Bitcoin, after weeks of trading at a stagnated price point of around $26,000 (roughly Rs. 21.5 lakh), finally has managed to break out of its resistance point. On Wednesday, Bitcoin reflected a substantial gain of 5.30 percent to trade at $27,496 (roughly Rs. 22.7 lakh). In the last 24 hours, the most expensive cryptocurrency jumped by $1,409 (roughly Rs. 1.16 lakh). As per experts, this price action for BTC has resulted from the liquidation of around $75 million (roughly Rs. 620 crore) across exchanges in short positions.
Ether price also rose notably by 3.81 percent stepping into Wednesday. At the time of writing, ETH was trading at $1,718 (roughly Rs. 1.41 lakh). The value of ETH rose by $65 (roughly Rs. 5,370) over the last day.
“This tremendous positive growth could be attributed to the US Court ruling with Grayscale in a lawsuit against the Securities and Exchange Commission about the company’s application to convert the Grayscale Bitcoin Trust to an ETF. This development in the industry has resulted in positive sentiment among the market participants, driving the prices. With this ruling, we could likely see more giant companies applying for Bitcoin spot ETF licenses in the coming months,” Edul Patel, CEO, Muder, told Gadgets 360.
Profits raining over both top cryptocurrencies, BTC and ETH, often bring gains back to the crypto price chart.
The overall crypto market valuation spiked by four percent in the last 24 hours to sit on the mark of $1.09 trillion (roughly Rs. 90,07,269 crore), showed CoinMarketCap.
The fear and greed index has jumped 10 points and has entered the neutral zone with the current score of 49/100.
“The crypto market has seen a positive price action in the last 24 hours. As per CoinGecko, global crypto market capitalisation added approx. $50 billion (roughly Rs. 4,13,758 crore),” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.
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