Bitcoin gained 3.30 percent on Friday, October 20. This took Bitcoin’s trading price to $29,190 (roughly Rs. 24 lakh). This marks the first time in months that Bitcoin has been able to breach the $29,000 mark and hold its value above it for a long period of time. Bitcoin has shown impressive resilience despite seeing a decline in the US stock market. Industry experts also note that the crypto market narrative is seemingly shifting more towards the dominance of Bitcoin, leading to greater gains in the asset’s kitty.
“Bitcoin is trading above $28,600 (about Rs 21.6 lakh) with US Fed Chair Powell signaling that the Fed will likely keep rates unchanged in November, but a possible hike in December. That matched the 10-year U.S. Treasury yield up another six basis points to 4.97 percent. There is a bullish sentiment in the market, reflected by Bitcoin’s rise of over eight percent in the last week,” Edul Patel, CEO of Mudrex, told Gadgets360.
The crypto market valuation increased by 2.93 percent in the last 24 hours and now stands at $1.11 trillion (roughly Rs. 92,32,480 crore). CoinMarketCap,
“Investors are keeping a close eye on LINK (+2.2 percent) as Chainlink recently announced the upcoming launch of staking v0.2 with upgrades focused on creating more flexibility for stakers, improved security for Oracle services, and a dynamic rewards process. . The overall system is much stronger than before,” Shubham Hooda, Senior Manager, CoinSwitch Markets Desk told Gadgets360.
“Additionally, XRP gained a significant seven percent as the US Securities and Exchange Commission (SEC) dropped charges against Ripple Labs CEO, Brad Girlinghouse, and Chairman, Chris Larsen,” the CoinDCX research team highlighted.
Meanwhile, some cryptocurrencies posted record losses today.
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