At 1:34 pm IST, Bitcoin was down 2.1%, trading at $62,264, while Ethereum fell 2.5% to $2,426.
“Bitcoin faced profit-taking after briefly touching the $64,000 mark, and is now trading around $62,300 awaiting a key catalyst for a breakout. BlackRock’s statement that Bitcoin is news alternative to gold has lifted market sentiment, but investors are still looking for a decisive trigger to determine the next move. Currently, BTC faces resistance at $64,000, with support holding there. $61,600,” said Edul Patel, CEO of Mudrex.
Cryptocurrency tracker
According to the CoinDCX research team, “The crypto market remained relatively neutral over the past 24 hours, with slight declines in BTC and ETH following a decline in the US market. Investors are anticipating US CPI and PPI data later this week, which could rise. market volatility.Several other major cryptocurrencies saw declines, including BNB (-2.4%), Solana (-3.8%), XRP (-2.6%), Dogecoin (-6.1%), Toncoin (-3%), Cardano (-3.3%). Shiba Inu (-6.7%) and Chainlink (-5%).
“The altcoin market is following the trajectory of Bitcoin. Major assets like Ethereum, by Giottus. The volume of all stablecoins is now $72.93 billion, or 91.3% of the total 24-hour crypto market volume, according to data available on CoinMarketCap. Over the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, fell to $1.230 trillion. Bitcoin dominance is currently at 56.86%, according to CoinMarketCap. BTC volume over the past 24 hours jumped 63.4% to $33.3 billion.
“If Bitcoin maintains current levels, it may consolidate again towards $64,000. However, a possible liquidation of Silk Road Bitcoins by the US government this week may push the asset below $60,000 before a sustained rally is assured,” Subburaj added.
(Disclaimer: The recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of the Economic Times.)
