BTC-led crypto market sees volatility due to macroeconomic factors
This week, the crypto market is gearing up for two major events: the upcoming FOMC meeting in the US and the launch of Donald Trump-backed crypto platform, World Liberty Financial. Amid these developments, Bitcoin saw mild declines on Monday, September 16, with losses of 0.12 percent on Indian exchanges and 1.59 percent on international platforms. Currently, the world’s oldest and most valuable cryptocurrency is trading at $58,407 (roughly Rs. 49 lakh) globally, after briefly breaching the $60,000 (roughly Rs. 50.3 lakh) mark over the weekend. On Indian exchanges, Bitcoin is trading at $62,053 (roughly Rs. 52 lakh).
“Bitcoin dropped after what the FBI said ‘looks like an assassination attempt’ on Donald Trump, leading to over $116 million (roughly Rs. 973 crore) in liquidations. All eyes are now on the Fed’s rate decision, with markets split between a 25-50 bps rate cut,’ Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
Ether recorded losses of around five percent on both domestic and international exchanges in the past 24 hours. The value of ETH is currently in the range of $2,279 (approximately Rs. 1.91 lakh) and $2,289 (approximately Rs. 1.92 lakh).
As Gadgets360’s crypto price tracker showed on Monday, Ripple and Cardano also saw losses, along with BTC and ETH. Avalanche, Chainlink, Polkadot and Litecoin also saw price drops.
Stellar, Cronos, Cosmos, Polygon, Bitcoin SV, Elrond and Zcash also suffered losses.
The total market capitalization of cryptocurrencies has fallen by 3.14 percent in the past 24 hours, according to MintMarketCapAt the time of writing, the global crypto market stands at $2.03 trillion (approximately Rs. 1,70,32,400 crore).
Meanwhile, small gains were made on Monday by Binance Coin, Solana, Dogecoin, Shiba Inu, Leo, Near Protocol, Binance USD and Monero.
“Despite short-term fears, analysts remain optimistic. The Fear and Greed Index indicates that extreme fear could present a buying opportunity, suggesting a bright future for Bitcoin, Solana, and the broader crypto market,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
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