Bitcoin and the broader crypto market continue to trade in correlation with risk assets through Tuesday, ahead of a U.S. Federal Reserve interest rate decision expected later in the day. As things settle down, the value of Bitcoin is down 0.08% in the last 24 hours with its price currently around $20,500 (about Rs 16.96) on global exchanges while those of India as CoinDCX values BTC at $21,651 (about Rs 17.91 lakh), which is exactly the value of the crypto asset as of Tuesday morning.
On global exchanges like CoinMarketCap, Coinbase, and Binance, Bitcoin price stands at $20,483 (about Rs. 16.95 lakh) while CoinGecko data shows that the value of BTC is now 1.9% higher than it was last Wednesday.
Ether, the largest smart contract token, found itself holding tight against BTC on Tuesday after rallying sharply over the past week. Ether is currently down around 0.08% in the last 24 hours on global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,655 (approximately Rs. 1.37 lakh), where the value has remained unchanged over the past day.
Gadgets 360’s Cryptocurrency price tracker revealed that most major altcoins have lost value in the past 24 hours despite Bitcoin and Ether having little volatility. The global crypto market cap numbers also saw a 0.96% drop through Tuesday and early Wednesday.
In the coin meme section, Dogecoin has given up most of the proceeds following Elon Musk’s announcement and thus trades at a loss. Dogecoin is now worth $0.14 (about Rs 11.44) after falling more than 5.2% in value in the last 24 hours, while, Shiba Inu valued at $0.000012 (about Rs 0.001029), down 4.89 percent in the past day.
“US stocks rallied on Friday. The S&P 500 Index gained 2.5% and the Nasdaq Composite Index gained 2.9%. Bitcoin has also bounced back above the key psychological $20,000 level (around $16 USD). 55 lakh) this week, after months of extremely low volatility.The most important chart for BTC right now is the Monthly chart.October is a good month and similarly seasonal November is a good month. Monday of the year midterm averaging. If BTC confirms $20,000 support, that would allow a range move up to $23,300 (approximately Rs. 19.29 lakh)”, the team said. at CoinDCX told Gadgets 360.
“Also, we have the FOMC (Federal Open Market Committee) tomorrow, which is a 50/50 event that could easily disrupt the recent rally. The Federal Reserve is expected to will raise interest rates by 75 percentage points for the fourth time in a row, and after that, markets are expecting the Fed to abandon its hawkish stance and slow the pace of rate hikes unless data continues to show inflation fixed on hot.”
Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.