Bitcoin investors appear to have taken their foot off the pedal and book profits ahead of Christmas after a positive run over the past couple of days. A strong rally of more than 5 percent earlier this week saw Bitcoin’s valuation move past the $47,500 mark (roughly Rs. 35.86 lakh) on global exchanges but failed to push past the $50,000 (roughly Rs. 37.72 lakh) mark.
Bitcoin price extended its five-week slide from an all-time high with risk sentiment across global financial markets dwindling. The largest cryptocurrency by market value declined as much as 2.5% to $45,583 on Monday in New York. It has slumped about 32% since setting a record high in early November.
Former Bitmex CEO and cryptocurrency investor Arthur Hayes issued his opinion on what cryptocurrency investors should do in the context of the current market. In his latest digest, titled “Circo Loco” (Crazy Circus), Hayes expounds on the current market situation in view of the larger economic framework, taking the Federal Reserve tapering and the recent Evergrande default event into account.
Bitcoin Price: 90% of Bitcoin’s total supply, 18.89 million BTC, has been mined. Thousands of new miners are competing for the remaining 10% of Bitcoin’s supply as the hashrate explodes to hit a new all-time high.
Bitcoin Price:: The world largest cryptocurrency by market cap, has had a surprisingly rough past couple of weeks but the weekend did see a substantial run in the green to begin the week on a positive.
Bitcoin Price: A majority of cryptocurrencies witnessed profit booking after a sharp rally on Thursday, led by buying in altcoins. Investors turned cautious after Bitcoin hit a new lifetime high.
Ethereum price has presented a massive bullish target on the daily chart, suggesting that ETH is preparing for a rally toward $6,400. However, there is one key resistance level to slice through before the token is propelled higher into price discovery territory.
Gold demand in India is likely to face challenges from a declining household savings rate and lower agricultural wages, according to the World Gold Council. Rising income is one of the biggest drivers of gold demand, suggesting that as India’s economy grows, sales of the precious metal should increase, the WGC said in a report.
Gold Price Today: Gold in the Indian futures market opened higher and remained moderately up in range-bound trading on October 12. US bond yields remained higher, above 1.61, on the back of expectations that bond tapering by the US is likely in November.
The global crypto market cap has grown around 0.36 percent to $2.34 trillion over the last day, according to coinmarketcap.com Bitcoin price has added nearly 2 percent in the last 24 hours. It’s trading above $56,000.