Bitcoin on Monday, September 25, recorded a loss of 1.38 percent. At the time of writing, the value of Bitcoin stood at the price point of $26,207 (roughly Rs. 21.7 lakh). The most expensive cryptocurrency has largely traded between the price marks of $23,000 (roughly Rs. 19 lakh) to $28,000 (roughly Rs. 23 lakh). Around Friday last week, the value of Bitcoin slipped below the mark of $27,000 (roughly Rs. 22.4 lakh). Most cryptocurrencies recorded price dips today alongside Bitcoin.
"Bitcoin remained above the $26,000 mark (roughly Rs. 50,000) despite stock market declines and a stronger US dollar, indicating its resilience. From a technical standpoint, Bitcoin's price action is currently influenced by two key levels: the 200-weekly Exponential Moving Average (EMA) at $24,700 (roughly Rs. 20.5 lahks), which could provide support, and the 200-weekly Simple Moving Average (SMA) at $27,800 (roughly Rs. 23 lakh), which may act as resistance. These levels are expected to play significant roles in shaping Bitcoin's price movement in the coming weeks,"
Ether incurred a loss of 0.95 percent as the asset stepped into the trading arena for the last week in September. The price of ETH at this point stands at $1,577 (roughly Rs. 1.31 lakh). The second-most valuable cryptocurrency after BTC, ETH tumbled under the mark of $1,600 (roughly Rs. 1.32 lakh) last Friday and has not managed to recover yet.
Tether, Binance Coin, Ripple, USD Coin, Dogecoin, Cardano, and Solana recorded losses on Monday.
Polkadot, Polygon, Litecoin, Shiba Inu, Bitcoin Cash, and Chainlink also registered dips alongside BTC and ETH.
The overall crypto sector valuation dropped by one percent in the last 24 hours to reach a capitalisation of $1.04 trillion (roughly Rs. 86,38,515 crore), as per CoinMarketCap.
Alternatively, jumping between the neutral and the fear zone over the weekend, the fear and greed index is back in the neutral zone with a score of 47/100.
A very small number of cryptocurrencies recorded profits today. These include Monero, Near Protocol, Iota, NEM, BurgerCities, and Gas.
"The overall trend in the crypto market continues to be down, with bearish sentiments, particularly after the remarks from the Feds. The market is expecting BTC volatility to see an uptick as Bitcoin options worth $3 billion (roughly Rs. 28265 crore) expire on September 29," Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.
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.
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