past day on international exchanges, pushing the BTC price to $61,285 (roughly Rs. 51.4 lakh) on CoinMarketCap. Meanwhile, on Indian exchanges, Bitcoin saw a price increase of around six percent, pushing its trading value to $65,545 (roughly Rs. 55 lakh). The legalization of BTC mining in Russia is the latest development that has sent crypto prices soaring overnight.
“Bitcoin has broken through key resistance levels and invalidated last weekend’s decline. The news that Russia has legalized Bitcoin mining, plus expectations of US rate cuts, may have contributed to this shift,” Vikram Subburaj, CEO of Giottus, told Gadgets360.
Ether reflected a gain of 8.17 percent to trade at $2,527 (around Rs. 2.12 lakh) on Friday, Gadgets360’s crypto price tracker showed. With this price gain, Ether has managed to break its downtrend against Bitcoin.
“For ETH, it is crucial to get above $2,800 (approximately Rs. 2.35 lakh) to maintain momentum,” CoinDCX’s research team told Gadgets360.
Tether, Solana, Dogecoin, Cardano, Tron, Avalanche, Polkadot and Chainlink posted gains on Friday, as did BTC and ETH.
Leo, Litecoin, Polygon, Stellar, Cronos and Cosmos also made gains.
“This rebound is being driven by renewed investor confidence and optimism, particularly in response to recent regulatory developments that have eased market tensions. However, analysts warn that this recovery could be marked by volatility, with price swings likely as the market grapples with external influences and changing dynamics,” the CoinSwitch Markets Desk told Gadgets360.
The total crypto market capitalization has increased by 6.64 percent in the past 24 hours, taking the sector’s valuation to $2.15 trillion (approximately Rs. 1,80,41,649 crore), which MintMarketCap.
Losing cryptocurrencies on Friday included Shiba Inu, Near Protocol, Uniswap and Aave.
“The recent announcement of Morgan Stanley’s plan to offer Bitcoin ETFs to its wealthy clients further fuels the optimism in the market. The positive momentum in the crypto market is expected to continue with a rise in prices as the market recovers from the recent downturn,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
