As of 1:07 pm IST, Bitcoin had slipped 2% to $57,939, while Ethereum dropped 0.8% to $2,342. Meanwhile, The global cryptocurrency market cap fell by 1.13% to approximately $2.13 trillion in the past 24 hours.
“Bitcoin has sustained at the $58,000 level, maintaining the bullish trajectory. The announcement by Trump on plans to launch his son’s crypto business and the bullish predictions by Standard Chartered Bank for BTC have further strengthened the market sentiment. BTC’s resistance level stands at $59,100, and the support level remains at $56,500,” said Edul Patel, CEO of Mudrex.
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“Bitcoin has shown resilience, trading around $57,900 despite mixed US data,” said Shivam Thakral, CEO of BuyUcoin. “Expectations of a 0.25% interest rate cut by the Federal Reserve on September 18 are bolstering positive sentiment around Bitcoin.”
Vikram Subburaj, CEO of Giottus, pointed out, “Bitcoin is consolidating around $58,000, with markets hopeful of a 25 bps interest rate cut in the US next week. The net outflow of $750 million worth of Bitcoin from exchanges on Wednesday suggests a potential supply crunch that could lead to a short-term price rally. A decisive break above $60,000 is needed to continue the momentum.”
In today’s trade, XRP (Ripple) surged by 5%. The CoinSwitch Markets Desk noted, “Grayscale has launched an XRP Trust, marking a significant development. This strengthens the case for a Ripple-based ETF in the future and signals growing institutional interest in XRP.”In the last 24 hours, Bitcoin’s market cap dropped to $1.145 trillion. Bitcoin’s dominance now stands at 56.22%. BTC volume in the same period fell 18.3% to $30.13 billion. Meanwhile, stablecoins accounted for $54.15 billion of this volume, or 91.68%, according to CoinMarketCap.Avinash Shekhar, Co-Founder & CEO of Pi42, added, “Bitcoin’s price has made a notable recovery, climbing above $58,000 following a brief bearish trend after the release of US CPI data. Investor optimism is building as anticipation grows for next week’s FOMC meeting, where a 25 basis point interest rate cut is expected, which could provide further support to the crypto market.”
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)