After weeks of trading at a stagnant price of around $26,000 (approximately Rs. 21.5 lakh), Bitcoin has finally managed to break out of its resistance point. On Wednesday, Bitcoin reflected a significant gain of 5.30 percent to trade at $27,496 (approximately Rs. 22.7 lakh). In the past 24 hours, the most expensive cryptocurrency is up by $1,409 (approximately Rs. 1.16 lakh). According to experts, this price action for BTC is the result of the liquidation of about $75 million (approximately Rs. 620 crore) on exchanges in short positions.
The price of ether also rose significantly by 3.81 percent on Wednesday. At the time of writing, ETH was trading at $1,718 (approximately Rs. 1.41 lakh). The value of ETH rose by $65 (approximately Rs. 5,370) in the past day.
“This tremendous positive growth can be attributed to the U.S. Court ruling with Grayscale in a lawsuit against the Securities and Exchange Commission over the company’s application to convert the Grayscale Bitcoin Trust into an ETF. This development in the sector has resulted in positive sentiment among market participants, who determine prices. With this ruling, we would likely see more giant companies applying for Bitcoin spot ETF licenses in the coming months,” Edul Patel, CEO of Muder, told Gadgets 360.
Profits raining down over both of the top cryptocurrencies, BTC and ETH, often return profits to the crypto price chart.
Tether, Binance Coin, Ripple, Cardano, Dogecoin, Solana, Tron and Polygon all posted gains on Wednesday.
Litecoin, Shiba Inu, Bitcoin Cash, Avalanche, Leo, Stellar and Chainlink also reflected small gains.
The overall valuation of the crypto market rose by four percent in the past 24 hours, reaching the $1.09 trillion (approximately Rs. 90,07,269 crore) mark, CoinMarketCap revealed.
The fear and greed index is up 10 points and has entered the neutral zone with the current score of 49/100.
“The crypto market has seen positive price action in the past 24 hours. According to CoinGecko, the global market cap for crypto has added about $50 billion (approximately Rs. 4,13,758 crore),” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360 .
Meanwhile, just a pinch of altcoins posted losses today. These include Binance USD and Braintrust.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this article is not intended to 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 resulting from an investment based on any perceived recommendation, forecast or any other information contained in the article.
