BTC, ETH See Small Losses, Overall Crypto Price Charts Indicate Volatility

The month of September has so far, turned out to be quite turbulent for the overall virtual digital asset market. Bitcoin on Wednesday, September 21, opened trading with a value loss of 1.25 percent. As per Gadgets 360’s crypto price tracker, BTC is currently trading at $19,005 (roughly Rs. 15 lakh). The oldest cryptocurrency retained similar pricings on international exchanges as well. Binance and Coinbase, for instance, reflect losses of up to 2.14 percent for Bitcoin, the price of which is hovering around $19,011 (roughly Rs. 15.10 lakh).

Ether values slipped by 1.22 percent to trade at $1,335 (roughly Rs. 1.06 lakh) on Wednesday as per Gadgets 360’s crypto price tracker.

The question that arises at this point is, why would the top two cryptocurrencies show losses despite Ethereum’s eco-friendly upgrade also having gone live?

“The Federal Open Market Committee (FOMC) oversees the US open market operations and assembles eight times in a year to discuss and execute U.S monetary policy changes. As the FED reconvenes on September 21, 2022 for the next FOMC meeting; markets are anticipating a 75bps-100bps so as to tame the most pressing national issue i.e raging inflation before the November midterm elections that may drive the direction of future political leverage,” the research team at CoinDCX explained Gadgets 360.

Several altcoins tailed behind BTC and ETH to see losses.

These include Binance Coin, Solana, Polygon, Tron, and Avalanche among others.

“Strategic prolonged quantitative tightening from the FED to tame inflation has led to the DXY(US Dollar Index) gaining strength as investors flock to safe haven assets such as the dollar as evidenced by the inversion of the yield curve; usually a leading indicator of a recession,” the CoinDCX team added.

Meanwhile, Tether, Binance USD, Ripple, Cardano, and Polkadot credited greens to the crypto price charts with small, but significant profits.

Amid the existing market chaos, the valuation of the crypto sector stands lower than the trillion dollar mark.

After a 0.94 percent decrease over the last 24 hours, the global crypto market cap presently stands at $926.28 billion (roughly Rs. 73,94,255 crore), as per CoinMarketCap.

“On-chain analytics and other logarithmic models indicate that Bitcoin is currently oversold and we believe that despite the macroeconomic outlook looking negative, inflation is close to peaking out thereby prompting potentially less stringent monetary policies in the future that will drive the risk-on sentiment and institutional adoption of crypto that will lead to the next bull cycle,” the CoinDCX team noted.

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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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