The cryptocurrencies stepped into the last day of September, majorly affected by a volatile market movement. Bitcoin on Friday, September 30, slipped price-wise by 1.16 percent. As per Gadgets 360’s crypto price tracker, BTC is currently trading at $19,389 (roughly Rs. 15.8 lakh). The oldest ever cryptocurrency also had to deal with losses on international levels. As per Binance and CoinMarketCap, the crypro asset is trading at around $19,420 (roughly Rs. 16 lakh). Several other crypto assets also followed BTC on the loss wagon.
Ether is among loss-making altcoins today. Ether, with a small dip of 1.03 percent, is trading at $1,326 (roughly Rs. 1.08 lakh).
Talking to Gadgets 360, the CoinDCX research team said that the fears of worsening inflation may prompt investors to turn their attention to Bitcoin as a potential hedge.
“The Euro and Pound seem to be struggling more as on-Chain analysis indicates a record mass selling of Euros and Pounds in exchange for BTC due to recent currency devaluations that saw the Pound depreciate over 20 percent compared to the dollar since the start of the year,” the CoinDCX team said.
Meanwhile, despite the rough market climate, a bunch of cryptocurrencies did see profits.
These include Binance Coin, Ripple, Solana, Polygon, and [Tron}(https://gadgets360.com/finance/tron-price-in-india-today-inr) among others.
With an over all decline of 0.21 percent, the market cap of the crypto sector stands at $942.17 billion (roughly Rs. 76,82,433 crore), as per CoinMarketCap.
“Last week further showcased how the macro contagion is now spreading across geographies/currencies. We are living in times where the third straight 75bps increase in Fed Rates was an ‘expected’ event with minimal fallout on equities and even crypto. Meanwhile, BTC has continued to outperform ETH over the course of the week, as ‘Buy the Rumour, Sell the News’ narrative played out after the ‘Merge’,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360 in a statement.
BTC has emerged as a resilient asset at a time when the global equities have been witnessing a steep correction in prices, along with crypto assets.
“In India, the CRE8 Index was up by 1.72 percent, reflecting the global sentiments. As of 08:30 IST, September 30, the Index Value (sum of crypto asset values of all the crypto assets in the CRE8 Index) stood at Rs. 2690.57. BTC and ETH were the top assets by market capitalisation. From a weekly perspective, from 23rd Sep to 30th Sep, the CRE8 index was up by 2.18 percent from Rs. 2633.17 to Rs. 2690.57,” Chaturvedi added.
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