Synopsis
“Bitcoin experienced profit-taking following Fed Chairman Powell’s statement that there is ‘no rush to cut rates,’ as inflation data came in slightly above expectations,” said Edul Patel, Co-founder and CEO of Mudrex.
After reaching an all-time high and surpassing the $93,000 mark on Thursday, Bitcoin saw profit-taking on Friday, trading below $87,500.
As of 10:52 am IST, Bitcoin was down 2.7%, trading at $87,498, while Ethereum dropped 5.6% to $3,044 in the last 24 hours.
“Bitcoin experienced profit-taking following Fed Chairman Powell’s statement that there is ‘no rush to cut rates,’ as inflation data came in slightly above expectations,” said Edul Patel, Co-founder and CEO of Mudrex.
Crypto Tracker
TOP COIN SETSCrypto Blue Chip – 512.92% BuyWeb3 Tracker12.91% BuySmart Contract Tracker8.65% BuyNFT & Metaverse Tracker2.52% BuyDeFi Tracker-4.05% BuyTOP COINS (₹) Tether85 (0.04%)BuyBNB52,330 (-2.34%)BuyBitcoin7,433,629 (-2.48%)BuySolana17,692 (-4.79%)BuyEthereum259,233 (-5.11%)BuyBitcoin, along with other major tokens like Ethereum, Solana, and Dogecoin, faced selling pressure, with declines of up to 8%. Despite the pullback, Bitcoin has surged to become the 7th largest asset, surpassing Saudi Aramco. “Bitcoin’s next resistance is at $90,900, while support has moved up to $86,200,” Edul added.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »Vikram Subburaj, CEO of Giottus, noted, “Bitcoin has taken a temporary breather after US Fed’s comments about a strong US economy that doesn’t require further rate cuts soon. It is now consolidating around $88,000, with $87,000 acting as key support. However, XRP has bucked the trend, surging 17% after Robinhood’s decision to relist the token.”
Stock Trading
RSI Trading Techniques: Mastering the RSI Indicator
View Program
Stock Trading
Macroeconomics Made Easy: Online Certification Course
View Program
Stock Trading
Stock Markets Made Easy
View Program
Stock Trading
Options Trading Made Easy: Options Trading Course
View Program
Stock Trading
ROC Made Easy: Master Course for ROC Stock Indicator
View Program
Stock Trading
Dow Theory Made Easy
View Program
Stock Trading
A2Z of Stock Market for Beginners: Stock Market Course For Beginners
View Program
Stock Trading
Advanced Strategies in Stock Market Mastery
View Program
Stock Trading
Futures Trading Made Easy: Future & Options Trading Course
View Program
Stock Trading
Algo Trading Made Easy
View Program
Stock Trading
Technical Trading Made Easy: Online Certification Course
View Program
Also Read: Crypto market capitalisation hits record $3.11 trillion, surpasses GDP of Italy, Canada, and Brazil
Other cryptocurrencies also saw declines, including Solana (-5.1%), BNB (-2.5%), Dogecoin (-8%), Shiba Inu (-10.7%), Toncoin (-4%), Pepe (-17.6%), and Avalanche (-7%).
The volume of all stablecoins is now $210.17 billion, which is 92.85% of the total crypto market 24-hour volume, as per data available on .
“Stablecoin inflows continue to be positive into exchanges which typically signals fresh buying power entering the market. This trend suggests that, barring any unexpected macroeconomic shocks, the current Bitcoin uptrend remains intact and could continue in the near term,” said Vikram Subburaj.
Also Read: Bitcoin prices up 30% since Trump victory. Is $100,000 mark on the cards next year?
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $1.736 trillion. Bitcoin’s dominance is currently 59.95%, according to . BTC volume in the last 24 hours declined 27% to $86.3 billion. Meanwhile, The global cryptocurrency market cap fell by 3.15% to approximately $2.89 trillion in the past 24 hours.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
