Bitcoin registered a small gain of 1.61 percent on Friday, September 8, to trade at the price of $26,230 (approximately Rs. 21.8 lakh). This is the first time this week that the most expensive cryptocurrency has managed to cross the $26,000 (approximately Rs. 21.6 lakh) mark. So far, BTC has been trading around $25,000 (approximately Rs. 20.7 lakh) on most days. Investor sentiment appears to have improved somewhat following news about JPMorgan Chase & Co, according to industry analysts. which is exploring a blockchain-based payment and settlement system. It comes across as a sign that companies are still in the ongoing bear phase.
Ethereum rose 0.52 percent to trade at a price of $1,647 (approximately Rs. 1.37 lakh). In the last 24 hours, the value of ETH has increased by $15 (approximately Rs. 1,247).
In addition to JPMorgan’s blockchain exploration, there are also other factors in favor of the crypto sector.
“This positive price movement could be the result of an article published yesterday by the IMF and the G20 Financial Stability Board. The paper pointed out that a blanket ban on crypto would not be effective in the long term and instead recommended targeted restrictions and a comprehensive monetary policy,” Edul Patel, the CEO and co-founder of Mudrex, told DailyExpertNews.
This paper essentially underlines the importance of global regulation and instead recommends targeted restrictions and sound monetary policy.
Among the cryptocurrencies that yielded profits today, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, Solana and Polkadot have made their mark.
Other cryptocurrencies that posted gains today include Litecoin, Bitcoin Cash, Avalanche, Stellar, Monero, Binance USD, Cosmos and Cronos.
In the past 24 hours, the crypto market’s total valuation has increased by 1.15 percent to the capitalization point of $1.05 trillion (approximately Rs. 87,32,986 crore), according to CoinMarketCap.
The fear and greed index has also risen five points since yesterday and is currently in the fear zone with a score of 46/100.
Meanwhile, losses also hit some cryptocurrencies on Friday, including Polygon, Shiba Inu, Chainlink, Uniswap and Qtum.
The next three days could be crucial for the global crypto market as G20 leaders head to Delhi today to attend the G20 meetings. As president of the G20, India has worked to craft crypto rules that would work at the international level. Major updates on this are expected in the coming days.
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 DailyExpertNews. DailyExpertNews is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.