The crypto market showed fluctuations on Friday, October 11, after US CPI data came in higher than expected. Against the backdrop of this development, Bitcoin recorded a loss of around one percent on national and international exchanges. At the time of writing, the oldest and most expensive cryptocurrency was trading at $60,576 (roughly Rs. 50.8 lakh) on global exchanges, CoinMarketCap showed. Meanwhile, on Indian exchanges such as CoinSwitch and Giottus, BTC is trading at $61,452 (roughly Rs. 51.6 lakh).
“As Bitcoin had its fourth consecutive red day, the world’s largest cryptocurrency gained more than two percent just before the close of the daily candle. Yesterday’s market volatility was largely driven by US CPI data, a key indicator for determining the Fed’s stance on future rate cuts. While the annual CPI showed a decline compared to last year, it was higher than analysts’ expectations, leading to a fall in Bitcoin prices,” the CoinSwitch Markets Desk told Gadgets360.
On Friday, Ether recorded a price increase of just over one percent. At the time of writing, ETH is valued at $2,407 (roughly Rs. 202,145) on international exchanges, CoinMarketCap showed. The price of ETH on Indian exchanges, meanwhile, is $2,438 (roughly Rs. 2.04 lakh), crypto price tracker Gadgets360 showed.
Binance Coin, Solana, USD Coin, Dogecoin and Stellar posted losses on Friday.
Cosmos, Neo Coin, Iota, Status and Cartesi also saw their prices drop alongside ETH.
The total valuation of the cryptocurrency currently stands at $2.12 trillion (roughly Rs. 1,78,34,775 crore) after a minor loss of under one percent in the last 24 hours, according to CoinMarketCap.
Meanwhile profitable altcoins include Ripple, Cardano, Avalanche, Shiba Inu, Polkadot and Leo.
Litecoin, Cronos, Polygon and Bitcoin SV also posted small gains on Friday.
Despite the element of volatility in the crypto sector, retail investors are showing interest in engaging in crypto assets. This week the discovery was made in a report published by the International Organization of Securities Commissions (IOSCO).
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