Bitcoin on Monday, October 16 rose in value by 1.15 percent to trade at the price point of $27,204 (roughly Rs. 22.6 lakh). Bitcoin incurred losses all of last week owing to macro-economic fluctuations in inflation report and the release of September’s consumer price index data, that showed a rise against market estimates among other factors. By October 14, Bitcoin was trading at the price point of $26,777 (roughly Rs. 22.2 lakh). This shows that over the weekend, the value of BTC has risen by $427 (roughly Rs. 35,545).
“Bullish investor sentiments seem to be building towards BTC as global unrest escalates alongside the macroeconomic uncertainty. As the ongoing events unfold, the market will keep a close watch on BTC for a few days. BTC’s positive price action can also be attributed to the SEC’s non-appeal in a court case related to Grayscale’s BTC ETF application. The longer the market sustains BTC’s price around $27,000 (roughly Rs. 22 lakh), the greater the possibility that the next move will be higher; a tight consolidation is usually followed by a range expansion,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.
On Monday, Ether also joined Bitcoin on the profit-making side of the crypto chart. With a small profit of 0.40 percent, the value of ETH has climbed to $1,562 (roughly Rs. 1.30 lakh). Ether price has not fluctuated much over the weekend but has still shown an upward movement by $22 (roughly Rs. 1,831).
Cryptocurrencies trading in the greens today include Binance Coin, Solana, Cardano, Tron, Polkadot, and Litecoin.
Other profit-minting cryptocurrencies today are Chainlink, Avalanche, Stellar, Cosmos, and Uniswap.
The overall market valuation of the crypto sector rose by 0.75 percent in the last 24 hours. The current market cap of the crypto industry stands at $1.06 trillion (roughly Rs. 88,22.846 crore), as per CoinMarketCap. The crypto fear and greed index has jumped two points since yesterday to enter the neutral zone with a score of 47/100.
“Market participants are now looking forward to a potential approval of the Bitcoin spot ETF applications by the SEC and hence have a slightly positive outlook,” Edul Patel, Co-Founder and CEO, Mudrex told Gadgets360.
The SEC, as per Reuters, has denied all spot bitcoin ETF applications, including that from the prominent crypto asset manager Greyscale, saying that applicants have not shown they can protect investors from market manipulation. While Greyscale has urged the SEC to reconsider its stance, more details on the development remain awaited.
Stablecoins meanwhile, are trading in the reds today. These include Tether, Ripple, USD Coin, and Binance USD.
Other cryptocurrencies that are reflecting losses today include Dogecoin, Polygon, Shiba Inu, Monero, Bitcoin Cash, and Bitcoin SV.
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.
