At 1:07 pm IST, Bitcoin was down 2% to $57,939, while Ethereum was down 0.8% to $2,342. Meanwhile, the global market cryptocurrency Market capitalization fell 1.13% to approximately $2.13 trillion over the past 24 hours.
“Bitcoin has held onto the $58,000 level, maintaining the bullish trajectory. Trump’s announcement about plans to launch his son’s cryptocurrency business and Standard Chartered Bank’s bullish predictions for BTC have further strengthened the market sentiment. The resistance level for BTC is located 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 and traded 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 driving positive sentiment around bitcoin.”Vikram Subburaj, CEO of Giottus, noted: “Bitcoin is consolidating around $58,000 with markets expecting a 25 basis point 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 shortage that could trigger a near-term price rally. A decisive break above $60,000 is needed for the momentum to continue.”
Today, XRP (Ripple) is up 5%. CoinSwitch’s markets department 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.” Over the past 24 hours, Bitcoin’s market cap fell to $1.145 trillion. Bitcoin’s dominance now stands at 56.22%. BTC volume over 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 and CEO of Pi42, added: “Bitcoin price has staged a remarkable recovery, surging above $58,000 following a brief downtrend after the release of the US CPI data. Investor optimism is rising 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 cryptocurrency market.”
(Disclaimer: The recommendations, suggestions, views and opinions of the experts are their own and do not represent the views of The Economic Times)
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