Tuesday, December 6, 2022

BTC Retains Value Above $20,000 for Second Day, Surpassing $1 Trillion in Crypto

The price of Bitcoin has been stagnant for weeks, but there are now a few tinier indications that it may be recovering. On October 27, Bitcoin saw a 1.81 percent increase at the start of trade. BTC is now trading at $20,636. (roughly Rs. 16.9 lakh). BTC entered the trading market at a price point of $20,150 (approximately Rs. 16.61 lakh) on international exchanges a day prior to BTC’s first rise in days. BTC gained 2.45 percent, according to Coinbase and CoinMarketCap, to trade at about $20,781 per unit (roughly Rs. 17 lakh).

Ether mimicked Bitcoin’s market behavior and attracted significant gains. According to Gadgets 360’s cryptocurrency price tracker, ETH increased by 3.85% to trade at $1,547. (roughly Rs. 1.27 lakh).

“Positive earnings reports in the US stock market clubbed with the hopes that the FED might ease on its relentless plan of aggressive interest rate hikes led to a rally in equity and crypto markets alike as Bitcoin and Ethereum surpass the important price resistance points,” the research team at CoinDCX told Gadgets 360.

On the previous day, the market capitalization of all cryptocurrencies increased by 3.35 percent, reaching $1.03 trillion (8,51,354 crore).

Stablecoins like Tether, USD Coin, and Binance USD, however, did see slight losses today.“Roughly $1.15 billion (roughly Rs. 9,463 crores) worth of liquidations took place over the last 24 hours, with around 90 percent of that figure denoting short positions as markets showed bullish signs with the Dollar Strength Index (DXY) witnessing its lowest value in the past 4 weeks as it inches closer to the 109 level, a key level that could dictate the direction of the market in the coming weeks ahead of the next FOMC meeting,” the CoinDCX team added.