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Cryptocurrency News Articles
Bitcoin (BTC) Price Nears $65,000 as Crypto Market Gains After US Interest Rate Cuts
Sep 27, 2024 at 03:45 pm
The overall crypto market is gaining after the US introduced cuts in interest rates around last week. On Friday, September 27, price gains for Bitcoin
After a period of consolidation, the crypto market displayed signs of recovery last week, fueled by the U.S. introducing cuts in interest rates. On Friday, September 27, Bitcoin price gains were observed at 3.09 percent on international exchanges and at 2.4 percent on national exchanges.
At the time of writing on CoinMarketCap, the price of BTC stood at $65,314 (approximately Rs 54.6 lakh) on foreign exchanges. Indian exchanges, meanwhile, indicate it trading at $66,251 (approximately Rs. 55.4 lakh).
This brought Bitcoin closer to the $65,000 (roughly Rs. 54.3 lakh) mark for the first time since early August. The rally was also boosted by the recent interest rate cuts by the U.S. Federal Reserve and macroeconomic conditions.
“This rally of sorts also continues to benefit from recent interest rate cuts by the U.S. Federal Reserve and macroeconomic conditions. Moreover, investor interest in spot Bitcoin ETFs is also seeing a resurgence,” said Shivam Thakral, CEO at BuyUcoin.
Ether gained 0.81 percent to trade at $2,695 on Indian exchanges like CoinDCX on Friday, Gadgets 360 crypto price tracker showed. Globally, ETH was priced at $2,648.
“There’s an important level for Ethereum as it needs to remain over the support level of $2,600 (approximately Rs. 2.17 lakh) to keep on to the momentum. Optimism is that the gains in BTC and other assets can lead to changes in positive market sentiments,” Avinash Shekhar, Co-Founder and CEO, Pi42, told Gadgets360.
Solana, Ripple, Cardano, Avalanche, Shiba Inu, Polkadot, and Near Protocol also showed strength along with BTC and ETH on Friday.
Cronos, Cosmos, Polygon, Zcash, and Bitcoin SV were also up.
The overall crypto market cap had gone up by 3.10 percent over the past 24 hours, and the valuation of the sector is now standing at $2.3 trillion (around Rs. 1,92,48,723 crore), as per CoinMarketCap.
On the other hand, Binance Coin, USD Coin, Dogecoin, Tron, and Chainlink closed Friday in the red. Leo, Litecoin, Uniswap, and Stellar also declined.
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