Bitcoin price gains slowed on Friday, as the value of the world’s most used cryptocurrency fell by one percent on international exchanges, after crossing the $60,000 (roughly Rs. 50 lakh) mark earlier this week. The value of the most expensive crypto asset fell to $60,990 (roughly Rs. 51.2 lakh), according to CoinMarketCap. This is the first time this week that the value of Bitcoin has fallen to this level on foreign exchanges. BTC is currently trading sideways in India at $63,453 (roughly Rs. 53.2 lakh), according to FIU-registered exchanges like CoinSwitch and CoinDCX.
“Tensions on the geopolitical plane strengthened the US dollar and thus affected the prices of cryptocurrencies. An increase in the SOFR (secured overnight funding rate) indicates liquidity problems. Relief could come with the US jobs report on Friday, improving the outlook for risk assets if rate cuts are promised,” Avinash Shekhar, co-founder and CEO of Pi42 told Gadgets360.
Ether fell in price by 2.17 percent on Friday. This took the value of ETH to $2,143 (roughly Rs. 1.80 lakh) on Friday, cryptocurrency price tracker Gadgets360 showed. On global exchanges, Ether is trading at $2,373 (roughly Rs. 1.99 lakh).
Tether, Binance Coin, Solana, Ripple, Cardano and Avalanche posted losses alongside BTC and ETH. Similarly, Chainlink, Polkadot, Near Protocol, Litecoin, Stellar, Cronos and Cosmos also saw price slips.
The total capitalization of the crypto market decreased by 0.93 percent in the last 24 hours. This brings the total market capitalization to $2.11 trillion (roughly Rs. 1,77,17,427 crore), according to CoinMarketCap.
Meanwhile, some altcoins rose in value on Friday, including USD Coin, Dogecoin, Tron, Leo and Binance USD.
“Despite this decline, institutional demand for Bitcoin remains strong, with purchases matching or exceeding daily mining volumes. As for altcoins, Solana and Cardano maintain solid technical foundations and are making progress. Overall, the outlook for Bitcoin and several other altcoins remains cautiously optimistic, despite the headwinds presented by the current volatility,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
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