Bitcoin on Wednesday, September 4 continued to stay substantially under the mark of $60,000 (roughly Rs. 50.3 lakh) after seeing a price decline earlier this week. On both Indian and international exchanges, Bitcoin recorded price drops of around four percent on Wednesday. With this, the asset's price on global exchanges has reached $56,560 (roughly Rs. 47.4 lakh), according to CoinMarketCap. On Indian exchanges, meanwhile, BTC is trading at $60,713 (roughly Rs. 50.9 lakh).
“Bitcoin has breached the critical $57,000 (roughly Rs. 47.8 lakh) support level, reaching an intraday low of $55,680 (roughly Rs. 46.7 lakh), as broader crypto market sentiment turns bearish. The downturn was triggered by Japan hinting at possible rate hikes as well as Nvidia's largest single-day drop at the Nasdaq,” Vikram Subburaj, CEO, Giottus told Gadgets360, commenting on the situation.
Ether also reflected dips in its value on Wednesday. The crypto asset registered a loss of over 5.76 percent on Indian exchanges, showed the crypto price tracker by Gadgets360. On foreign platforms, meanwhile, Ether is trading at $2,375 (roughly Rs. 1.99 lakh) after incurring a loss of 5.68 percent.
“Ethereum faced significant headwinds in August, marked by weak ETF demand and growing technical concerns, leading to the asset's largest monthly decline in over two years. The last time Ethereum suffered such a severe monthly drop was in June 2022, when it plunged by 45 percent during a broader market downturn triggered by the collapse of the Terra,” the ZebPay trade desk told Gadgets360. “ETH has been trading sideways with low volumes. The asset has a strong support zone at around $2,400 (roughly Rs. 2.01 lakh) whereas $2,850 (roughly Rs. 2.39 lakh) will act as a strong resistance."
USD Coin, Cardano, Avalanche, Shiba Inu, Chainlink, and Bitcoin Cash joined BTC and ETH on the loss-making side of the crypto chart.
Polkadot, Leo, Near Protocol, Polygon, and Monero also witnessed losses alongside Stellar, Cronos, and Cosmos.
“The relationship between traditional and cryptocurrency markets is becoming more and more obvious as traders modify their expectations for Federal Reserve interest rate decisions. The ongoing bearish sentiment in cryptocurrencies is impacted by data from the ISM Manufacturing PMI, which shows continuous economic contraction,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
The overall valuation of the crypto sector tumbled by 4.22 percent in the last 24 hours. With this, the crypto market cap has reached $1.99 trillion (roughly Rs. 1,67,06,964 crore), showed CoinMarketCap.
Profit-making cryptocurrencies, meanwhile, included Tether, Binance Coin, Ripple, Tron, Litecoin, and Bitcoin SV on Wednesday.
“The crypto market faced significant losses as global markets experienced a sharp downturn. Currently, BTC appears to have bottomed out for the short term, having closed a CME gap, grabbed liquidity, and flushed open interest. However, global markets and upcoming U.S. macro events will play a crucial role in determining the next move,” the CoinDCX research team noted.
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