Bitcoin, Ether Prices Fall After Binance’s FTT Sells Speed Picks
Bitcoin price once again fell below the crucial $20,000 (roughly Rs. 16.55 lakh) mark amid concerns that the crypto market is at risk of another Terra Luna or Celsius disaster after news that Binance was selling its large stack of tokens -FTT. The price of Bitcoin has fallen by almost 5 percent in the last 24 hours and its value is now equal to $19,850 (approx. Rs. 16.25 lakh) mark on global exchanges while Indian exchanges like CoinDCX price BTC at $21,655 ( around Rs. 17.71 lakh) , which is 2.64 percent below what the crypto asset posted on Monday morning.
On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $19,867 (roughly Rs. 16.26 lakh) while CoinGecko day shows that the price of BTC is now sitting 3.1 percent below where it stood last Tuesday.
Ether, the largest smart contract token, did not have a good start to the week and just as BTC saw the steepest fall from Monday’s early values. Ether is currently down about 6 percent in the last 24 hours in global trading. Meanwhile on Indian exchanges, ETH is trading at $1,643 (roughly Rs. 1.35 lakh) with prices having gradually declined by over 0.75 percent in the previous day.
The Gadgets 360 cryptocurrency price tracker reveals that most of the major altcoins have seen significant losses and with numbers for the global crypto market capitalization showing a 4.5 percent drop through late Monday and early Tuesday.
Cardano, Polygon, BNB, Cosmos, Chainlink, and Polkadot, Uniswap, TRON, Avalanche, and Monero experienced heavy losses for the day while Solana led the pack to lose more than 12 percent in value in the last 24 hours.
In the category of meme coins, Dogecoin has fallen further in what has not been the best start to the week. Dogecoin is currently priced at $0.10 (approx. Rs. 8.37) after dropping over 12.5 percent in value within the last 24 hours, while, Shiba Inu is worth $0.000011 (approx. Rs. . 0.000898), decreased by 8.26 percent in the previous day.
“In view of the US elections (Midterm Elections) which will be held on November 8; the main talking point will be the CPI which is currently at 8.2% year-on-year with new data due in November. 10, the decline in the previous price will lead to a positive market reaction as the markets enter the holiday season and Q4 is generally a good period for Equities and Crypto historically.”
“Crypto is currently in a consolidation phase with recent gains that have seen Bitcoin and Ether break through key resistances of $20,000 and $1,500 respectively thanks to Elon musk’s acquisition of Twitter fueling the Web3 narrative. We also saw Meta using Arweave to keep Instagram NFTs and CeFi turning to DeFi as SBI Digital Holdings, JP Morgan and DBS Bank helped The Monetary Authority of Singapore successfully complete the transaction with the institutional level product Aave Arc, for the first time for JP Morgan to conduct live trading. on the public blockchain that takes place through an Indian business founded and led by Polygon that uses a modified version of the AAVE protocol to facilitate these transactions,” explained the CoinDCX Research Team talking to Gadget 360.
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