Bitcoin posted a loss of 0.53 percent on Friday, October 6, trading at the price of $27,553 (approximately Rs. 22.9 lakhs). In the past day, the value of BTC has been deducted $127 (approximately Rs. 10,566). This drop in the BTC price, as well as a visible slowdown in crypto trading activity, could be a result of the upcoming US Nonfarm Payrolls (monthly) and US Unemployment Rate (monthly) announcements later today. However, it is noteworthy that despite high market volatility, BTC has managed to keep its price within the range of $27,000 (approximately Rs. 22.4 lakh).
Ether saw even bigger losses than Bitcoin on Friday. The asset is trading at $1,622 (approximately Rs. 1.34 lakh) after a loss of 1.32 percent. The price of Ether has fallen by $21 (approximately Rs. 1,747) in the last 24 hours.
“The market initially embraced optimism due to this increase. Bearish comments from the US Federal Reserve, lackluster trading volumes for ETH futures, and delays in Bitcoin ETFs have contributed to a slowdown in the trend. Currently, it seems likely that BTC will enter a period of sideways trading. Neither the bulls nor the bears have taken control, with immediate resistance at $27,850 (approximately Rs. 23 lakh) and support at $27,400 (approximately Rs. 22.7 lakh),” Edul Patel, co-founder and CEO Mudrex told Gadgets 360 .
Binance Coin, Ripple, Solana, Dogecoin, Tron, Polygon and Polkadot reflected small losses alongside BTC and ETH.
Small price drops affected Shiba Inu, Chainlink, Stellar, Monero, Cosmos, Binance USD and Cronos, among others.
“Over the past 24 hours, the crypto market has been trading sideways with mild selling pressure. Most of the top ten cryptocurrencies by market cap appear to be somewhat in the red. As we see the price action of BTC, the market is starting to develop a bullish pattern. However, with no new capital flowing into the markets, such rallies will be short-lived,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360, commenting on the market situation.
The total cryptocurrency market capitalization fell 0.50 percent to $1.08 trillion (approximately Rs. 89,85,416 crore) in the past 24 hours, CoinMarketCap showed.
The crypto fear and greed index is up two points since yesterday and is currently in the middle of the scale with a score of 50/100.
Among the profitable cryptocurrencies, Cardano, Litecoin, Bitcoin Cash, Avalanche, Leo, Uniswap and Zcash marked their names on Friday.
“Despite the stability of BTC’s price, the US dollar showed significant volatility, but BTC remained resilient to sudden movements in the Dollar Index (DXY). According to Santiment, whales will have collected the largest amount of BTC by 2023. This increase in whale accumulation is largely attributed to the influx of requests to the US Securities and Exchange Commission (SEC) for the approval of a Bitcoin Spot ETF. ” the CoinDCX research team told Gadgets 360.
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