Bitcoin's Tuesday Gains Wiped as BTC Faces Resistance Below $20,000 Again

Bitcoin price is moving slowly as volatility seems to have disappeared after the Consumer Price Index (CPI) print on October 13. Since then, BTC has been attempting to rally higher, but has been met with resistance from bears. As things stand, the value of Bitcoin has slipped by 1.05 percent in the last 24 hours with its price hovering around the $19,300 (roughly Rs. 15.89 lakh) mark across global exchanges while Indian exchanges like CoinDCX value BTC at $20,217 (roughly Rs. 16.64 lakh), 0.54 percent lower than where its value stood on Tuesday.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $19,275 (roughly Rs. 15.87 lakh) while CoinGecko data shows that BTC's value now sits 0.8 percent lower than where it stood last Tuesday.

Ether, the second largest cryptocurrency by market cap, has also seen a bit of plunge in value over the past 24 hours, hovering around the $1,300 (roughly Rs. 1.07 lakh) range. Ether is currently up by roughly 1.05 percent over the past 24 hours across global exchanges. Meanwhile on Indian exchanges, ETH is valued at $1,371 (roughly Rs. 1.13 lakh) where values are down by 0.26 percent over the past day.

Gadgets 360's cryptocurrency price tracker reveals that most major altcoins dropped in value alongside Ether with the global crypto market capitalisation numbers also dipping 1.5 percent through Tuesday and early Wednesday.

Cardano, Avalanche, Cosmos, Solana, Chainlink, Monero, and BNB all saw some minor dips in value. Meanwhile, Polygon, TRON, and Uniswap saw minor gains.

However, memecoins Shiba Inu and Dogecoin haven't had the best of beginning to the week. Dogecoin is currently valued at $0.05 (roughly Rs. 4.92) after losing 0.05 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.00001 (roughly Rs. 0.000832), down 2.42 percent over the past day.

"The global crypto market cap stood at $975 billion as Bitcoin continues to range between $19,000 - $20,000 (roughly Rs. 15.65 - 16.47 lakh) as the bear market consolidation continues with on-chain metrics suggesting that we are amidst a larger-term accumulation period as whales wallets containing 1000-10,000 BTC continuously increase their holdings, suggesting that smart money is buying the dip amidst the growing macroeconomic uncertainty that has already priced in a recession.

While the broader crypto markets are relatively flat, there are many positive developments in the industry. Recently, Indian FM Nirmala Sitharaman in a conference prior to the G20 summit had outlined a promising of advocating the natural progression of crypto technology by outlining the need for a global technology driven regulatory framework, one that does not disrupt the natural course of the industry acknowledging that blockchain tech will play a crucial part and benefit the existing fintech ecosystem spurring the growth of various Web3 start-ups and potential unicorns leveraging the vast developer talent pool of India.

This is a promising step and a much-needed change in stance considering the brain drain and the implied economic transfer to countries with friendlier regulations, one can hope that this is the initial step to future positive regulations that will make India competitive and proactive when it comes to nurturing and embracing new technologies - a necessity for a modern-day economic superpower," the research team at CoinDCX tells Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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