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Bitcoin on Monday, May 20 showed up on the profit-making side of the crypto market reflecting an increase of 1.11 percent. While this profit seems small for now, BTC did manage to rise in value on both, national as well as international exchanges over the weekend. In India, BTC is trading around the price point of $70,701 (roughly Rs. 58.8 lakh) on exchanges like CoinDCX and CoinSwitch. On the other hand, Binance and CoinMarketCap showed the value of BTC hovering over the mark of $67,070 (roughly Rs. 55.8 lakh).
“Over the weekend, Bitcoin surged. This swift change in sentiment comes on the heels of recent economic data indicating a softening in US inflation, coupled with regulatory filings revealing significant interest in the relatively new spot Bitcoin ETFs,” Parth Chaturvedi, Investments Head, CoinSwitch Ventures told Gadgets360.
Ether, in an unusual market movement, did not tail behind BTC on the profit side of the crypto chart on Monday. The asset, having incurred a loss of 1.87 percent, is presently trading at $3,260 (roughly Rs. 2.71 lakh) on Indian exchange WazirX. Internationally, ETH is trading at $3,088 (roughly Rs. 2.57 lakh).
“ETH still needs to clear several hurdles to overtake Bitcoin. ETH is hovering around $3,100, staying above the 20 EMA daily, which is a positive sign. Its resistance levels stand between $3,250 (roughly Rs. 2.70 lakh) and $3,650 (roughly Rs. 3.03 lakh),” the CoinDCX research team told Gadgets360.
The crypto chart by Gadgets360 showed mixed price movements for altcoins.Tether, Binance Coin, and Solana for instance, managed to retail gains on the price chart alongside BTC.
Dogecoin, Shiba Inu, Monero, Iota, and NEM also recorded gains.
“Shiba Inu and Ripple could see gaining further bearish momentum amidst a wider bullish trend for Bitcoin. Moving averages for Bitcoin indicate a ‘Buy’ sentiment as well as it has defied previous price levels. However, as May progresses, the price movement toughens due to price consolidation post halving as well as midyear sentiment shifts,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Loss-making cryptocurrencies, on the other hand, include Cardano, Avalanche, Tron, Polkadot, Chainlink, Polygon, Litecoin, Uniswap, and Leo.
The overall crypto market cap dropped by 0.36 percent in the last 24 hours. It now stands at $2.42 trillion (roughly Rs. 2,01,46,512 crore), showed CoinMarketCap.
In the global regulatory landscape, the US could see a revamp in its crypto-related rules. The House of Representatives in the US is set to vote next week on the Financial Innovation and Technology for the 21st Century Act (FIT21), which could become the first major crypto-regulation bill in the US if approved. Turkey, meanwhile, has introduced a bill to regulate crypto businesses. The Capital Markets Board (CMB) will be responsible for licensing and overseeing these enterprises.
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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