The digital currency market was largely profitable on Monday, September 9, with most digital assets posting gains. Bitcoin saw a price increase of around 1 percent on Indian exchanges such as CoinDCX and CoinSwitch. At the time of writing, BTC India was trading at $58,718 (approximately Rs. 49 million). Meanwhile, on international exchanges, Bitcoin gained more than 1.60% in the last 24 hours to trade at $55,170 (approximately Rs. 4.63 million).
Ether followed Bitcoin’s path and registered an average growth of less than 1% on Indian exchanges in the last 24 hours. According to Gadgets360’s crypto price tracker, the value of ETH reached $2,460 (approximately Rs. 206,000). ETH is now trading at $2,300 (approximately Rs. 1.93 billion) on international exchanges.
Bitcoin funding rates in FX futures are largely negative, suggesting retail traders are anticipating a sell-off. Historically, such setups have led to short-term liquidations and interest rate hikes, the CoinSwitch Market Desk told Gadgets360: “Monthly PPI claims and unemployment numbers, etc. can indicate the direction of the market.”
On Monday, in addition to Bitcoin and Ethereum, Binance Coin, Ripple, Dogecoin, Tron, Cardano and Avalanche also rose.
Shiba Inu, Chainlink, Polkadot, Bitcoin Cash, Near Protocol, Stellar and Cronos also recorded significant price increases.
Vikram Subburaj, CEO of cryptocurrency exchange Giottus, said: “The market remains volatile until next week’s interest rate decision, but the rally could be supported by increased dollar liquidity in key Fed altcoins (Toncoin, Cardano, Avalanche),” Gadgets360.
According to CoinMarketCap, the total value of the digital currency market increased by 1.01% in the last 24 hours. As of this writing, the market capitalization of the cryptocurrency is $1.95 trillion (approximately Rs. 1,636,713,900 million).
Meanwhile, Leo, Litecoin, ZCash, Iota and Braintrust lost on Monday.
Cryptocurrencies are cryptocurrencies, not fiat currencies, and are subject to market risks. The information provided in this article does not constitute financial advice, business advice or any other type of advice or recommendation provided or endorsed by NDTV. NDTV is not responsible for any loss or damage arising from any investment based on the advice, predictions or other information contained in the article.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
