Crypto Market Fluctuates After US CPI Data Emerges Higher Than Expectations

Bitcoin registered a loss of around one percent on national and international exchanges. At the time of writing, the oldest and most expensive cryptocurrency

The crypto market saw mixed movements on Friday, October 11. While major cryptocurrencies like Bitcoin and Ether clocked minor losses, a few altcoins, including Ripple, Cardano, and Shiba Inu, saw price gains of up to four percent. The crypto market capitalisation also saw a slight drop of less than one percent over the last 24 hours and stood at $2.12 trillion (roughly Rs. 1,78,34,775 crore), according to CoinMarketCap.

Bitcoin (BTC) price today in India, October 11: The oldest and most expensive cryptocurrency registered a loss of around one percent, and was trading at $60,576 (roughly Rs. 50.8 lakh) on global exchanges at the time of writing, according to CoinMarketCap. On Indian exchanges, BTC is trading at a higher price. As per Gadgets 360's crypto price tracker, BTC is trading at $61,452 (roughly Rs. 51.6 lakh) on CoinSwitch and Giottus.

“As Bitcoin had its fourth consecutive red day, the world's largest crypto gained over two percent just before the daily candle close. The market volatility yesterday was largely driven by US CPI data, a key indicator for determining the Fed's stance on future rate cuts. While the annual CPI showed a decline compared to last year, it came in higher than analysts' expectations, leading to a drop in Bitcoin prices,” the CoinSwitch Markets Desk told Gadgets 360.

Bitcoin saw a minor recovery from the lows of the day after clocking a drop of over two percent earlier in the day. The support level for the cryptocurrency is placed at $59,643 (roughly Rs. 50 crore), while the resistance level is placed at $62,663 (roughly Rs. 52.6 crore).

Ether (ETH) price today in India, October 11: The second most-valuable cryptocurrency also saw a minor price gain of just above one percent on Friday. According to CoinMarketCap, the value of ETH stood at $2,407 (roughly Rs. 2,02,145) on international exchanges at the time of writing.

On Indian exchanges, however, ETH is trading at a higher price. Gadgets 360's crypto price tracker shows that ETH is valued at $2,438 (roughly Rs. 2.04 lakh) on CoinSwitch and Giottus.

Among other major cryptocurrencies, Binance Coin, Solana, USD Coin, Dogecoin, and Stellar saw losses on Friday. Cosmos, Neo Coin, Iota, Status, and Cartesi also registered price dips alongside ETH.

Meanwhile, Ripple, Cardano, Avalanche, Shiba Inu, Polkadot, and Leo saw price gains of up to four percent. Litecoin, Cronos, Polygon, and Bitcoin SV also registered small gains on Friday.

Despite the volatility element of the crypto sector, retail investors have been showing interest in engaging with crypto assets. This week, the finding was published in a report released by the Board of the International Organisation of Securities Commissions (IOSCO).

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