Bitcoin price on Friday rose by 5.56 percent and the digital asset is currently trading at around $69,196 (roughly Rs. 57.7 lakh) on Indian cryptocurrency exchanges like WazirX and CoinSwitch and $66,155 (roughly Rs. 55.2 lakh) on foreign exchanges like Binance. Earlier this week, the US Labor Department's Bureau of Labor Statistics released the consumer price index (CPI) data that shows inflation recorded in April showed signs of cooling down. In the backdrop of this development, Bitcoin and other cryptocurrencies are now trading at higher values.
“The overall crypto market is stable now, with BTC showing good momentum post-CPI. Technically, BTC faces a short-term hurdle at $66,670 (roughly Rs. 55.6 lakh). Clearing this level could lead to a continued upside move. The major support is at $60,850 (roughly Rs. 50.8 lakh), and BTC should maintain its position above this level,” the CoinDCX markets team told Gadgets360 on Friday.
Cryptocurrencies that rose in value alongside Bitcoin on Friday included Tether, Solana, Cardano, Shiba Inu, Avalanche, Tron, and Polkadot.
Polygon, Leo, Cronos, Cosmos, and Bitcoin SV also saw their prices rise on Friday.
Ether is trading at $3,147 (roughly Rs. 2.6 lakh) on national exchanges and at $2,998 (roughly Rs. 2.5 lakh) on international exchanges, after its price fell by 3.30 percent.
“The ETH/BTC pair continues to drop, causing ETH to lag behind BTC, while alts are trading mixed. ETH, although bullish, is weaker compared to BTC. Key support for ETH is at $2,875 (roughly Rs. 2.40 lakh), and resistance is at $3,040 (roughly Rs. 2.5 lakh),” the CoinDCX team added.
Binance Coin, USD Coin, Ripple, Dogecoin, Bitcoin Cash, Chainlink, and Litecoin also dropped in value.
The overall crypto market cap stands at $2.36 trillion (roughly Rs. 1,96,97,456 crore) after incurring a drop of 0.90 percent in the last 24 hours, as per CoinMarketCap.
“While the broader market is in the red, a clear outlier amidst the leading cryptos is LINK (+13.6 percent). The Depository Trust and Clearing Corporation (DTCC) in the US, along with Chainlink and major US banks, completed a successful pilot to accelerate the tokenisation of funds. This collaboration is a step further towards the adoption of blockchain technology in the traditional asset management sector,” Parth Chaturvedi, Investments Head, CoinSwitch Ventures told Gadgets360.
In a recent development, the Securities and Exchange Board of India (SEBI) suggested the appointment of multiple regulators to oversee crypto trading in the country. The suggestion was submitted to a government panel responsible for advising the finance ministry on policy formulation. On the policy front, Turkey and India advanced crypto policies on May 16 that could create a framework for businesses and investors operating in each country.
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.
