Bitcoin Surges Past $65,000 for the First Time Since August, Driven by Favourable Macroeconomic Factors
The overall crypto market is witnessing a rally after the US introduced cuts in interest rates around last week. Bitcoin on Friday, September 27 recorded price hikes of 3.09 percent and 2.4 percent on international and national exchanges respectively. At the time of writing, BTC was trading at $65,314 (roughly Rs. 54.6 lakh) on foreign exchanges, showed CoinMarketCap. On Indian exchanges meanwhile, the most expensive crypto asset is trading at $66,251 (roughly Rs. 55.4 lakh).
“Bitcoin surpassing $65,000 (roughly Rs. 54.3 lakh) for the first time since early August. The U.S. Federal Reserve’s recent interest rate cut and positive macroeconomic conditions fuel this rally and the resurgence of investor interest in spot Bitcoin ETFs,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Ether saw a price hike of 0.81 percent to trade at $2,695 (roughly Rs. 2.25 lakh) on Indian exchanges like CoinDCX, the crypto price tracker by Gadgets360 showed on Friday. On global exchanges, ETH is priced $2,648 (roughly Rs. 2.21 lakh).
“There’s a crucial moment for Ethereum because it needs to stay over the support level of $2,600 (roughly Rs. 2.17 lakh) to continue the momentum. Optimism is that the gains in BTC and other assets can lead to changes in positive market sentiments,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.
Solana, Ripple, Cardano, Avalanche, Shiba Inu, Polkadot, and Near Protocol saw gains alongside BTC and ETH on Friday.
Cronos, Cosmos, Polygon, Zcash, and Bitcoin SV also recorded profits.
As reflected by CoinMarketCap, the total crypto market cap rose by 3.10 percent in the last 24 hours. The valuation of the sector presently stands at $2.3 trillion (roughly Rs. 1,92,48,723 crore).
Meanwhile Binance Coin, USD Coin, Dogecoin, Tron, and Chainlink saw losses on Friday.
Leo, Litecoin, Uniswap, and Stellar also registered price dips.
“Historically, September has been a challenging month for crypto, but renewed interest from retail and institutional players hints at a potential deviation from this trend, setting the stage for a strong finish to the month,” Vikram Subburaj, CEO, Giottus crypto exchange told Gadgets360.
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