Bitcoin and the rest of the crypto market saw a bit of a bounce in prices on Tuesday as riskier asset classes were back in flavour ahead of the US Federal Reserve’s monetary policy meeting later in the day. As things stand, the value of Bitcoin has witnessed a rise of 2.85 percent in the last 24 hours with its price now around the $19,300 (roughly Rs. 15.38 lakh) mark across global exchanges while Indian exchanges like CoinSwitch and CoinDCX value BTC at $21,084 (roughly Rs. 16.8 lakh), 0.82 percent higher than that on Monday morning.
On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $19,353 (roughly Rs. 15.42 lakh) while CoinGecko data shows that BTC’s value now sit 13.5 percent lower than where it stood last Tuesday.
Ether has also seen a rise through early Tuesday after being on a spiral since the ‘Merge’. Ether is currently up by close to 4 percent over the past 24 hours, trading in the $1,350 (roughly Rs. 1.07 lakh) range across global exchanges. Meanwhile on Indian exchanges, ETH is valued at $1,493 (roughly Rs. 1.19 lakh) where values are up by 3.18 percent over the past day.
Gadgets 360’s cryptocurrency price tracker reveals that most major altcoins had a similar upside over the past day. The global crypto market capitalisation also witnessed a rise of 2.56 percent through late Monday and early Tuesday.
Memecoins Shiba Inu and Dogecoin picked up their prices too. Dogecoin is currently valued at $0.05 (roughly Rs. 4.65) after adding 2.44 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000011 (roughly Rs. 0.000868), up 1.33 percent over the past day.
“Bitcoin breached a major psychological support of $20,000 (roughly Rs. 15.97 lakh) as it tipped towards its 3 month low while there was a 60 percent increase in trading volume due to increased volatility amidst a negative macroeconomic backdrop,” the research team at CoinDCX tells Gadgets 360.
“The week started with tumbling in crypto markets due to two broad reasons, the first being the upcoming FOMC meeting this Wednesday where a 100 bps is still on the table with a higher probability of a 75 bps rate hike. Secondly, as the Bitcoin network difficulty reaches an all-time high (32.045t), higher computational power is required to mine Bitcoin which affects the profitability of the miners and creates selling pressure. Amid the bearish price action, 1,26,682 traders representing $417 million (roughly Rs. 3,323 crore) were liquidated in the last 24 hours.”
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