Crypto Price Today: Bitcoin Slips Under $61,000 Owing to US’ CPI Data, Most Altcoins Retain Profits

The crypto market showed fluctuations on Friday, October 11, after the US CPI data emerged higher than expectations. In the backdrop of this development, Bitcoin registered a loss of around one percent on national and international exchanges. At the time of writing, the oldest and most expensive cryptocurrency was trading at $60,576 (roughly Rs. 50.8 lakh) on global exchanges, showed CoinMarketCap. On Indian exchanges like CoinSwitch and Giottus, meanwhile, BTC is trading at $61,452 (roughly Rs. 51.6 lakh).

“As Bitcoin had its fourth consecutive red day, the world's largest crypto gained over two percent just before the daily candle close. The market volatility yesterday was largely driven by US CPI data, a key indicator for determining the Fed's stance on future rate cuts. While the annual CPI showed a decline compared to last year, it came in higher than analysts' expectations, leading to a drop in Bitcoin prices,” the CoinSwitch Markets Desk told Gadgets360.

Ether saw a price gain of just above one percent on Friday. At the time of writing, the value of ETH stands at $2,407 (roughly Rs. 2,02,145) on international exchanges, showed CoinMarketCap. The price of ETH on Indian exchanges, meanwhile, stands at $2,438 (roughly Rs. 2.04 lakh), showed the crypto price tracker by Gadgets360.

Binance Coin, Solana, USD Coin, Dogecoin, and Stellar saw losses on Friday.

Cosmos, Neo Coin, Iota, Status, and Cartesi also registered price dips alongside ETH.

The overall crypto price valuation presently stands at $2.12 trillion (roughly Rs. 1,78,34,775 crore) after clocking a minor loss of under one percent over the last 24 hours, as per CoinMarketCap.

Profit-minting altcoins, meanwhile, include Ripple, Cardano, Avalanche, Shiba Inu, Polkadot, and Leo.

Litecoin, Cronos, Polygon, and Bitcoin SV also registered small gains on Friday.

Despite the volatility element of the crypto sector, retail investors have been showing interest in engaging with crypto assets. This week, the finding was published in a report released by the Board of the International Organisation of Securities Commissions (IOSCO).

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