Bitcoin stepped into Wednesday, October 10, with a loss of 2.04 percent. The value of Bitcoin, despite the loss, stands at $33,950 (roughly Rs. 28 lakh) retaining its 16-month high trading value. While the crypto market has seen some volatility over the last day, the value of BTC has risen by $327 (roughly Rs. 27,165). The instability in the trading arena, however, has impacted most other cryptocurrencies. All top ten cryptocurrencies by market valuation are trading in the reds today.
Ether clocked a loss of 1.39 percent on Wednesday. The asset, at the time of writing, was trading at the price point of $1,788 (roughly Rs. 1.48 lakh). In the last 24 hours, the value of ETH did reduce by $25 (roughly Rs. 2,076).
“This dip could be linked to the temporary removal of BlackRock's (BLK) spot Bitcoin ETF ticker, IBTC, from the Depository Trust & Clearing Corporation's (DTCC) website. However, it's important to note that the ticker was relisted after a few hours,” the CoinDCX research team told Gadgets360.
“From a technical perspective, both BTC and ETH are trading above the 50-day and 200-day Exponential Moving Averages (EMA-D) and are currently consolidating after their recent upward momentum. While ETH faces a few resistance levels to clear for its uptrend, BTC is showing strength as it reaches a 52-week high.”
Cryptocurrencies that recorded losses alongside BTC and ETH today include Binance Coin, Ripple, Solana, Cardano, Dogecoin, Litecoin, and Polygon.
Polkadot, Shiba Inu, Avalanche, Stellar, and Monero are also trading in the reds today.
The overall valuation of the crypto sector, that presently stands at $1.25 trillion (roughly Rs. 1,03,89,187 crore), saw a slight slip of 0.92 percent in the last 24 hours, showed CoinMarketCap.
Meanwhile, some cryptocurrencies did manage to record profits today.
These include Tether, USD Coin, Leo, Binance USD, Cronos, and Near Protocol among other underdog cryptocurrencies.
Until the US takes a final call on whether to approve BTC ETFs, the crypto market volatility is expected to remain prevalent. For now, the expectations that BTC ETFs could get the approval in the US have kept the market participants excited.
“The US Securities and Exchange Commission (SEC) appears to be adopting a more favourable stance toward Crypto ETFs, a shift that has been met with enthusiasm by institutional investors. This newfound openness has sparked hopes of an impending bull market. However, the timing of such a market shift remains uncertain and may be too early to predict with absolute certainty,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
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 and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
