BTC-led crypto market sees volatility due to macroeconomic factors

This week, the cryptocurrency market is gearing up for two key events: the upcoming FOMC meeting in the United States and the launch of World Liberty Financial, a cryptocurrency platform backed by Donald Trump. Amid these developments, Bitcoin saw a slight decline on Monday, September 16, falling 0.12% on Indian exchanges and 1.59% on international platforms. Currently, the world’s oldest and most valuable cryptocurrency is trading at $58,407 (roughly Rs. 4.9 lakh) globally, having briefly breached the $60,000 (roughly Rs. 5.03 lakh) mark over the weekend. On Indian exchanges, Bitcoin was trading at $62,053 (roughly Rs. 5.2 lakh).

“Bitcoin prices fell after the FBI said that Donald Trump appeared to have been assassinated, leading to the liquidation of over $116 million (Rs 9,730 crore) in assets. Now, all eyes are on the Fed’s rate decision, with the market split between a 25 basis point and a 50 basis point cut,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.

Ethereum has fallen by about 5% in the past 24 hours on both domestic and international exchanges. The price of ETH is currently ranging between $2,279 (roughly Rs. 1.91 lakh) and $2,289 (roughly Rs. 1.92 lakh).

Ripple and Cardano also fell along with BTC and ETH, according to Gadgets360’s cryptocurrency price tracker on Monday. Avalanche, Chainlink, Polkadot and Litecoin also saw price declines.

Stellar, Cronos, Cosmos, Polygon, Bitcoin SV, Elrond, and Zcash also suffered losses.

According to CoinMarketCap, the total cryptocurrency market cap has fallen by 3.14% in the past 24 hours. As of this writing, the global cryptocurrency market is valued at $2.03 trillion (roughly Rs. 1,70,32,400 crore).

Meanwhile, Binance Coin, Solana, Dogecoin, Shiba Inu, Leo, Near Protocol, Binance USD, and Monero all recorded small gains on Monday.

“Despite short-term concerns, analysts remain optimistic. The Fear & Greed Index suggests that extreme fear could present buying opportunities, boding well for Bitcoin, Solana, and the broader cryptocurrency market,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.

Cryptocurrency is an unregulated digital currency that is not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation provided or endorsed by NDTV. NDTV is not responsible for any losses resulting from investments made based on any advice, forecasts or any other information contained in this article.