Bitcoin (BTC) Posts Minor Losses, Ether (ETH) Drops 0.70%, as US PPI Outpaces Expectations

Bitcoin, on Friday, September 13, posted minor losses of about 0.77 percent across both national and international exchanges.

Bitcoin price dropped marginally on Friday, September 13, as both national and international exchanges reported minor losses. According to CoinMarketCap, BTC’s value decreased by about 0.77 percent, reaching $57,854 (roughly Rs. 48.5 lakh) on global exchanges. However, on Indian platforms like CoinSwitch and CoinDCX, the leading cryptocurrency traded at a higher price of $60,708 (roughly Rs. 50.9 lakh).

In recent days, several mixed economic signals have been observed, contributing to increased volatility in the crypto market. For instance, the Producer Price Index (PPI) in the US outpaced expectations, while unemployment figures also showed a slight divergence from forecasts.

“In the last 24 hours, Bitcoin has shown resilience, trading around $57,916 (roughly Rs. 48.6 lakh) despite volatility due to mixed US macroeconomic data. With leverage in the Bitcoin market increasing to 0.2060, the highest since October 2023, traders are willing to take on more risk, indicating the potential for heightened volatility. The market remains optimistic as institutional demand increases, with ETFs showing renewed inflows,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.

Bitcoin price today: Rising marginally from yesterday, BTC is trading at $57,916 (roughly Rs. 48.6 lakh) on international exchanges, as noted by CoinMarketCap. However, several Indian crypto exchanges, including CoinSwitch and CoinDCX, are displaying a higher price of $60,708 (roughly Rs. 50.9 lakh) for BTC.

Ether price dropped marginally on Friday, reflecting a loss of 0.70 percent. On both international and national exchanges, the asset is trading at $2,350 (roughly Rs. 1.97 lakh) and $2,484 (roughly Rs. 2.08 lakh) respectively.

In other news, Solana, USD Coin, Dogecoin, Tron, Avalanche, and Shiba Inu joined BTC and ETH on the loss-making side of the crypto charts on Friday.

Leo, Stellar, Bitcoin SV, and Elrond also registered price dips.

“Investors are reacting to broader market trends and new inflows into crypto exchange-traded funds (ETFs). As anticipation builds for next week’s crucial FOMC meeting, where the Fed is expected to announce a 25-basis point interest rate cut, there is optimism that this could positively impact the crypto market,” Avinash Shekhar, Co-Founder and CEO, Pi42, told Gadgets360.

The overall crypto market cap saw a minor dip of 0.49 percent in the last 24 hours, as noted by CoinMarketCap. The valuation of the crypto sector presently stands at $2.04 trillion (roughly Rs. 1,71,22,648 crore).

Meanwhile, Tether, Binance Coin, Ripple, Cardano, Chainlink, Polkadot, and Cronos managed to hold onto minor gains on the price chart.

Cosmos, Polygon, EOS Coin, Status, and Cartesi also showed profits on Friday.

“AI tokens, in particular, are demonstrating strength, correlating with NVDA’s impressive performance, which is up by more than 10 percent over the last three days. Looking ahead, next week’s Fed Funds rate data will be a key event and could introduce significant volatility to the market,” the CoinDCX research team told Gadgets360.

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.

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