Current Cryptocurrency Prices: Bitcoin Holds Steady Near $27,400 Despite Losses, Many Altcoins Experience Declines

Technology

In the past 24 hours, Bitcoin’s value has declined by $12 (approximately Rs. 998)

On Wednesday, October 4, Bitcoin experienced a 0.61 percent decrease in value, trading at approximately $27,403 (roughly Rs. 22.8 lakhs). This marks the second day this week that Bitcoin has maintained a price close to the $27,000 (approximately Rs. 22 lakhs) mark. Over the past day, Bitcoin’s value has decreased by $12 (roughly Rs. 998). Currently, Bitcoin’s value is 59.59 percent below its all-time high. Notably, Bitcoin has shown a year-to-date performance increase of 65.54 percent.

Ether, on the other hand, exhibited a 1.50 percent price decline on Wednesday, with ETH trading at $1,640 (roughly Rs. 1.36 lakhs) at the time of writing. This represents a decrease of $21 (approximately Rs. 1,748) in Ether’s value over the past day.

Edul Patel, Co-Founder & CEO of Mudrex, stated, “In the last 24 hours, Bitcoin has consistently maintained a trading level above $27,300, possibly due to traders cashing in on recent gains amidst ongoing volatility in traditional markets. Ethereum, meanwhile, has remained stable in its trading pattern.”

Furthermore, Patel added, “On October 3rd, the US’ 10-year Treasury note yield surged to 4.75 percent, marking its highest level in sixteen years. This increase was prompted by Federal Reserve officials’ statements, emphasizing that interest rates are not expected to decline in 2023 and 2024. This dip in crypto prices can be attributed to rising US bond yields and overbought signals, which have put pressure on Bitcoin,” as noted by the CoinDCX research team.

In contrast, some cryptocurrencies achieved notable gains, with XRP seeing a 4.2 percent increase in value. This gain was attributed to developments in the SEC vs. XRP case, which aims to determine whether XRP is considered a security. The judge rejected the SEC’s attempt to file an interlocutory appeal against a previous court judgment, which had ruled in favor of XRP in July.

This week marked a significant moment for the crypto industry as Ethereum Futures ETFs began trading in the United States for the first time. However, these ETFs did not generate substantial trading volume, amassing a combined total of $1.9 million. Experts in the industry suggest that investors are still awaiting spot crypto ETFs, but this development is seen as a positive step for the crypto market.

Leave a Reply

Your email address will not be published. Required fields are marked *