Bitcoin has been trading within the range of $93,000 (roughly Rs. 78.7 lakh) and $97,000 (roughly Rs. 82.1 lakh) for almost a week now. Ahead of the upcoming FOMC meeting, Bitcoin’s price has risen by over two percent in the last 24 hours. On international exchanges, the most expensive cryptocurrency is trading at $96,490 (roughly Rs. 81.7 lakh), data by CoinMarketCap showed. Meanwhile, on Indian exchanges, the asset price grew by 2.33 percent bringing it to trade at $94,875 (roughly Rs. 80.3 lakh) on Wednesday, May 7.
“While a rate cut remains unlikely, any move toward quantitative easing could inject fresh liquidity into the market, further supporting risk assets like crypto. If BTC breaks the resistance at $97,900 (roughly Rs. 83 lakh), a decisive move above the $100,000 (roughly Rs. 84.7 lakh) mark is possible, with support standing at $93,700 (roughly Rs. 79.3 lakh),” Alankar Saxena, Co-founder and CTO of Mudrex told Gadgets 360.
Ether followed Bitcoin to reflect small gains on Wednesday. ETH rose by 1.55 percent to trade at $1,830 (roughly Rs. 1.55 lakh) on international exchanges. On Indian exchanges, ETH is retailing at $1,820 (roughly Rs. 1.54 lakh) having clocked a gain of under two percent.
“Ethereum is also holding above $1,800 (roughly Rs. 1.52 lakh), reflecting renewed strength in altcoins. Meanwhile, geopolitical tensions between India and Pakistan, including ‘Operation Sindoor’, have introduced short-term volatility, which may impact prices. Long-term effects will depend on the resolution of the conflict,” said Himanshu Maradiya, Founder and Chairman, CIFDAQ Group.
The crypto price tracker by Gadgets 360 showed altcoins trading sideways amid the ongoing volatility.
Ripple, Chainlink, Avalanche, Stellar, Leo, and Shiba Inu recorded gains on Wednesday.
Monero, Cronos, Cosmos, Iota, Binance USD, and Cartesi also logged small profits.
The overall crypto market cap rose by 1.50 percent in the last 24 hours to claim the valuation of $2.98 trillion (roughly Rs. 2,51,85,067 crore), according to CoinMarketCap.
“The US is expected to sign deals with various nations, including India, China, the UK, and a few more, which is expected to ease the traditional as well as the crypto markets. The UK has ruled out forming a national Bitcoin reserve as it feels it is not appropriate for their market. Besides, Binance founder CZ predicts the BTC price could top between $500,000 (roughly Rs. 4.22 crore) and $1 million (roughly Rs. 8.45 crore) this cycle,” the CoinDCX research team told Gadgets 360.
Binance Coin, Solana, Dogecoin, Cardano, Tron, Polkadot, and Uniswap settled in losses on Wednesday.
Near Protocol, Polygon, EOS Coin, and Dash also tumbled in their respective prices.
“Overall market sentiment remains neutral, and the altcoin season index suggests that investor interest in altcoins remains subdued,” Piyush Walke, Derivatives Research Analyst, Delta Exchange told Gadgets 360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
