Bitcoin Price Briefly Surged to $93,469, But Market Correction Pulled It Down to $87,617

Commenting on the market status, Vikram Subburaj, CEO, Giottus said that recent comments from Fed Chair Jerome Powell may have impacted BTC's price movement

Bitcoin price fell on Friday after hitting a new all-time high earlier this week. The world's largest cryptocurrency dropped by 2.5 percent to reach $87,617 (roughly Rs. 73.9 lakh) on global exchanges and $88,506 (roughly Rs. 74.4 lakh) on Indian platforms. Bitcoin price had hit an all-time high of $93,469 (roughly Rs. 78.8 lakh) on Thursday.

However, a price correction and the onset of a crypto winter seemed to prevent Bitcoin from maintaining that level. At the time of writing, BTC is trading at $87,617 (roughly Rs. 73.9 lakh) on global exchanges and $88,506 (roughly Rs. 74.4 lakh) on Indian platforms.

Commenting on the market status, Vikram Subburaj, CEO, Giottus said that recent comments from Fed Chair Jerome Powell may have impacted BTC's price movement alongside a price correction.

“Powell said there is no urgency to reduce interest rates further. Post this, Bitcoin saw a modest dip,” Subburaj noted.

Ether price also fell on Friday morning, Incurring a loss of over five percent on both national and international exchanges. ETH price is currently trading around the price point of $3,042 (roughly Rs. 2.56 lakh).

Several cryptocurrencies recorded losses on Friday, as noted by the crypto price tracker by Gadgets360.

Tether, Solana, Binance Coin, Dogecoin, and USD Coin slipped down the price ladder.

Tron, Shiba Inu, Avalanche, Bitcoin Cash, Chainlink, and Polkadot also saw price dips on Friday.

The overall crypto market cap dipped by 2.48 percent over the last day, showed CoinMarketCap. At the time of writing, the valuation of the crypto market was at $2.91 trillion (roughly Rs. 2,45,75,066 crore).

Despite the crypto winter and ongoing market volatility, Bitcoin seems to be on an upward trajectory.

“Bitcoin has become the 7th largest asset surpassing Saudi Aramco,” Edul Patel, Co-founder and CEO of Mudrex told Gadgets360 – predicting that Bitcoin's support has moved up to $86,200 (roughly Rs. 72.7 lakh) whereas the next resistance point is at $90,900 (roughly Rs. 76.7 lakh).