Bitcoin rose in price by 2.61 percent to trade at $87,373 (roughly Rs. 74.5 lakh) on international exchanges.
The crypto market cap stands at $2.74 trillion (roughly Rs. 2,33,93,435 crore)
Photo Credit: Pixabay/ Elvind Pedersen
Bitcoin reflected profits on both national and international exchanges on Monday after a period of decline following US President Donald Trump's announcement of widespread tariffs on US imports. On international platforms, Bitcoin rose in price by 2.61 percent to trade at $87,373 (roughly Rs. 74.5 lakh). On Indian exchanges, its price hovered over the mark of $87,845 (roughly Rs. 75 lakh) with a gain of over two percent. The past two weeks proved rough for Bitcoin as the Trump administration announced sweeping reciprocal trade tariffs against many nations, particularly China.
“Bitcoin is gaining strong upward momentum, trading at $87,300 (roughly Rs. 74 lakh) as investor confidence picks up once again. Additionally, macroeconomic factors like the dollar index falling to a three-year low and increasing recession fears are prompting investors to turn to Bitcoin as a safe-haven asset,” Alankar Saxena, Co-founder and CTO of Mudrex, told Gadgets 360. “A close above the monthly high of $88,700 (roughly Rs. 75.7 lakh) could trigger a decisive move towards $92,000 (roughly Rs. 78.5 lakh) with strong support at $84,000 (roughly Rs. 71 lakh).”
Ether also registered a price hike of 1.52 percent on international exchanges to trade at $1,640 (roughly Rs. 1.40 lakh). On Indian exchanges, meanwhile, ETH is trading at $1,663 (roughly Rs. 1.41 lakh), reflecting a gain of over one percent.
“Ethereum's holding its ground above $1,500 (roughly Rs. 1.28 lakh), though it's still facing resistance near $1,680 (roughly Rs. 1.43 lakh). Macro uncertainties haven't gone away as yet. US-China trade talks, sticky treasury yields, and the Fed's next move are all on the market's radar. The May FOMC meeting will be key, with only a 12 percent chance of a rate cut right now. So, while sentiment is improving, we're not in full risk-on mode just yet,” Riya Sehgal, research analyst at Delta Exchange, told Gadgets 360.
The crypto price tracker by Gadgets 360 showed most altcoins trading sideways on Monday.
Ripple, Binance Coin, Tron, Leo, and Shiba Inu reflected gains.
Solana, Dogecoin, Cardano, Avalanche, Stellar, and Polkadot, meanwhile, logged losses.
The crypto market cap rose by 1.70 percent to sit at the valuation of $2.74 trillion (roughly Rs. 2,33,93,435 crore), showed CoinMarketCap.
“With increasing confidence among users and improving infrastructure, the trend toward mainstream acceptance continues to gather momentum. The coming weeks will be pivotal in determining investor strategies and overall market direction," said Avinash Shekhar, co-founder and CEO, Pi42.
As markets largely remain volatile, analysts have advised investors to continue being cautious with their investment decisions and conduct thorough research.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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