Bitcoin reflected a loss of 0.14 percent on Wednesday, September 27. Bitcoin is presently trading at the price point of $26,180 (roughly Rs. 21.8 lakh). This marks the third consecutive day this week that the most expensive cryptocurrency is trading in losses. In the last 24 hours, the value of Bitcoin dropped by $96 (roughly Rs. 7,995). There is no specific reason as to why BTC is not being able to see profits. At this point, market volatility ushered by regular changes in the macroeconomic conditions is keeping the cryptocurrency trading lowly.
Elaborating on Bitcoin's low trading range, Edul Patel from Mudrex said, "BTC has recently consolidated above the $26,100 (roughly Rs. 21.7 lakh) mark, possibly because of the US 10-year Treasury yield surging to 4.55 percent, matching its highest level in approximately 16 years. This sharp increase in interest rates has had a similar effect on the equity markets."
Many of the cryptocurrencies that showed gains earlier this week, are now seeing the impact of market volatility, tailing behind Bitcoin.
The prices of Dogecoin, Solana, Polkadot, Polygon, Litecoin, and Shiba Inu — all tailed behind BTC to register small, notable losses.
Chainlink, Leo, Stellar, Cosmos, and Cronos also registered price dips.
"Unless Bitcoin manages to surpass the end-of-August high at $28,000 (roughly Rs. 23.2 lakh), the most likely direction for its price remains sideways to down as per the technicals. Looking at the broader picture, any drop below $25,000 (roughly Rs. 20 lakh) could have significant implications," the CoinDCX Research team told Gadgets 360.
Ether meanwhile, did not follow Bitcoin today in its usual, conventional matter. At the time of writing, Ether was trading at $1,591 (roughly Rs. 1.32 lakh) after it recorded a small profit of 0.52 percent. Over the last day however, the value of Ether did not see any significant change.
Tether, Binance Coin, Ripple, USD Coin, and Cardano — all logged small losses.
As per CoinMarketCap, the overall crypto market valuation did not change and continued to sit atop the mark of $1.05 trillion (roughly Rs. 87,34,099 crore) as per CoinMarketCap.
Industry experts have suggested that investors should invest with caution in digital assets given the market's volatile status being in activated mode for the time being.
"It is important to note that Bitcoin volumes on centralized exchanges have hit its 5-year low. The last time we saw this was in Sep 2018 when Bitcoin was nearing the close of its bear cycle,"Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.
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