The cryptocurrency market is presently experiencing difficulties in regaining its previous momentum as it has encountered a sluggish week. On Friday, September 6th, Bitcoin (BTC) recorded a loss ranging from approximately 1.06% to 2.03% on various exchanges, both nationally and internationally. Bitcoin is trading at approximately $56,530 (equivalent to roughly Rs. 47.4 lakh) on international exchanges, according to data provided by CoinMarketCap. In contrast, Indian exchanges, such as CoinDCX and CoinSwitch, quote BTC at around $60,355 (approximately Rs. 50.6 lakh).

The CoinDCX team indicated that the cryptocurrency market remains volatile as investors and traders await the release of critical U.S. unemployment rate data. At this juncture, Bitcoin is attempting to stabilize above the support level of $56,000 (approximately Rs. 47 lakh) and is fluctuating within a defined range. A significant upward movement from this position could elevate its price towards $61,600 (approximately Rs. 51.7 lakh) resistance level. Conversely, should Bitcoin breach the $56,000 support, further declines may be anticipated, particularly as most altcoins trend downwards.

Ethereum (ETH), on Indian exchanges, is currently situated around $2,550 (approximately Rs. 2.13 lakh), while on international platforms, it approaches $2,378 (around Rs. 1.99 lakh). Over the past 24 hours, the price of ETH has experienced a marginal decline of less than one percent.

Notable losses were observed among other cryptocurrencies, including Solana, Ripple, Shiba Inu, Chainlink, Bitcoin Cash, Leo, and Near Protocol. Additionally, declines were reflected in Stellar, Cronos, Polygon, Cosmos, and Elrond.

In the altcoin sector, performance has exhibited variability, with Ethereum, XRP, Solana, and BNB showing minor declines, indicative of the broader market’s consolidation. However, Toncoin distinguished itself with a notable gain of four percent. Analysts predict that altcoins may underperform in comparison to Bitcoin if the bearish trend persists, as stated by Vikram Subburaj, CEO of Giottus.

The cumulative cryptocurrency market capitalization experienced a decrease of 0.88 percent over the last 24 hours, remaining stabilized at approximately $1.99 trillion (around Rs. 1,67,06,964 crore) for the third consecutive day. Among the few cryptocurrencies registering gains, USD Coin, Dogecoin, and Cardano emerged as exceptions. Polkadot, Litecoin, and Bitcoin SV also managed to sustain slight increases on the price charts.

The forthcoming release of U.S. payroll data is highly anticipated as it may impact the Federal Reserve’s forthcoming decisions regarding potential interest rate adjustments. Avinash Shekhar, Co-Founder and CEO of Pi42, emphasized that the market reflects prevailing volatility tied to uncertainty regarding this significant economic metric.

It is important to note that cryptocurrency remains an unregulated digital currency and is not recognized as legal tender, thus it entails inherent market risks. The information presented in this article should not serve as financial or trading advice, and NDTV assumes no liability for any losses incurred based on any implied recommendations or forecasts therein. Additionally, please refer to our ethics statement for further information regarding potential affiliate links.

Related posts:

Xapo Bank and Hilbert Capital to Launch $200 Million Bitcoin Hedge Fund Long-Term Bitcoin Holdings Surpass $10 Billion Amid Price Correction Below $60,000 Bitcoin’s Short-Term Outlook at a Crucial Support Level of $58,840 Recent Developments in Cryptocurrency: Bitcoin ETFs, Shiba Inu Burn Rate, and Market Liquidations