Bitcoin price rose 5.56 percent on Friday, with the digital asset currently trading at around $69,196 (roughly Rs. 57.7 lakh) on Indian cryptocurrency exchanges such as WazirX and CoinSwitch and $66,155 (roughly Rs. 55.2 lakh ) on foreign exchanges such as Binance. Earlier this week, the U.S. Department of Labor’s Bureau of Labor Statistics released consumer price index (CPI) data showing that inflation in April showed signs of cooling. Against the background of this development, Bitcoin and other cryptocurrencies are now trading at higher values.
“The overall crypto market is now stable and BTC is showing good momentum after CPI. Technically, BTC is facing a near-term hurdle of $66,670 (roughly Rs. 55.6 lakh). Clearing this level could lead to continued upward movement. The main support is at $60,850 (roughly Rs. 50.8 lakh) and BTC should maintain its position above this level,” the CoinDCX market team told Gadgets360 on Friday.
Cryptocurrencies that rose in value along with Bitcoin on Friday included Tether, Solana, Cardano, Shiba Inu, Avalanche, Tron and Polkadot.
Polygon, Leo, Cronos, Cosmos and Bitcoin SV also saw price gains on Friday.
Ether is trading at $3,147 (roughly Rs. 2.6 lakh) on national exchanges and $2,998 (roughly Rs. 2.5 lakh) on international exchanges, after its price fell by 3.30 percent.
“The ETH/BTC pair continues to fall, causing ETH to lag behind BTC, while alternatives trade mixed. ETH, although bullish, is weaker compared to BTC. Key support for ETH is at $2,875 (approx Rs 2.40 lakh) and resistance is at $3,040 (approx Rs 2.5 lakh),” the CoinDCX team added.
Binance Coin, USD Coin, Ripple, Dogecoin, Bitcoin Cash, Chainlink and Litecoin also fell in value.
Total crypto market capitalization stands at $2.36 trillion (roughly Rs. 1,96,97,456 crore) after a 0.90 percent drop in the last 24 hours, according to CoinMarketCap.
“While the broader market is in the red, a clear exception among the leading cryptocurrencies is LINK (+13.6 percent). The Depository Trust and Clearing Corporation (DTCC) in the US, along with Chainlink and major US banks, have completed a successful pilot to accelerate asset tokenization. This collaboration is a step further towards the adoption of blockchain technology in the traditional asset management sector,” Parth Chaturvedi, Head of Investment, CoinSwitch Ventures, told Gadgets360.
In a recent development, the Securities and Exchange Board of India (SEBI) has proposed to appoint more regulators to oversee crypto trading in the country. The proposal was submitted to the Government Committee responsible for advising the Ministry of Finance on policy formulation. On the policy front, Turkey and India advanced crypto policies on May 16 that could create a framework for companies and investors operating in each country.
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.
