BTC, ETH Open Trading in Narrow Range on India’s Union Budget Announcement Day
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Loading... - Aadhya Babu
- 03 Feb 2023
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Most of the popular cryptocurrencies opened trading with profits on Wednesday, February 1, the same day India is set to get its Union Budget for the fiscal year of 2023-2024. Bitcoin, with a small gain of 1.36 percent, is currently priced $23,129 (roughly Rs. 18.9 lakh). The oldest cryptocurrency also maintained a similar price point on international exchanges such as Binance and Coinbase. It is noteworthy, that Bitcoin has retained its value above the mark of $23,000 (roughly Rs. 18 lakh) for the second consecutive week.
Ether grew in value by 1.01 percent as it stepped into the trade zone on Wednesday. The price of the crypto asset stood at $1,583 (roughly Rs. 1.29 lakh) at the time of writing, showed the crypto price tracker by Gadgets 360.
“BTC has barely gained profits in the past seven days. ETH did rebound from its earlier lows, and its next resistance would be at the price point of $1,600 (1.30 lakh) level. Both of these top two cryptocurrencies today, continued to trade in a narrow range as investors await the US Federal Reserve’s decision and India’s Union Budget,” Edul Patel, CEO and Co-founder of crypto investment platform Mudrex told Gadgets 360.
Cardano, Polygon, Polkadot, and Litecoin reeled-in profits alongside meme coins Shiba Inu and Dogecoin.
Small gains also added to the prices of Avalanche, Uniswap, Cosmos, Leo, Monero, and Bitcoin Cash.
Meanwhile, a very small number of altcoins were struck with losses on Wednesday.
These include Binance Coin, Solana, Tron, Chainlink, Stellar, and Near Protocol.
Overall, the global crypto market cap rose by 1.01 percent in the last 24 hours. As per CoinMarketCap, the crypto sector valuation currently stands at $1.05 trillion (roughly Rs. 86,10,932 crore).
Despite the volatility element associated with crypto experimentations, people from around the world are getting drawn to this class of digital assets as instruments of investments. Read More…
