Cryptocurrencies stepped up in the last days of September, mostly affected by volatile market movements. On Friday, September 30, Bitcoin price fell by 1.16 percent. According to Gadgets 360’s crypto price tracker, BTC is currently trading at $19,389 (roughly Rs. 15.8 lakh). Even the oldest cryptocurrency ever faced losses internationally. According to Binance and CoinMarketCap, the crypro asset is trading at around $19,420 (roughly Rs. 16 lakh). Many other crypto assets also followed BTC on the loss wagon.
Ether is among the losing altcoins today. Ether, with a marginal drop of 1.03 percent, is trading at $1,326 (roughly Rs. 1.08 lakh).
According to Gadgets 360’s crypto price tracker, Tether, Binance USD, Cardao, Polkadot and Avalanche also posted small losses, followed by BTC and ETH.
Speaking to Gadgets 360, the CoinDCX research team said fears of rising inflation could prompt investors to turn their attention to Bitcoin as a potential hedge.
“The euro and pound seem to be struggling more as on-chain analysis shows a record high volume of selling of euros and pounds in exchange for BTC as the recent currency devaluation has caused the pound to lose more than 20 percent against the dollar this year,” the CoinDCX team said.
Meanwhile, despite the rough market environment, several cryptocurrencies made gains.
These include Binance Coin, Ripple, Solana, Polygon, and[Tron}(https://gadgets360com/finance/tron-price-in-india-today-inr)[Tron}(https://gadgets360com/finance/tron-price-in-india-today-inr)amongothers[Tron}(https://gadgets360com/finance/tron-price-in-india-today-inr)यांचासमावेशआहे[Tron}(https://gadgets360com/finance/tron-price-in-india-today-inr)amongothers
With a fall of 0.21 percent, the market cap of the crypto sector stands at $942.17 billion (Rs. 76,82,433 crore approx). CoinMarketCap,
“Last week showed how the macro contagion is now spreading across geographies/currencies. We live in a time where a third straight 75bps hike in Fed rates was an ‘expected’ event with little impact on equities and even crypto. Meanwhile, BTC continued to outperform ETH during the week, as the ‘merge’ was described as ‘buy the rumour, sell the news’,” said Partha Chaturvedi, crypto ecosystem lead, CoinSwitch, in a statement to Gadgets 360. .
BTC has emerged as a resilient asset at a time when global equities are experiencing massive price corrections, including crypto assets.
“In India, the CRE8 index was up 1.72 percent, reflecting global sentiment. As of 08:30 IST, September 30, the index value (sum of crypto asset values of all crypto assets in the CRE8 index) was Rs. 2690.57. BTC and ETH were the top assets by market capitalization. On a weekly basis, from September 23 to September 30, the CRE8 index rose by 2.18 percent from Rs. 2633.17 to Rs. 2690.57,” added Chaturvedi.
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 kind of advice or recommendation offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any perceived recommendations, estimates or any other information contained in the article.
