Cryptocurrency Market Slowdown: Decline in Bitcoin Prices
In the midst of a lackluster week for the cryptocurrency market, Bitcoin faced a downturn on Friday, September 6th, with a decrease ranging between 1.06% and 2.03% on both domestic and international exchanges. Data from CoinMarketCap disclosed that the oldest and most valuable digital currency is presently trading around $56,530 (about Rs. 47.4 lakh) on worldwide exchanges, while Indian platforms like CoinDCX and CoinSwitch indicate BTC at approximately $60,355 (roughly Rs. 50.6 lakh).
Experts at CoinDCX recognized the volatile nature of the crypto market as investors awaited the release of critical US unemployment rate statistics. BTC is currently at a crucial juncture, aiming to surpass the $56,000 (about Rs. 47 lakh) support level. A successful breakthrough could potentially push prices towards the $61,600 (roughly Rs. 51.7 lakh) resistance level, while failure to maintain the $56,000 support may lead to further declines. The broader altcoin market also displayed weakness with ongoing declines.
Ether, as per Indian exchanges, is valued at approximately $2,550 (around Rs. 2.13 lakh), while foreign exchanges list ETH close to $2,378 (roughly Rs. 1.99 lakh), showing a slight drop in the past 24 hours. Various cryptocurrencies like Solana, Ripple, Shiba Inu, and Bitcoin Cash encountered losses on Friday, while Toncoin demonstrated gains.
Vikram Subburaj, CEO of Giottus, observed that altcoin performance varied, with some cryptocurrencies such as Ethereum, XRP, Solana, and BNB experiencing modest declines within an overall market consolidation. The total crypto market capitalization decreased by 0.88% over the previous 24 hours, maintaining its valuation at $1.99 trillion (approximately Rs. 1,67,06,964 crore) for the third consecutive day.
USD Coin, Dogecoin, and Cardano were among the cryptocurrencies that saw positive movement on Friday, while Polkadot, Litecoin, and Bitcoin SV managed to sustain slight increases on the price charts. Investors are eagerly awaiting the release of US payroll data, which could potentially influence the Federal Reserve’s decisions regarding possible interest rate adjustments this month, thereby contributing to market volatility.
It is essential to emphasize that cryptocurrency is a decentralized digital asset and not recognized as legal tender, carrying inherent market risks. The information shared in this post does not constitute financial advice or endorsement. NDTV disclaims any responsibility for investment losses that may arise from perceived recommendations or information provided herein.
