Bitcoin on Friday, September 8 registered a small profit of 1.61 percent to trade at the price point of $26,230 (roughly Rs. 21.8 lakh). This marks the first time this week that the most expensive cryptocurrency has managed to breach the mark of $26,000 (roughly Rs. 21.6 lakh). Up until now, on most days, BTC had been trading round the value of $25,000 (roughly Rs. 20.7 lakh). As per industry analysts, the investor sentiment seems to have been slightly boosted after news about JPMorgan Chase & Co. exploring a blockchain-based payment and settlement system. It comes across as a sign that companies are still building in the ongoing bear phase.
Ethereum rose by 0.52 percent to trade at the price point of $1,647 (roughly Rs. 1.37 lakh). In the last 24 hours, the value of ETH went up by $15 (roughly Rs. 1,247).
Along with JPMorgan's blockchain exploration, other factors are also in favour of the crypto sector.
“This positive price movement could be because of a paper published yesterday by the IMF and the G20's Financial Stability Board. The paper pointed out that a blanket ban on crypto would not be effective long-term and recommended targeted restrictions and comprehensive monetary policy instead,” Edul Patel, the CEO and co-founder of Mudrex told Gadgets 360.
This paper essentially underlines the importance of a global regulatory and recommends targeted restrictions and sound monetary policy instead.
Among cryptocurrencies that reeled in profits today, Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, Solana, and Polkadot made their marks.
Other cryptocurrencies to have seen gains today include Litecoin, Bitcoin Cash, Avalanche, Stellar, Monero, Binance USD, Cosmos, and Cronos.
Over the last 24 hours, the overall crypto market valuation rose by 1.15 percent to touch the capitalisation point of $1.05 trillion (roughly Rs. 87,32,986 crore), as per CoinMarketCap.
The fear and greed index also jumped five points since yesterday and is currently in the fear zone with a score of 46/100.
Meanwhile, losses also struck some cryptocurrencies on Friday including Polygon, Shiba Inu, Chainlink, Uniswap, and Qtum.
The next three days could be crucial for the global crypto market now that the G20 leaders are heading to Delhi today, to attend the G20 meetings. India, as the G20 president, has been working on making crypto rules that would work on an international level. Key updates about the same are expected in the coming days.
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.
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