Bitcoin’s price rally faltered on Friday, as the value of the world’s most widely used cryptocurrency dropped 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 dropped to $60,990 (roughly Rs. 51.2 lakh), according to CoinMarketCap. This is the first time this week that Bitcoin’s value has dropped 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 front have strengthened the US dollar and thus impacted the prices of cryptocurrencies. Increasing SOFR (secured overnight financing rates) indicates liquidity problems. Relief may come with the US jobs report on Friday, improving the prospect for risk assets if rate cuts are promised,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.
Ether dropped in price by 2.17 percent on Friday. With this, the value of ETH has come to $2,143 (roughly Rs. 1.80 lakh) on Friday, showed the crypto price tracker by Gadgets360. On global exchanges, Ether is trading at $2,373 (roughly Rs. 1.99 lakh).
Tether, Binance Coin, Solana, Ripple, Cardano, and Avalanche saw losses alongside BTC and ETH. Similarly, Chainlink, Polkadot, Near Protocol, Litecoin, Stellar, Cronos, and Cosmos also registered price slips.
The overall crypto market cap decreased by 0.93 percent over the last 24 hours. With this, the total market cap has come to $2.11 trillion (roughly Rs. 1,77,17,427 crore), acording to CoinMarketCap.
Meanwhile, some altcoins increased in value on Friday, including USD Coin, Dogecoin, Tron, Leo, and Binance USD.
“Despite this downturn, institutional demand for Bitcoin remains robust, with purchases matching or surpassing daily mined quantities. In terms of altcoins, Solana and Cardano both maintain solid technical foundations and progress. Overall, the outlook for Bitcoin and a few other altcoins is still cautiously optimistic, despite the difficulties posed by the current volatility,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
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