Bitcoin has been the beneficiary of the ongoing political drama unfolding in the US. After current US President Joe Biden withdrew from the upcoming presidential race against Donald Trump over the weekend, Bitcoin surged to the price level of $68,007 (approximately Rs. 56.8 lakh) on international exchanges. This is the asset’s highest price in the month of June and July so far. Meanwhile, on Indian exchanges like BuyUCoin, Bitcoin is trading at $68,080 (approximately Rs. 56.9 lakh). However, the broader cryptocurrency chart failed to resonate with BTC’s price surge and hinted at increased volatility with altcoins showing mixed movements.
“Bitcoin has rebounded towards the $68,000 (around Rs. 56 lakh) mark as market participants show optimism over Donald Trump’s potential election victory. BTC now has its eye on the $70,000 (around Rs. 58.5 lakh) level, indicating continued positive sentiment,” Edul Patel, CEO of Mudrex told Gadgets360.
Ether also saw a notable surge in its price last week, starting Monday. The second most valuable cryptocurrency after Bitcoin, Ether is currently trading at $3,512 (roughly Rs. 2.93 lakh) on international exchanges like CoinMarketCap. In India, meanwhile, ETH’s price is trading at $3,685 (roughly Rs. 3.08 lakh)
“Backed by the upcoming trading of ETH ETFs, Ether is looking strong. For continued bullish momentum, ETH needs to cross the key $3,650 (around Rs. 3.05 lakh) level and stay above $3,360 (around Rs. 28 lakh). This week is packed with several macro events, which are likely to increase market volatility,” CoinDCX markets desk told Gadgets360.
According to Gadgets360’s crypto price tracker, Tether, Ripple, Polkadot, Bitcoin Cash, Polygon and Leo made gains.
Leo, Cosmos, Zcash, Underdog and Iota also posted small gains.
Losing cryptocurrencies on Monday included Binance Coin, Solana, Dogecoin, Avalanche, Tron and Shiba Inu.
Chainlink, Litecoin, Uniswap, Cronos and Bitcoin SV also showed losses on the price chart.
The total crypto market value stands at $2.47 trillion with a small increase of 0.91 percent in the past 24 hours, according to MintMarketCap.
“Five-spot Ethereum exchange-traded funds (ETFs), including offerings from Fidelity, are launching tomorrow, according to reports from the Cboe exchange. The ETFs will give investors direct exposure to Ethereum. The approval of these ETFs follows growing interest in digital asset investing and regulatory progress in the U.S. market,” the CoinSwitch markets desk 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.
