Synopsis
The upward momentum was bolstered by positive global signals. Oil prices dropped around 3% in early trading after reports that Israeli Prime Minister Benjamin Netanyahu informed the U.S. of Israel’s willingness to target Iranian military installations, easing concerns about supply disruptions. This decline in oil prices is seen as a relief for inflationary pressures.
Blue-chip cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) surged over 2% in Tuesday’s trading, with Bitcoin hitting its highest level since July at $65,900 in early trading.
As of 11:57 AM IST, Bitcoin was trading 2.3% higher at $65,438, while Ethereum rose 2.8% to $2,603.
This upward momentum was supported by favourable global cues. Oil prices fell about 3% in early trading after Israeli Prime Minister Benjamin Netanyahu reportedly informed the United States that Israel is willing to target Iranian military installations, easing immediate concerns about supply disruptions. The decline in oil prices is considered beneficial for inflationary pressures.
Crypto Tracker
TOP COIN SETSAI Tracker15.45% BuyDeFi Tracker10.74% BuyWeb3 Tracker6.71% BuyBTC 50 :: ETH 506.55% BuyCrypto Blue Chip – 55.82% BuyTOP COINS (₹) Ethereum220,197 (3.83%)BuyBitcoin5,529,116 (2.12%)BuySolana13,056 (1.94%)BuyBNB49,288 (1.34%)BuyTether84 (0.08%)BuyMeanwhile, unchanged US producer prices for September, where a slight increase in service costs was counterbalanced by lower prices for goods, also worked in favour. This data points to a favourable inflation outlook and strengthens expectations for a potential interest rate cut by the Federal Reserve next month.
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View Details »Edul Patel, CEO of Mudrex, stated, “Bitcoin and other major cryptocurrencies have surged, fueled by a series of crypto-friendly developments worldwide. A major boost came from the US, where the Trump-backed DeFi project reported 100,000 sign-ups, sparking excitement in the market. Additionally, Vice President Harris’ commitment to supporting a crypto legal framework specifically aimed at empowering Black men has further uplifted investor sentiment.”
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Vikram Subburaj, CEO of Giottus, said, “Bitcoin has broken through its 200-day moving average at $63,340, signalling strong bullish action. It’s momentum is supported by substantial inflows into Bitcoin ETFs, with nearly $500 million recorded yesterday. Additionally, Bitcoin’s weekly RSI has turned bullish after breaking out of a descending trendline. A decisive move above the key $66,000 resistance level this week could set the stage for a potential rally toward $70,000.”
Among other major cryptocurrencies, Solana rose by 1.8%, XRP by 1.5%, Dogecoin by 3.5%, Shiba Inu by 2%, Chainlink by 5%, NEAR Protocol by 2.7%, and Polkadot by 3%.
Stablecoins accounted for $82.02 billion, or 90.93%, of the total 24-hour crypto market volume, according to .
Bitcoin’s market cap increased to $1.292 trillion, with its dominance at approximately 56.85%. Its trading volume surged by 66.7% to $40.64 billion.
Avinash Shekhar, Co-Founder & CEO of Pi42, said, “BTC needs to get above the $68,224 line to confirm a bullish breakout toward a new all-time high. A retrace below $63,000 might show bearish sentiment.”
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
