Bitcoin Records 1% Loss, Trading at $66,124 (Approx. Rs. 55 Lakh) on Indian Exchanges CoinDCX and CoinSwitch
On Wednesday, May 15, the crypto chart reflected losses across most cryptocurrencies. Bitcoin experienced a decline of approximately one percent, bringing its trading value to $66,124 (roughly Rs. 55 lakh) on Indian exchanges such as CoinDCX and CoinSwitch.
Internationally, Bitcoin is trading at a slightly lower price point of $61,945 (roughly Rs. 51 lakh). Despite the gains made the previous day, BTC faced downward pressure in the last 24 hours, causing most altcoins to register losses as well.
Ether, the second-largest cryptocurrency by market cap, incurred a loss of 1.48 percent on Wednesday. This brought its pricing on national exchanges to $3,083 (roughly Rs. 2.57 lakh) and $2,902 (roughly Rs. 2.42 lakh) on international platforms.
According to the CoinDCX markets team, “Technically, BTC and ETH continue to exhibit choppy price action, remaining within a range and experiencing liquidations on both sides. Funding rates are neutral, and the overall price action is mixed, though both cryptocurrencies are currently at key support levels.”
The team also highlighted the significance of today’s US Consumer Price Index (CPI) numbers. They expect these figures to have a substantial impact on the market, potentially influencing the direction of crypto prices in the near term.
As the market awaits the CPI data, investors are advised to stay cautious and monitor key support levels for both Bitcoin and Ether to navigate the current volatility.
In India, developments in the blockchain sector are making the headlines. Earlier this week, CoinDCX announced the industry’s first ever Orchestration Layer called Okto. Through a unified set of SDKs, Okto is empowering developers to easily integrate complex Web3 functionalities and flows into their applications while offering single-click mobile-native web2-like experiences for their users.