Bitcoin on Tuesday, October 3, reflected a loss of 1.39 percent from its trading value. Despite this loss, Bitcoin has clocked a price point of $27,415 (roughly Rs. 22.8 lakh), which is relatively higher than the price range that BTC traded in throughout September. The most valuable cryptocurrency has recorded a price hike of $498 (roughly Rs. 41,457) in the last three days, including the weekend. However, the current loss witnessed by BTC did show its impact on other cryptocurrencies, including Ether.
Ether showed even bigger losses than BTC on Tuesday. At the time of writing, ETH was trading at $1,661 (roughly Rs. 1.38 lakh) after losing 3.23 percent. In the last three days, ETH did not see a notable change in its pricing.
"Bitcoin momentarily broke above the extremely important resistance of $28,500 (roughly Rs. 23.7 lakh), which is the 50-day Exponential Moving Average (50EMA) as well, before bears took the grip and BTC fell back to around $27,500 (roughly Rs. 22.8 lakh). This volatility means the market saw its highest volumes in over a month. More volumes will attract more traders to the market," Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.
Conventionally, the market trajectories of BTC and ETH often imply the price points of other cryptocurrencies. Today, for instance, a big bunch of cryptocurrencies show losses.
These include Binance Coin, Ripple, Solana, Cardano, Dogecoin, and Shiba Inu — all showed value dips.
These were further accompanied by Chainlink, Avalanche, Stellar, Monero, Cosmos, and Uniswap on the loss-making side of the crypto price chart.
"This price movement could be attributed to the US 10-year Treasury yield's sharp rise by an additional 11 basis points to reach 4.69 percent. This caused a slight impact on the gains driven by positive indicators, such as the approval of Ether futures ETFs by the US SEC. However, it's worth noting that Bitcoin typically exhibits strength during October and has seen an increase of 68.21 percent over the year," Edul Patel, Co-Founder and CEO of Mudrex, told Gadgets 360.
The overall valuation of the crypto sector dipped by 1.80 percent in the last 24 hours. As per CoinMarketCap, the current crypto market cap stands at $1.09 trillion (roughly Rs. 90,73,857 crore).
Meanwhile, small profits made a handful of cryptocurrencies trade in the greens today.
These include Tether, USD Coin, Bitcoin Cash, Leo, Bitcoin SV, and Cartesi.
Meanwhile, in an interesting development yesterday, a Twitter account named @satoshi became active after five years and claimed that Bitcoin is a predicate machine with different aspects yet to be explored.
The person seemingly controlling this account is Craig Wright, who was unable to prove in a court of law that he is the real Satoshi.
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