Bitcoin fell 0.57 percent on the price chart on Monday, September 11. At the time of writing, Bitcoin was valued at $25,732 (approximately Rs. 21.3 lakh). Over the weekend, the most expensive cryptocurrency recorded a small decline in value. Between last Friday and today, the value of cryptocurrency fell by $498 (approximately Rs. 41,305). According to industry analysts, Bitcoin’s current resistance is at $26,500 (approximately Rs. 21.9 lakh). If the price declines from current levels, the immediate support level would be $25,300 (approximately Rs. 21.8 lakh).
“BTC temporarily surpassed the $26,000 level (approximately Rs. 21.5 lakh) on Friday, but the bulls could not sustain the climb amid bearish market sentiment. This signals a battle between the bulls and the bears,” Edul Patel, co-founder and CEO of Mudrex, told Gadgets 360.
Ether reflected a dip of 1.24 percent and traded at a price of $1,612 (approximately Rs. 1.33 lakh). Ether lost $35 (approximately Rs. 2,902) over the weekend.
Among other loss-making cryptocurrencies, Tether, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin and Solana flagged their names.
Price drops also hit Polkadot, Polygon, Litecoin, Shiba Inu and Bitcoin Cash.
The valuation of the overall crypto sector fell 0.81 percent over the past 24 hours, holding at $1.03 trillion (approximately Rs. 85,43,556 crore) in capitalization, CoinMarketCap showed. The crypto fear and greed index remains in the fear zone with a score of 40/100 for the second consecutive day.
“The crypto market traded sideways this weekend with downward pressure. Investor sentiment seems low as FTX may soon liquidate its crypto holdings worth $3.4 billion (approximately Rs. 28,200 crore). If this happens, the market may witness a selling pressure that could dampen the price action, especially for ETH and SOL,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.
Stellar, Leo, Underdog and Husky managed to earn small wins.
“Markets are now looking for short-term triggers, such as the release of US inflation data this week, which will set the course for future interest rate policy. Specific to the crypto market, as a benchmark for the likely adoption of the BTC spot ETF, investors are keenly observing the decline in Grayscale’s GBTC to spot discount, which is now at its lowest level in a year,” Chaturvedi further noted.
While the crypto market is experiencing volatility, industry experts from around the world have no intention of banning the technology. Instead, lawmakers are coming together on one issue, creating globally acceptable rules to oversee the crypto sector.
Last weekend, New Delhi hosted the three-day G20 summit, which was attended by international dignitaries such as US President Joe Biden and British Prime Minister Rishi Sunak.
Gita Gopinath, Deputy Managing Director of the International Monetary Fund (IMF), thanked India for giving the digital asset sector a unified perspective on dealing with crypto assets.
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.