The crypto market seems to be struggling to regain momentum amid a slowed down week. On Friday, September 6, Bitcoin saw a loss of between 1.06 and 2.03 percent on national and international exchanges. The oldest and the most expensive cryptocurrency is trading at the price point of $56,530 (roughly Rs. 47.4 lakh) on international exchanges, data by CoinMarketCap showed. Meanwhile, on Indian exchanges like CoinDCX and CoinSwitch, BTC is trading at around $60,355 (roughly Rs. 50.6 lakh).
“The crypto market remains choppy as investors and traders await the release of the key US unemployment rate data today. BTC is currently trying to push above the $56,000 (roughly Rs. 47 lakh) support level and is moving within a range. A strong push from here could take the price to the $61,600 (roughly Rs. 51.7 lakh) resistance level, but if BTC loses the $56,000 (roughly Rs. 47 lakh) support, it could drop further. Most altcoins continue to fall and appear weak,” the CoinDCX team told Gadgets360.
Ether, as per Indian exchanges, is hovering over the mark of $2,550 (roughly Rs. 2.13 lakh), showed the crypto price tracker by Gadgets360. On foreign exchanges, the price of ETH is close to $2,378 (roughly Rs. 1.99 lakh). Over the last day, the price of ETH has dropped by under one percent.
Solana, Ripple, Shiba Inu, Chainlink, Bitcoin Cash, Leo, and Near Protocol reflected losses on Friday.
Price drops were also reflected by Stellar, Cronos, Polygon, Cosmos, and Elrond.
“In the altcoin space, performance has been mixed. Ethereum, XRP, Solana, and BNB saw modest declines, reflecting broader market consolidation. Toncoin, however, stood out with a four percent gain. Altcoins are poised to underperform relative to Bitcoin if bearish trend persists,” Vikram Subburaj, CEO, Giottus told Gadgets360.
The overall crypto market cap slipped by 0.88 percent in the last 24 hours, showed CoinMarketCap, retaining the sector's valuation at $1.99 trillion (roughly Rs. 1,67,06,964 crore) for the third consecutive day.
USD Coin, Dogecoin, and Cardano emerged among profit-making cryptocurrencies on Friday. Polkadot, Litecoin, and Bitcoin SV also managed to hold onto minor gains on the price chart.
“The upcoming release of US payroll data is eagerly anticipated by investors, as it could influence the Federal Reserve's decision on the size of the potential interest rate cut this month. The market's volatility reflects the uncertainty surrounding this crucial economic indicator,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.
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