Bitcoin Price Drops Back to $19,300 After Market Correction Erases Tuesday’s Gains

Bitcoin price is moving slowly as volatility seems to have disappeared after the Consumer Price Index (CPI) printed on October 13. Since then, BTC has attempted to move higher, but has hit resistance resist the bears. As things stabilized, the value of Bitcoin has dropped by 1.05% in the last 24 hours with the price hovering around the $19,300 mark (about Rs 15.89) on global exchanges while Indian exchanges Coins like CoinDCX value BTC at $20,217 (approximately Rs 16.64 lakh), 0.54% below its value on Tuesday.

On global exchanges like CoinMarketCap, Coinbase and Binance, Bitcoin price stands at $19,275 (about Rs 15.87) while CoinGecko data shows that the value of BTC is now 0.8% lower than it was last Tuesday.

Ether, the second largest cryptocurrency by market capitalization, has also experienced a slight drop in value over the past 24 hours, hovering around $1,300 (about Rs 1.07 lakh). Ether is currently up around 1.05 percent over the past 24 hours on global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,371 (about Rs 1.13 lakh), where the value has dropped 0.26% in the past day.

Gadgets 360’s Cryptocurrency price tracker revealed that most major altcoins fell in value alongside Ether with the global crypto market cap also down 1.5% through Tuesday and early Wednesday.

Cardano, avalanche, Cosmos, Solana, Chain link, Moneroand BNB all saw some small drop in value. Meanwhile, Polygon, TRONand Uniswap slight increase.

However, the Shiba Inu and Dogecoin memecoins did not have the best performance from the start of the week. Dogecoin is now worth $0.05 (about Rs 4.92) after losing 0.05% of its value in the last 24 hours, while, Shiba Inu valued at $0.00001 (about Rs 0.000832), down 2.42 percent in the past day.

“The global crypto market cap stands at $975 billion as Bitcoin continues to fluctuate between $19,000 – $20,000 (roughly Rs. 15.65 – Rs. 16.47 lakh) as the market consolidates Bear continues on-chain data suggests that we are in the middle of a longer-term accumulation phase as whale wallets containing 1000-10,000 BTC continuously increase their holdings, suggesting that smart money is falling in price amid an increasingly macroeconomic backdrop Uncertainty has priced in the recession.

While the broader crypto markets are relatively flat, there are many positive developments in the industry. Recently, FM Nirmala Sitharaman of India in a conference before G20 summit has been mapped out promises to support the natural evolution of cryptocurrency technology by outlining the need for a global technology-driven regulatory framework, one that does not disrupt the natural process of the industry acknowledging that blockchain technology will play an important and beneficial part in the existing fintech ecosystem driving the growth of various Web3 startups and potential unicorns leveraging the broad developer talent pool India’s big.

This is a promising step and a much-needed shift in stance considering the brain drain and the implied economic shift to countries with friendlier regulations, people have One can hope that this is the start of positive regulations in the future that will keep India competitive and proactive as the team at CoinDCX told Gadgets 360 – essential for a modern-day economic superpower.

Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendations, forecasts or any other information contained in the article.

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