Bitcoin Currently Valued at $69,196 (Approx. Rs. 57.7 Lakh) on WazirX and CoinSwitch
Bitcoin’s price surged by 5.56 percent on Friday, with the digital asset currently trading at around $69,196 (roughly Rs. 57.7 lakh) on Indian cryptocurrency exchanges like WazirX and CoinSwitch, and $66,155 (roughly Rs. 55.2 lakh) on international platforms such as Binance. This uptick comes in the wake of the US Labor Department’s Bureau of Labor Statistics releasing the consumer price index (CPI) data, which indicated a cooling of inflation in April. As a result, Bitcoin and several other cryptocurrencies have seen increased trading values.
“The overall crypto market is stable now, with BTC showing good momentum post-CPI. Technically, BTC faces a short-term hurdle at $66,670 (roughly Rs. 55.6 lakh). Clearing this level could lead to a continued upside move. The major support is at $60,850 (roughly Rs. 50.8 lakh), and BTC should maintain its position above this level,” the CoinDCX markets team told Gadgets360 on Friday.
In addition to Bitcoin, several other cryptocurrencies also experienced a rise in value. Among them were Tether, Solana, Cardano, Shiba Inu, Avalanche, Tron, and Polkadot. This broad-based rally suggests growing confidence among investors following the positive inflation data.
The CPI report showing signs of inflation cooling has fueled speculation that the US Federal Reserve might consider cutting interest rates in the near future. Such a move would likely increase liquidity in the market, benefiting riskier assets like cryptocurrencies. This speculation has contributed to the bullish sentiment in the crypto market.
The recent price movements in the crypto market indicate that investors are closely monitoring economic indicators and their potential impact on monetary policy. The response to the CPI data underscores the sensitivity of crypto prices to macroeconomic trends, as traders anticipate changes that could influence the broader financial environment.
As the market continues to react to inflation data and potential shifts in interest rates, the performance of Bitcoin and other cryptocurrencies will likely remain volatile. Investors will need to stay informed about economic developments and regulatory changes that could affect market dynamics in the coming months.
The suggestion was submitted to a government panel responsible for advising the finance ministry on policy formulation. On the policy front, Turkey and India advanced crypto policies that could create a framework for businesses and investors operating in each country.