Bitcoin, Ether See Minor Losses Amid Heightened Market Volatility Ahead of US Elections

The crypto market is experiencing heightened volatility amid the upcoming US elections and broader macroeconomic factors.

Bitcoin (BTC) and Ether (ETH) both saw slight decreases in value on Friday, as the crypto market experienced heightened volatility amid the upcoming US elections and broader macroeconomic factors. However, the global crypto market showed a slight gain overall.

As per CoinMarketCap, Bitcoin saw a slight decline of 0.40 percent, bringing its global trading value to $67,767 (roughly Rs. 56.9 lakh). In India, however, Bitcoin's value remained stable, trading at $69,022 (roughly Rs. 58 lakh) on platforms like CoinSwitch and CoinDCX, with gains of just under one percent.

“The upcoming weekly close of BTC on Sunday can prove to be a pivotal one as a closing above $68,000 (roughly Rs. 57 lakh) could mean a clear breakout of the bull flag Bitcoin has been consolidating in for since March, 2024. With US ETFs recording a $2.1 billion (roughly Rs. 17,655 crore) of inflows in the last five days, the highest ever so far, the total holding of all of the exchange traded funds could soon cross one million Bitcoin tokens,” the CoinSwitch markets desk told Gadgets360, commenting on the asset's trajectory.

Ether saw a 1.20 percent drop in value over the past day. At the time of writing, ETH was trading at $2,569 (roughly Rs. 2.16 lakh) on Indian exchanges, showed the crypto price tracker by Gadgets360. Internationally, ETH incurred a loss of 1.11 percent to trade at $2,489 (roughly Rs. 2.09 lakh).

“Ethereum has bearish sentiment, and the decline in the ETH/BTC ratio reveals a shift in investor interest. Historical trends would indicate that Bitcoin tends to enter a positive Q4 cycle and is likely to get into new all-time highs by December,” said Avinash Shekhar, Co-Founder and CEO, Pi42 predicting at a gradual recovery for ETH in the coming months.

Solana, USD Coin, Ripple, Dogecoin, Cardano, Avalanche, and Shiba Inu saw losses on Friday alongside BTC and ETH.

Polkadot, Near Protocol, Uniswap, Cronos, and Polygon — also reflected price dips.

Despite multiple cryptocurrencies logging losses on Friday, the overall sector valuation retained its place in the green zone with 0.34 percent profit over the last day. The crypto market cap currently stands at $2.32 trillion (roughly Rs. 1,95,03,927 crore), as per CoinMarketCap.

Tether, Binance Coin, Tron, Chainlink, and Bitcoin Cash showed small profits on Friday.

Leo, Litecoin, Monero, Stellar, Bitcoin SV, and Cosmos also held onto minor gains on the price chart.

“There is optimism in the crypto landscape echoed by the overall market sentiment, which remains cautiously positive despite recent fluctuations,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.