The crypto market, after witnessing a slump recently, is jumping back to recovery as indicated by the crypto charts on Friday, August 9. Bitcoin managed to garner a profit of 7.63 percent on international exchanges over the last day. With this, the price of BTC on CoinMarketCap has come to $61,285 (roughly Rs. 51.4 lakh). On Indian exchanges, meanwhile, Bitcoin saw a price hike of around six percent that took its trading value to $65,545 (roughly Rs. 55 lakh). The legalisation of BTC mining in Russia is the most recent development that has spiked crypto prices overnight.
“Bitcoin has breached through key resistance levels and has invalidated last weekend's decline. News that Russia has legalised Bitcoin mining plus anticipation of US interest rate cuts may have contributed to this shift,” Vikram Subburaj, CEO, Giottus told Gadgets360.
Ether reflected a profit of 8.17 percent to trade at $2,527 (roughly Rs. 2.12 lakh) on Friday, showed the crypto price tracker by Gadgets360. With this price gain, Ether has managed to break its downtrend against Bitcoin.
“For ETH, it's crucial to gain above $2,800 (roughly Rs. 2.35 lakh) to maintain its momentum,” the CoinDCX research team told Gadgets360.
Tether, Solana, Dogecoin, Cardano, Tron, Avalanche, Polkadot, and Chainlink recorded profits alongside BTC and ETH on Friday.
Leo, Litecoin, Polygon, Stellar, Cronos, and Cosmos also made profits.
“This uptick is driven by renewed investor confidence and optimism, particularly in response to recent regulatory developments that have eased market tensions. However, analysts warn that this recovery could be marked by volatility, with price swings likely as the market contends with external influences and shifting dynamics,” the CoinSwitch Markets Desk told Gadgets360.
The overall crypto market cap has risen by 6.64 percent in the last 24 hours. With this, the valuation of the sector has come to $2.15 trillion (roughly Rs. 1,80,41,649 crore), showed CoinMarketCap.
Loss-making cryptocurrencies, meanwhile, included Shiba Inu, Near Protocol, Uniswap, and Aave on Friday.
“The recent announcement of Morgan Stanley's plan to offer Bitcoin ETFs to its wealthy clients further fuels optimism in the market. The positive momentum in the crypto market is expected to continue with a surge in prices as the market recovers from the recent downturn,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
