Ahead of the US' decision on the reduction of interest rates slated for September 18, the overall crypto market is struggling to overcome volatility. Bitcoin on Wednesday, September 11 saw a loss of 0.42 percent and 1.20 percent on international and national exchanges respectively. At the time of writing, Bitcoin was trading at $59,315 (roughly Rs. 49.8 lakh) on Indian exchanges like CoinSwitch and CoinDCX. Meanwhile, on global exchanges, BTC was trading at $56,490 (roughly Rs. 47.4 lakh), showed data by CoinMarketCap.
“Bitcoin is consolidating around $57,000 (roughly Rs. 47.8 lakh) and is showing signs of resilience. After nine days of outflows totaling over $1 billion (roughly Rs. 8,396 crore), Bitcoin ETFs saw a notable reversal with $34 million (roughly Rs. 285 crore) in net inflows yesterday indicating renewed investor confidence. BTC's 30-day average funding rate for perpetual futures has also turned negative signaling a shift in momentum,” Vikram Subburaj, CEO, Giottus told Gadgets360 commenting on Bitcoin's market situation.
Ether, meanwhile, saw a loss of under one percent on both national as well as international exchanges. The price of ETH on Indian exchanges currently stands at $2,453 (roughly Rs. 2.05 lakh), as per the crypto price tracker by Gadgets360. On foreign exchanges, ETH is priced $2,327 (roughly Rs. 1.95 lakh).
“With the US CPI data due at 6:00 PM IST, market volatility is expected. If inflation comes in lower than anticipated, a short-term rally could be on the horizon. The Fear and Greed Index stands at 37, reflecting fear, but it's a notable improvement from last week's more extreme fear sentiment. Overall, today promises to be an exciting one, setting the stage for price action that could shape market momentum for the weeks ahead,” the CoinSwitch markets desk told Gadgets360.
Binance Coin, Solana, USD Coin, Ripple, Dogecoin, and Cardano saw losses on Wednesday alongside BTC and ETH.
Price dips also struck Shiba Inu, Polkadot, Near Protocol, Stellar, and Cronos on the crypto chart among other altcoins.
The overall valuation of the crypto market slipped by 0.51 percent in the last 24 hours. However, the capitalisation of the sector stays resilient at $1.99 trillion (roughly Rs. 1,67,04,188 crore) for another day, as per CoinMarketCap.
Tron, Tether, Avalanche, Chainlink, and Leo retained minor gains on the price charts.
Cosmos, Bitcoin SV, Neo Coin, Zcash, and Zilliqa also showed miniscule gains next to their names.
Market analysts, however, believe that despite the ongoing volatile period for the market, investor confidence is not decreasing.
“August has seen a 30 percent month-over-month increase in centralised exchange volumes and a surge in the SEC's record fines of over 3,000 percent, both of which are indicative of positive underlying market sentiment. Data shows spot Bitcoin ETFs in the US have turned a corner with $28.7 million (roughly Rs. 240 crore) in net inflows, ending a $1.2 billion (roughly Rs. 10,073 crore) outflow streak. This shift signals renewed investor confidence and optimism in the crypto market,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
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.
