Bitcoin, Ether See Signs of Price Recovery as Crypto Market Marks a Rebound

The cryptocurrency market experienced a rebound on Wednesday, with most digital assets registering profits.

The cryptocurrency market experienced a rebound on Wednesday, with most digital assets registering profits. Bitcoin saw a 1.46 percent price increase on international exchanges, trading at $97,433 (roughly Rs. 84 lakh), according to CoinMarketCap data. Similarly, on Indian exchanges like CoinDCX and CoinSwitch, Bitcoin's price rose by over 1.45 percent, reaching around $103,722 (roughly Rs. 89.6 lakh).

Ether followed Bitcoin's trajectory to show signs of price recovery on national as well as international exchanges on Wednesday. The asset grew by 1.32 percent in value on international exchanges, trading at $3,220 (roughly Rs. 2.78 lakh). According to Indian exchanges, ETH is trading at $3,412 (roughly Rs. 2.95 lakh).

“Bitcoin is currently marking a strong recovery after the sharp dip experienced over the past few days. The rebound can be attributed to better-than-expected Producer Price Index (PPI) data, which brought renewed optimism to the market. However, all eyes are now on today's Consumer Price Index (CPI) release, which could introduce fresh volatility and potentially shift the market's direction,” the markets desk at CoinSwitch told Gadgets 360, commenting on the market situation.

The crypto price tracker by Gadgets 360 showed that prices of most cryptocurrencies were up on Wednesday.

These included Ripple, Solana, Dogecoin, Cardano, and Avalanche.

Chainlink, Stellar, Shiba Inu, Polkadot, and Uniswap also registered profits.

“While renewed buying interest has boosted sentiment, all eyes are now on the CPI data release later today, which could impact the market's trajectory,” Edul Patel, CEO of Mudrex told Gadgets 360.

The valuation of the crypto market rose by 1.98 percent in the last 24 hours. The present market cap of the sector stands at $3.37 trillion (roughly Rs. 2,91,40,305 crore) as per the data by CoinMarketCap.

Meanwhile, Tether, Tron, and Leo reflected minor losses and on Wednesday.

“The crypto markets have begun the day's trade on a bullish note This could be the result of positive sentiments around the proposed spot ETF, which is expected to attract more than $10 billion (roughly Rs. 86,457 crore) in inflows after approval. With this, the XRP price is expected to climb to new highs in the coming days as traders remain highly optimistic about the rally,” the CoinDCX research team told Gadgets 360. Investors have been strongly advised to be cautious and do due diligence before making investment and trading decisions.

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.