Bitcoin on Wednesday, October 13 continued to remain on the loss-making side of the crypto chart for the third consecutive day. Having incurred a loss of 2.37 percent, the value of BTC has fallen to its current price point of $40,867 (roughly Rs. 34 lakh). The crypto asset saw a price drop of $964 (roughly Rs. 80,401) over the last day. Last week, Bitcoin was trading at $44,000 (roughly Rs. 36.6 lakh). As per market analysts, most crypto assets including Bitcoin are currently undergoing a period of price correction.
“Bitcoin trades at the $40,000 (roughly Rs. 33.3 lakh) level after experiencing liquidations ahead of the US interest rate decision scheduled for today. Despite being in the red, BTC has seen an eight percent month-to-date increase and an impressive 148 percent surge year-to-date. The recent low near $40,600 (roughly Rs. 33.8 lakh) has prompted a consolidation of losses. BTC faces resistance at $41,450 (roughly Rs. 34.5 lakh) and finds support at $39,500 (roughly Rs. 32.9 lakh),” Edul Patel,Co-Founder and CEO, Mudrex told Gadgets360 commenting on the market situation.
Ether recorded a price dip of 3.17 percent to trade in losses alongside Bitcoin on Tuesday. At the time of writing, the value of Ether stands at $2,166 (roughly Rs. 1.80 lakh). In the last 24 hours, the value of ETH dropped by $63 (roughly Rs. 5,255).
More cryptocurrencies registered losses than profits today. These include Tether, Binance Coin, Ripple, and Solana. Avalanche, and Chainlink also saw losses.
Other loss-laced cryptocurrencies today include Polygon, Polkadot, Shiba Inu, Leo, Stellar, and Monero.
The overall crypto market cap also slipped down the price ladder for the third consecutive day today. Its current valuation stands at $1.53 trillion (roughly Rs. 127,56,933 crore), after seeing dip of 2.44 percent, showed CoinMarketCap.
“Crypto market observers are closely monitoring SEC decisions, significant holders’ behaviour, and key support and resistance levels shaping the broader crypto market,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Meanwhile, only a few cryptocurrencies managed to see small gains today. These include USD Coin, Cardano, Cosmos, Elrond, and Binance USD.
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