Cryptocurrency Price Today: Bitcoin Price Rises Along with Several Altcoins as Inflation Data Sparks Speculation on Interest Rate Cuts

Bitcoin price on Friday increased by 5.56% and the digital asset is currently trading at around $69,196 (around Rs. 57.7 lakh) on Indian cryptocurrency exchanges like WazirX and CoinSwitch and $66,155 (around Rs. 55 .2 lakh) on foreign exchanges like Binance. Earlier this week, the U.S. Department of Labor’s Bureau of Labor Statistics released Consumer Price Index (CPI) data showing that April inflation showed signs of cooling. Against the backdrop of this development, Bitcoin and other cryptocurrencies are now trading at higher values.

“The overall cryptocurrency market is stable now, with BTC showing good momentum post-CPI. Technically, BTC faces a near-term hurdle at $66,670 (around Rs. 55.6 lakh). Breaking this level could lead to continued upward movement major support is at $60,850 (around Rs. 50.8 lakh) and BTC is expected to maintain its position above this level,” the markets team at CoinDCX told Gadgets360 on Friday. .

Cryptocurrencies that increased in value alongside Bitcoin on Friday, included Bind, Solana, Cardano, Shiba Inu, Avalanche, TronAND Polka dot.

Polygon, Leo, Chrono, CosmosAND Bitcoin SV they also saw their prices increase on Friday.

Ether it is trading at $3,147 (around Rs 2.6 lakh) on domestic bourses and at $2,998 (around Rs 2.5 lakh) on international bourses, after its price fell by 3.30 per cent.

“The ETH/BTC pair continues to decline, causing ETH to lag BTC, while alts trade mixed. ETH, while bullish, is weaker than BTC. Key support for ETH is at $2,875 (around Rs. 2.40 lakh) and the resistance is at $3,040 (around Rs. 2.5 lakh),” the CoinDCX team added.

Binance coin, Currency in USD, Ripple, Dogemoneta, Bitcoin Cash, Chain shirtAND Litecoin also decreased in value.

The overall capitalization of the cryptocurrency market stands at $2.36 trillion (around Rs 1,96,97,456 crore) after suffering a decline of 0.90% in the last 24 hours, as per CoinMarketCap.

“While the broader market is in the red, a clear outlier among major cryptocurrencies is LINK (+13.6%). The Depository Trust and Clearing Corporation (DTCC) in the United States, together with Chainlink and major US banks, have successfully completed a pilot project to accelerate the tokenization of funds. This collaboration represents another step towards the adoption of blockchain technology in the traditional wealth management sector,” Parth Chaturvedi, chief investment officer at CoinSwitch Ventures, told Gadgets360.

In a recent development, the Securities and Exchange Board of India (SEBI) has suggested the appointment of more regulators to oversee cryptocurrency trading in the country. The suggestion was submitted to a government committee tasked with advising the Finance Ministry on policy formulation. On the political front, Turkey and India advanced cryptocurrency policies on May 16 that could create a regulatory framework for businesses and investors operating in each country.

Cryptocurrency is an unregulated digital currency, it is not legal tender and is 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 kind offered or endorsed by NDTV. NDTV will not be liable for any losses resulting from investments based on recommendations, forecasts or any other information contained in the article.

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