Bitcoin Price Update: BTC Trading at $61,637; Crypto Market Sees Minor Gains and Losses
Bitcoin opened with a minor price loss on Friday, causing a stir in the cryptocurrency market. The world’s most widely used crypto asset is currently trading at $61,637 (roughly Rs. 51.4 lakh) on international exchanges like CoinMarketCap, after incurring a loss of 0.23 percent. However, on national exchanges such as WazirX and CoinSwitch, the value of BTC stood much higher at $66,863 (roughly Rs. 55.8 lakh).
Macro-economic factors have always played a crucial role in setting the tone for the crypto market on a global level. Despite expectations from crypto investors, US President Joe Biden and Donald Trump did not mention cryptocurrencies during their televised debate on Thursday. This led to volatility on the crypto price charts, and experts predict more upheaval in the coming days.
“In a notable shift, Bitcoin posted gains as optimism swelled ahead of the anticipated Biden vs. Trump debate, with investors expecting cryptocurrency to be a focal point. However, the absence of any mention of crypto during the debate has led to concerns over potential impact for Bitcoin prices, possibly dampening industry enthusiasm. Bitcoin is entrenched in oversold territory, indicating a prolonged bearish sentiment. Market analysts predict this phase of stagnation could extend for a few more weeks,” said Rajagopal Menon, Vice President of WazirX.
Ether also experienced a minor 0.09 percent drop in value on Friday, currently trading at $3,448 (roughly Rs. 2.87 lakh) on international exchanges and at $3,701 (roughly Rs. 3.09 lakh) on national ones.
On the other hand, Solana saw profits of 6.24 percent on Friday, significantly higher than other cryptocurrencies. At the time of writing, Solana was trading at $145 (roughly Rs. 12,139).
“With the first Solana ETF application from VanEck, the SOL ecosystem saw a collective rise and the number of traders increasing by 30 percent. SOL may become the 3rd major crypto asset after BTC and ETH to have its ETF, thanks to its recent growth. Several Solana memecoins also resulted in gains,” said Ryan Lee, Chief Analyst at Bitget Research.
Overall, the crypto market rose in valuation by 1.39 percent in the last 24 hours, reaching a market cap of $2.28 trillion (roughly Rs. 1,90,32,984 crore), according to CoinMarketCap.
It is important to note that cryptocurrency is an unregulated digital currency, not a legal tender, and subject to market risks. The information provided in the article is not intended to be financial advice.