In mid-September ahead of the festive season, the crypto market has found itself surrounded by volatility. On Tuesday, September 13, Bitcoin opened trading up 1.36 percent at $22,165 (roughly Rs. 17.5 lakh), according to Gadgets 360’s crypto price tracker. The reigning king of the crypto sector also made gains on international exchanges. On Binance and CoinMarketCap, for example, BTC rose as much as 2.40 percent to touch and trade at a price of $22,206 (roughly Rs. 17.6 lakh).
Ether did not show its traditional market movement today to trail Bitcoin. Instead, Ether suffered a loss of about 2.71 percent to trade at $1,693 (roughly Rs. 1.3 lakh).
“On September 8, the White House released the climate and energy impact of crypto-assets in the US. At the same time, Beijing-based mining pool Poolin suspended withdrawals from its wallets, citing liquidity issues. Although 10 percent of the Bitcoin hash rate is consistent with Poolin mining pools, This has not significantly affected the network’s hashing power as the number of unique Bitcoin deposit addresses is reaching an all-time high. On-chain analytics indicate that there is a redistribution of Bitcoin from whales to retail users which is a net positive for Bitcoin’s adoption and concentration metrics,” the CoinDCX research team told Gadgets 360. said
As BTC and ETH went their separate ways in the market, the crypto price chart seemed divided with some altcoins like BTC making gains while others like Ether suffered losses.
According to Gadgets 360’s crypto tracker, Polygon, Avalanche, UniSwap and Cosmos all made gains.
Meanwhile, stablecoins such as Tether, USD Coin, and Binance USD suffered small but significant losses, along with Cardano, Polkadot, and Tron.
“Although we have seen an increasing number of liquidations and deleveraging events over the past few weeks, both futures and perpetual open interest are currently at all-time highs, raising the possibility of further volatility in the markets, particularly ahead of the Fed. Open Market Committee (FOMC) meeting and other key macro events that are this September,” added the CoinDCX research team.
The global crypto market cap, which briefly slipped past the trillion-dollar mark recently, has regained its strong position.
With a gain of 1.22 percent in the last two hours, the global crypto market is currently valued at $1.07 trillion (roughly Rs. 84,61,000 crore). CoinMarketCap,
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not and is not intended to constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any perceived recommendations, estimates or any other information contained in the article.
