As of 1:07 pm IST, Bitcoin was down 2% at $57,939, while Ethereum was down 0.8% at $2,342. Meanwhile, the global cryptocurrency market cap fell 1.13% to around $2.13 trillion in the last 24 hours.
“Bitcoin held at the $58,000 level, maintaining the bullish trajectory. Trump’s announcement of his intention to launch his son’s cryptocurrency business and Standard Chartered Bank’s bullish forecast for BTC further boosted the market sentiment. The resistance level for BTC lies at $59,100 and the support level remains at $56,500,” said Edul Patel, CEO of Mudrex.
Cryptocurrency Tracking
“Bitcoin has shown resilience, trading around $57,900 despite mixed US data,” said Shivam Thakral, CEO of BuyUcoin. “Expectations of a 0.25% interest rate cut by the Federal Reserve on September 18th are adding to the positive sentiment around bitcoin.”Vikram Subburaj, CEO of Giottus, noted: “Bitcoin is consolidating around $58,000 as markets look for a 25 basis point interest rate cut in the US next week. The net outflow of $750 million worth of bitcoin from exchanges on Wednesday suggests a potential supply crisis that could lead to a near-term price rally. A decisive break above $60,000 is needed to continue this momentum.”
In today’s trading, XRP (Ripple) surged 5%. CoinSwitch Markets Desk noted: “Grayscale has launched an XRP Trust, marking a significant development. This strengthens the case for a Ripple-based ETF in the future and signals growing institutional interest in XRP.” Over the past 24 hours, Bitcoin’s market cap has dropped to $1.145 trillion. Bitcoin’s dominance now stands at 56.22%. BTC’s volume over the same period fell 18.3% to $30.13 billion. Meanwhile, stablecoins accounted for $54.15 billion of that volume, or 91.68%, according to CoinMarketCap. Avinash Shekhar, Co-Founder and CEO of Pi42, added: “Bitcoin price has seen a notable recovery, surging above $58,000 after a brief downtrend following the release of US CPI data. Investor optimism is building as anticipation grows for next week’s FOMC meeting, where a 25 basis point interest rate cut is expected, which could provide further support to the cryptocurrency market.”
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
