Bitcoin recorded a loss of 0.53 percent on Friday, October 6, to trade at the price point of $27,553 (roughly Rs. 22.9 lakhs). Over the last day, the value of BTC has recorded a deduction of $127 (roughly Rs. 10,566). This drop in BTC price, as well as a visible slowdown in trading crypto activities, could be because of the upcoming announcements of the US Nonfarm Payrolls (monthly) and US Unemployment Rate (monthly) later today. It is, however, notable that despite the market volatility being high, BTC has managed to maintain its price within the range of $27,000 (roughly Rs. 22.4 lakh).
Ether saw even bigger losses than Bitcoin on Friday. The asset is trading at $1,622 (roughly Rs. 1.34 lakh) after incurring a loss of 1.32 percent. Ether’s price declined by $21 (roughly Rs. 1,747) in the last 24 hours.
“The market initially embraced optimism due to this surge, bearish remarks from the US Federal Reserve, lacklustre trading volumes for ETH futures, and delays in Bitcoin ETFs have contributed to a slowdown in trend. Currently, BTC appears likely to enter a period of sideways trading. Neither the bulls nor the bears have taken control, with immediate resistance at $27,850 (roughly Rs. 23 lakh) and support at $27,400 (roughly Rs. 22.7 lakh),” Edul Patel, Co-Founder and CEO Mudrex told Gadgets 360.
“In the last 24 hours, the crypto market has traded sideways with slight selling pressure. Most of the top ten cryptos by market cap seem to be trading slightly in the reds. Seeing BTC’s price action, the market is beginning to establish a bullish pattern. However, owing to the absence of 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 overall crypto market cap tumbled by 0.50 percent in the last 24 hours to be at $1.08 trillion (roughly Rs. 89,85,416 crore), showed CoinMarketCap.
The crypto fear and greed index is up two points since yesterday and currently stands at the middle of the scale with a score of 50/100.
“Despite the stability in BTC’s price, the US dollar displayed significant volatility, but BTC remained resilient against sudden movements in the Dollar Index (DXY). Notably, according to Santiment, whales have accumulated the highest amount of BTC in 2023. This surge in whale accumulation is largely attributed to the influx of requests made 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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