Bitcoin posted a loss of 1.38 percent on Monday, September 25. At the time of writing, Bitcoin was valued at $26,207 (approximately Rs. 21.7 lakh). The most expensive cryptocurrency was largely traded between the price levels of $23,000 (approximately Rs. 19 lakh) to $28,000 (approximately Rs. 23 lakh). Last week around Friday, Bitcoin’s value slipped below the $27,000 mark (approximately Rs. 22.4 lakh). Most cryptocurrencies recorded price drops today along with Bitcoin.
“Bitcoin remained above $26,000 (approximately Rs. 50,000) despite declines in the stock market and a stronger US dollar, indicating its resilience. From a technical perspective, Bitcoin’s price action is currently influenced by two key levels: the 200-week exponential moving average. (EMA) at $24,700 (approximately Rs. 20.5 lahks), which could provide support, and the 200-week Simple Moving Average (SMA) at $27,800 (approximately Rs. 23 lakh), which could act as resistance. play an important role in shaping Bitcoin’s price movement in the coming weeks,”
Ether suffered a loss of 0.95 percent when the asset entered the trading arena in the last week of September. The price of ETH currently stands at $1,577 (approximately Rs. 1.31 lakh). ETH, the second most valuable cryptocurrency after BTC, plunged below the $1,600 mark (approximately Rs. 1.32 lakh) last Friday and has yet to recover.
Tether, Binance Coin, Ripple, USD Coin, Dogecoin, Cardano and Solana posted losses on Monday.
Polkadot, Polygon, Litecoin, Shiba Inu, Bitcoin Cash and Chainlink also registered declines in addition to BTC and ETH.
The overall valuation of the crypto sector fell by one percent in the last 24 hours to a capitalization of $1.04 trillion (approximately Rs. 86,38,515 crore), according to CoinMarketCap.
Alternatively, during the weekend between the neutral and fear zones, the fear and greed index is back in the neutral zone with a score of 47/100.
A very small number of cryptocurrencies posted gains today. These include Monero, Near Protocol, Iota, NEM, BurgerCities and Gas.
“The overall trend in the crypto market continues to decline, with bearish sentiments, especially after the Feds’ comments. The market expects BTC volatility to increase with Bitcoin options worth $3 billion (approximately Rs. 28265 crore) on September 29,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this article is not intended to be 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 arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
