The overall crypto price chart is trading in red, indicating losses for most cryptocurrencies. Bitcoin on Thursday, October 12 incurred a loss of 1.01 percent bringing its trading price to $26,820 (roughly Rs. 22.2 lakh). In the last 24 hours, the value of BTC has dropped by $240 (roughly Rs. 19,950). Industry experts have also acknowledged that there indeed is, a downtrend in the prices of major crypto assets this week including Bitcoin and majority other cryptocurrencies.
“Traders are now eyeing the next crucial support level for Bitcoin, which is expected to materialise around the $25,000 (roughly Rs. 20.7 lakh) mark. When we examine the moving averages for Bitcoin, they consistently suggest a ‘Sell’ sentiment, further underscoring the prevailing bearish outlook,” Rajagopal Menon, Vice President, WazirX told Gadgets 360, commenting on BTC’s status.
Ether value dipped by 0.13 percent on Thursday. The cryptocurrency is currently trading at the price of $1,560 (roughly Rs. 1.29 lakh).
“Both BTC and ETH have experienced a consistent four-day decline, indicating a bearish trend in the market. From a technical perspective, it’s notable that both crypto’s are currently trading below the critical 50 and 200 EMA (exponential moving average) daily,” the CoinDCX research team told Gadgets360.
Tether, Binance Coin, Ripple, USD Coin, Solana, Cardano, and Dogecoin also recorded losses alongside BTC and ETH for the second consecutive day.
Polygon, Polkadot, Litecoin, Shiba Inu, and Bitcoin Cash also continue to trade in the reds for the second day.
The overall crypto market valuation fell by 0.66 percent in the last 24 hours. The market cap, however, remains grounded to the mark of $1.05 trillion (roughly Rs. 87,31,296 crore), unchanged from the previous day, showed CoinMarketCap.
Meanwhile, Tron, Chainlink, Monero, Cosmos, Cronos, and Bitcoin SV saw small gains.
Despite the ongoing market upheaval, industry experts advise cautious trading decisions. Developments in the sector are still happening despite the tumultuous market conditions, keeping industry experts optimistic about a stable future for the sector. JPMorgan’s in-house blockchain Onyx has launched its tokenized collateral network. It recently carried out its first live blockchain-based collateral settlement transaction involving Barclays and Blackrock.
“In addition, investors across financial markets, including crypto, are looking forward to the US CPI data, which is expected to be out today. As US stock indices have traded bullish one day before the data, investors are hoping to see a positive sign. Any sign of larger-than-expected inflation data is likely to put pressure across markets, taking crypto alongside,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
