BTC Drops Below $61,000 Thanks to US CPI Data, Most Altcoins See Gains
The crypto market saw fluctuations on Friday, October 11, after US CPI data came in higher than expected. Against the backdrop of this development, Bitcoin recorded a loss of approximately one percent on national and international exchanges. At the time of writing, the oldest and most expensive cryptocurrency was trading at $60,576 (approximately Rs. 50.8 lakh) on global exchanges, CoinMarketCap shows. Meanwhile, on Indian exchanges such as CoinSwitch and Giottus, BTC is trading at $61,452 (approximately Rs. 51.6 lakh).
“As Bitcoin had its fourth consecutive red day, the world’s largest cryptocurrency gained more than two percent just before the daily candle closed. Yesterday’s market volatility was largely driven by US CPI data, a key indicator for determining the Fed’s stance on future rate cuts. Although the annual CPI showed a decline compared to last year, it came in higher than analyst expectations, leading to a decline in Bitcoin prices,” the CoinSwitch Markets Desk told Gadgets360.
Ether experienced a price gain of just over one percent on Friday. At the time of writing, the value of ETH stands at $2,407 (approximately Rs. 2,02,145) on international exchanges, as per CoinMarketCap. The price of ETH on Indian exchanges, meanwhile, stands at $2,438 (approximately Rs. 2.04 lakh), Gadgets360’s crypto price tracker shows.
Binance Coin, Solana, USD Coin, Dogecoin and Stellar saw losses on Friday.
Cosmos, Neo Coin, Iota, Status and Cartesi also recorded price drops in addition to ETH.
The total crypto price appreciation currently stands at $2.12 trillion (approximately Rs. 1,78,34,775 crore) after a small loss of less than one percent in the last 24 hours, according to CoinMarketCap.
Profitable altcoins include Ripple, Cardano, Avalanche, Shiba Inu, Polkadot and Leo.
Litecoin, Cronos, Polygon and Bitcoin SV also posted small gains on Friday.
Despite the volatility element of the crypto sector, retail investors have shown interest in dealing with crypto assets. This week the finding was published in a report by the board of the International Organization of Securities Commissions (IOSCO).
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this 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.
