Bitcoin on Monday, September 11, slipped by 0.57 percent on the price chart. At the time of writing, the value of Bitcoin stood at the price point of $25,732 (roughly Rs. 21.3 lakh). Over the weekend, the most expensive cryptocurrency, did record a small drop in its value. Between last Friday and today, the value of cryptocurrency tumbled by $498 (roughly Rs. 41,305). As per Industry analysts, Bitcoin’s current resistance is at $26,500 (roughly Rs. 21.9 lakh), If the price falls from the current level, then the immediate support level would be at $25,300 (roughly Rs. 21.8 lakh).
“BTC temporarily surpassed the $26,000 (roughly Rs. 21.5 lakh) level on Friday, but the bulls could not sustain the climb amid bearish market sentiments. This indicates a tussle between the bulls and bears,” Edul Patel, Co-Founder and CEO, Mudrex told Gadgets 360.
Ether reflected a dip of 1.24 percent to trade at the price point of $1,612 (roughly Rs. 1.33 lakh). Ether lost $35 (roughly Rs. 2,902) over the weekend.
Among other loss-making cryptocurrencies, Tether, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, and Solana marked their names.
Price dips also struck Polkadot, Polygon, Litecoin, Shiba Inu, and Bitcoin Cash.
The valuation of the overall crypto sector dipped by 0.81 percent in the last 24 hours, holding on to $1.03 trillion (roughly Rs. 85,43,556 crore) in capitalisation, showed CoinMarketCap. The crypto fear and greed index continues to be in the fear zone with a score of 40/100 for the second consecutive day.
“The crypto market traded sideways with downward pressure over the weekend. Investor sentiments seem to low as FTX may soon be able to liquidate its crypto holdings worth $3.4 billion (roughly Rs. 28,200 crore). If this happens, the market may witness a selling pressure which may dampen price action, especially for ETH and SOL,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.
Stellar, Leo, Underdog, and Husky — managed to reel-in small profits.
“Markets are now looking forward to near-term triggers, like the release of US inflation data this week, which will set the course for upcoming interest rate policy. For the crypto market specifically, as a measure of probable approval of the BTC spot ETF, investors are keenly observing the fall in discount of Grayscale’s GBTC to spot, which is now at its lowest level in a year,” Chaturvedi further noted.
While the crypto market is seeing volatility, industry experts from around the world are not looking to ban the technology. Rather, lawmakers are converging on one point, which is to draft globally acceptable rules to oversee the crypto sector.
Over the weekend, New Delhi hosted the three-day G20 summit, with international dignitaries like US President Joe Biden and UK Prime Minister Rishi Sunak among others in attendance.
Gita Gopinath, the Deputy Managing Director of the International Monetary Fund (IMF) thanked India for giving the digital assets sector a unified perspective on dealing with crypto assets.
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.
