Bitcoin on Wednesday, October 4, saw a loss of 0.61 percent to trade at the price point of $27,403 (roughly Rs. 22.8 lahks). This is the second day this week that Bitcoin has held its ground close to the mark of $27,000 (roughly Rs. 22 lakh). Over the last day, the value of Bitcoin dropped by $12 (roughly Rs. 998). At this point, Bitcoin's current value is 59.59 percent below its all-time high. It is, however, notable that Bitcoin has demonstrated a year-to-date performance increase of 65.54 percent.
Ether reflected a price dip of 1.50 percent on Wednesday. At the time of writing, ETH was trading at $1,640 (roughly Rs. 1.36 lakh). For Ether, this marks a value dip of $21 (roughly Rs. 1,748) over the last day.
“In the last 24 hours, Bitcoin has consistently maintained a trading level above $27,300, possibly due to traders cashing in on recent gains amidst ongoing volatility in traditional markets. Ethereum, meanwhile, has remained stable in its trading pattern,” Edul Patel, Co-Founder & CEO of Mudrex, told Gadgets 360.
Most cryptocurrencies recorded losses today, tailing behind BTC and ETH.
These include Tether, Binance Coin, Ripple, Solana, Cardano, Dogecoin, Polygon, and Polkadot.
Minor losses also met with Litecoin, Wrapped Bitcoin, Bitcoin Cash, Shiba Inu, Chainlink, and Avalanche.
The overall valuation of the crypto sector slipped by 0.91 percent in the last 24 hours. This brings the capitalisation of the crypto market to $1.08 trillion (roughly Rs. 89,89,304 crore) as per CoinMarketCap.
“On October 3rd, US' 10-year Treasury note yield surged to 4.75 percent, marking its highest level in sixteen years. This increase was prompted by Federal Reserve officials' statements, emphasising that interest rates are not expected to decline in 2023 and 2024. This dip in crypto prices can be attributed to rising US bond yields and overbought signals, which have put pressure on Bitcoin,” the CoinDCX research team told Gadgets 360.
Meanwhile, some cryptocurrencies made record gains today.
These include USD Coin, Tron, Leo, Stellar, Binance USD and Monero.
Braintrust, Augur, and Bitcoin Hedge also emerged on the gain-making side of the crypto price chart.
“The most important altcoin news since yesterday is that of XRP (+4.2 percent) in the famous SEC vs XRP case to determine whether XRP is a security. In the latest development, the judge has rejected SEC's attempt to file an interlocutory appeal against the judgment the court had given in July. This seems to have contributed positively in its price action,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.
In a milestone moment for crypto this week, Ethereum Futures ETFs started trading in the US for the first time. However, the development did not secure much volume as they could only garner a combined total of $1.9 million in trading volumes. Industry experts have said that as investors still wait for spot crypto ETFs, this could still be considered as a win for crypto.
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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