Crypto Price Today: Bitcoin and Ether, along with most cryptocurrencies, are fluctuating in losses
Bitcoin slipped 0.57 percent on the price chart on Monday, September 11th. At the time of writing, the value of Bitcoin was $25,732 (approximately Rs. 21.3 lakh). The most expensive cryptocurrency saw a slight loss in value over the weekend. Between last Friday and today, the value of the cryptocurrency has fallen by $498 (approximately Rs. 41,305). According to industry analysts, Bitcoin’s current resistance is $26,500 (approximately Rs 21.9 lakh). If the price declines from the current levels, the immediate support level would be $25,300 (approximately Rs 21.8 lakh).
“BTC temporarily crossed the $26,000 mark (approximately Rs 21.5 lakh) on Friday, but bulls failed to sustain the rise amid bearish market sentiment. “This suggests a battle between bulls and bears,” Edul Patel, co-founder and CEO of Mudrex, told Gadgets 360.
Ether recorded a decline of 1.24 percent and was trading 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 have made a name for themselves.
Price declines also hit Polkadot, Polygon, Litecoin, Shiba Inu and Bitcoin Cash.
As CoinMarketCap showed, the valuation of the entire crypto sector fell by 0.81 percent in the last 24 hours, maintaining a capitalization of $1.03 trillion (approximately ₹85,43,556 crore). The Crypto Fear and Greed Index remains in the fear zone with a reading of 40/100 for the second day in a row.
“The crypto market moved sideways with downward pressure over the weekend. Investor sentiment appears to be dampened as FTX may soon be in a position to liquidate its crypto holdings worth $3.4 billion (approximately ₹28,200 crore). If this happens, the market could face selling pressure that could dampen price action, especially for ETH and SOL,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.
Stellar, Leo, Underdog and Husky made small profits.
“Markets are now looking forward to short-term triggers, such as the release of US inflation data this week, which will set the course for future interest rate policy. Specifically for the crypto market, as a measure of the likely approval of the BTC spot ETF, investors are closely watching the decline in Grayscale’s GBTC discount to spot, which has now reached its lowest level in a year,” Chaturvedi further noted.
While the crypto market is experiencing volatility, industry experts from around the world do not intend to ban the technology. Rather, legislators agree on one point, namely the development of globally acceptable rules for monitoring the crypto sector.
Over the 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, among others.
Gita Gopinath, deputy managing director of the International Monetary Fund (IMF), thanked India for giving the digital assets sector a unified perspective on dealing with crypto assets.
Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risks. The information provided 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 losses resulting from an investment made on a perceived basis recommendation, forecast or other information contained in the article.
