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Crypto Market Updates

On Friday, October 13, the price of bitcoin fell by 0.09 percent to trade at $26,777 (approximately Rs. 22.2 lakh). This is the fifth day in a row that Bitcoin has experienced losses on the market. Bitcoin lost $43 (about Rs. 3,578) in value over the previous 24 hours. Bitcoin’s current support and resistance levels are $26,500 (about Rs. 22 lakh) and $27,000 (approximately Rs. 22.4 lakh), respectively. Experts in the market claim that the drop in the price of Bitcoin and Ether was brought on by a cautious market atmosphere brought on by a report on inflation that was somewhat more than expected and resulted in an increase in US Treasury rates as well as a stronger dollar.

On Friday, Ether lost 1.29 percent of its value and traded at $1,540 (about Rs. 1.28 lakh). The price of ETH fell by $20 (about Rs. 1,664) in the previous day. The price of ETH is currently trading at its lowest level since March.

Before exhibiting a slight recovery, ETH experienced selling pressure that drove its price to a seven-month low. According to Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, the US Dollar Index (DXY) has increased by about 0.8 percent, placing pressure on ‘risk-on’ asset classes including stocks and cryptocurrencies.

Along with BTC and ETH, losses were reported for Binance Coin, Solana, Cardano, Dogecoin, Tron, Polygon, and Polkadot.

Shiba Inu, Chainlink, Avalanche, Stellar, Monero, Cosmos, and Uniswap are currently among the other losing coins.

In the past day, the market value of the cryptocurrency industry as a whole fell by 0.50 percent. For the past three days, the market capitalization of the digital assets sector has remained constant at $1.05 trillion (about Rs. 87,31,296 crore).

The September CPI (Consumer Price Index) data that was released yesterday is being attributed for the market decline, which includes cryptocurrency. According to Chaturvedi, the CPI increased by 0.4% vs the market’s estimate of a 0.3% increase.

In contrast, stablecoins are now trading in green. Tether, Ripple, USD Coin, and Binance USD are among of them.

Litecoin, Bitcoin Cash, Leo, Elrond, EOS Coin, and Cartesi are further cryptocurrencies that today showed profits.

Notably, the US Securities and Exchange Commission faces a critical decision today: whether to challenge Grayscale Investments’ recent judicial victory. This decision has significant consequences not only for spot Bitcoin ETFs, but it may also cause considerable volatility in Bitcoin’s price. While we await the SEC’s judgement, it’s critical to understand what’s at risk. Some analysts believe that if the SEC contests this, the approval of Bitcoin ETFs will be slowed. The CoinDCX research team told that most people believe the SEC would likely follow the court’s verdict, and that prices for crypto assets may continue to fluctuate in the coming days.

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