Synopsis
Cryptocurrency markets edged higher on Friday, supported by expectations of a Fed rate cut and awaiting PPI data. Bitcoin was up 0.2% at $60,898, and Ethereum gained 1.3% to $2,412.
Cryptocurrency markets edged higher on Friday, supported by expectations of a Federal Reserve interest rate cut next month, while traders awaited the U.S. Producer Price Index (PPI) report for more direction.
Data on Thursday showed that U.S. consumer prices rose slightly more than expected in September, while jobless claims increased to 258,000 in the week ended October 5, versus estimates of 230,000. All eyes are now on the PPI data due at 6:00 pm IST.
Markets currently see an 84.4% chance of a 25-basis-point rate reduction in November and a 15.6% probability of the Fed keeping rates on hold, according to CME’s FedWatch.
Crypto Tracker
TOP COIN SETSSmart Contract Tracker-0.01% BuyCrypto Blue Chip – 5-0.95% BuyBTC 50 :: ETH 50-1.10% BuyWeb3 Tracker-2.06% BuyAI Tracker-2.98% BuyTOP COINS (₹) Solana11,920 (2.76%)BuyEthereum202,644 (1.35%)BuyTether84 (0.15%)BuyBitcoin5,111,939 (0.02%)BuyBNB47,500 (-0.21%)BuyAs of 2:47 PM IST, Bitcoin was up 0.2%, trading at $60,898, while Ethereum gained 1.3% to $2,412.
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 »“Bitcoin is trading above $60,000 after dipping below $59,000 intra-day. While this suggests strong support at lower levels, a retest over the weekend is possible,” said Vikram Subburaj, CEO of Giottus.
Stock Trading
Commodity Markets Made Easy: Commodity Trading Course
View Program
Stock Trading
Market 103: Mastering Trends with RMI and Techno-Funda Insights
View Program
Stock Trading
ROC Made Easy: Master Course for ROC Stock Indicator
View Program
Stock Trading
Market 104: Options Trading: Kickstart Your F&O Adventure
View Program
Stock Trading
A2Z of Stock Market for Beginners: Stock Market Course For Beginners
View Program
Stock Trading
A2Z of Stock Trading – Online Stock Trading Course
View Program
Stock Trading
Candlesticks Made Easy: Candlestick Pattern Course
View Program
Stock Trading
Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading
View Program
Stock Trading
Technical Analysis Made Easy: Online Certification Course
View Program
Stock Trading
Stock Investing Made Easy: Beginner’s Stock Market Investment Course
View Program
Stock Trading
Options Scalping Made Easy
View Program
Stock Trading
RSI Made Easy: RSI Trading Course
View Program
Stock Trading
Stock Valuation Made Easy
View Program
Stock Trading
Derivative Analytics Made Easy
View Program
Stock Trading
Options Trading Course For Beginners
View Program
He added, “Defending the $60,000 support level is critical for Bitcoin bulls to avoid a further decline towards the $58,000 zone.”
Also Read: From skepticism to acceptance: How institutions are embracing cryptocurrencies
However, earlier in the day, Bitcoin also touched a low of $58,895. Among other major cryptocurrencies, Solana rose by 3%, XRP by 2.7%, Dogecoin by 2%, Toncoin by 3.2%, Cardano by 3.4%, Avalanche by 2.5%, and Shiba Inu by 0.6%. The global cryptocurrency market cap climbed by 0.33% to approximately $2.13 trillion over the past 24 hours.
Stablecoins accounted for $63.31 billion, or 91.56% of the total 24-hour crypto market volume, according to .
Bitcoin’s market cap rose to $1.2 trillion in the last 24 hours, while its dominance stood at around 56.41%. Bitcoin trading volume increased 8.8% to $30.14 billion.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times.)
Source
