The entire crypto market is witnessing a recovery after the US introduced interest rate cuts last week. On Friday, September 27, Bitcoin recorded a price increase of 3.09 percent and 2.4 percent respectively on international and national stock exchanges. At the time of writing, BTC was trading at $65,314 (roughly Rs. 54.6 lakh) on foreign exchanges, CoinMarketCap showed. Meanwhile, on Indian exchanges, the most expensive crypto asset is trading at $66,251 (roughly Rs. 55.4 lakh).
“Bitcoin crosses $65,000 (roughly Rs. 54.3 lakh) for the first time since early August. Recent interest rate cuts by the US Federal Reserve and positive macroeconomic conditions are fueling this surge and a resurgence of investor interest in spot Bitcoin ETFs,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Ether saw a price gain of 0.81 percent and was trading at $2,695 (roughly Rs. 2.25 lakh) on Indian exchanges like CoinDCX, crypto price tracker Gadgets360 showed on Friday. On global exchanges, the price of ETH is $2,648 (roughly Rs. 2.21 lakh).
“The crucial moment has arrived for Ethereum as it needs to stay above the $2,600 (roughly Rs. 2.17 lakh) support level to continue the momentum. Optimism is that gains in BTC and other assets can lead to changes in positive market sentiment,” Avinash Shekhar, Co-Founder and CEO of Pi42 told Gadgets360.
Solana, Ripple, Cardano, Avalanche, Shiba Inu, Polkadot and Near Protocol posted gains alongside BTC and ETH on Friday.
Profits were also recorded by Cronos, Cosmos, Polygon, Zcash and Bitcoin SV.
According to CoinMarketCap, the total crypto market capitalization has increased by 3.10 percent in the last 24 hours. The valuation of the sector is currently $2.3 trillion (approximately Rs. 1,92,48,723 crores).
Meanwhile, Binance Coin, USD Coin, Dogecoin, Tron and Chainlink posted losses on Friday.
Leo, Litecoin, Uniswap and Stellar also saw their prices drop.
“Historically, September has been a challenging month for crypto, but renewed interest from retail and institutional players hints at a potential departure from this trend, setting the stage for a strong finish to the month,” said Vikram Subburaj, CEO of Giottus Crypto Exchange. Gadgets360.
Cryptocurrency is an unregulated digital currency, it is not legal tender and is subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.