Bitcoin on Friday, September 15 showed a price hike for the second day. The value of the most expensive cryptocurrency rose by 1.30 percent in the last 24 hours. At the time of writing, Bitcoin was trading at $26,567 (roughly Rs. 22 lakh). In the last 24 hours, the value of BTC has risen by $7 (roughly Rs. 581). Industry experts have noted that the overall market sentiment looks bullish, with most cryptocurrencies witnessing a decent surge in prices. As for Bitcoin, it needs to breach the mark of $27,000 (roughly Rs. 22.4 lakh) to maintain its upward trajectory.
Ether grew in value by 1.01 percent on Friday. This took the price of Ether to the mark of $1,633 (roughly Rs. 1.35 lakh). Ether, in the last 24 hours, increased in value by $11 (roughly Rs. 913).
“This change in price could be because of the European Central Bank (ECB) signaling that their hike of 0.25 percent in three key interest rates may be the last in this current cycle. The Bank raised the interest rate on the main refinancing operations, marginal lending facility and the deposit facility will be increased to 4.50 percent, 4.75 percent, and 4.00 percent, respectively. The Interest rate on the deposit facility is at its highest since 2001,” Edul Patel,Co-Founder & CEO, Mudrex told Gadgets 360.
The crypto price chart reflected gains from the top to the bottom on Friday.
“The crypto market has received a boost with the announcement from Deutsche Bank—the largest German lender—that it would provide digital asset custody and tokenisation services. Another development that may have supported the uptrend could be signals from the European Central Bank to end rate hikes in the euro area,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.
The overall valuation of the crypto market rose by 1.31 percent in the last 24 hours. This took the market cap to $1.06 trillion (roughly Rs. 88,04,964 crore), as per CoinMarketCap. The crypto fear and greed index remains in the fear zone with a score of 45/100.
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