Bitcoin Trades at Over $42,800, Altcoins Show Mixed Movement Amid Market Instability

Bitcoin on Tuesday, February 6 recorded a miniscule profit of 0.82 percent. The world’s oldest, most expensive cryptocurrency, at present, is trading at the price point of $42,802 (roughly Rs. 35.5 lakh). In the last 24 hours, the value of Bitcoin registered a significant growth of $344 (roughly Rs. 28,565). Overall, Bitcoin exudes a bullish sentiment. As per market analysts, the long, short ratio for Bitcoin also signals a positive sentiment for investors, especially for the futures market.

Ether also saw a small gain of 0.91 percent on Tuesday. The asset, as of now, is trading at the price point of $2,312 (roughly Rs. 1.92 lakh) — which is higher by $22 (roughly Rs. 1,826) from Ether’s previous day pricing.

“The selling pressure by Grayscale which has sold 141,00 Bitcoin is being absorbed by 175,000 Bitcoin bought through ETFs. The cumulative spot Bitcoin ETF volume has also crossed the $30 billion (roughly Rs. 2,49,137 crore) threshold reflects a huge demand for Bitcoin in the Spot ETFs. Bitcoin has persistently attempted to breach the $44,000 (roughly Rs. 36.5 lakh) level for several weeks, but it has been hindered by low trading volume,” Shivam Thakral, CEO of BuyUcoin told Gadgets360, commenting on the market status.

Ripple, USD Coin, Dogecoin, Chainlink, and Tron recorded small profits alongside BTC and ETH.

They were further joined by Polygon, Wrapped Bitcoin, Litecoin, Leo, Uniswap, and Cosmos on the profit-side of the crypto chart.

In the last 24 hours, the overall crypto market cap rose by 0.25 percent to stand at the $1.64 trillion (roughly Rs. 1,36,19,314 crore) mark, showed CoinMarketCap on Tuesday.

“One of the biggest news from yesterday came from GoDaddy. The company announced that its users can now link domain names with Ethereum Name Service, ENS (+13 percent) at no extra cost. This is a big boost for both Ethereum (+1.68 percent) and the ENS token,” the CoinSwitch Markets Desk told Gadgets360.

Meanwhile, Tether, Binance Coin, Solana, Cardano, Avalanche, Polkadot, and Shiba Inu recorded losses on Tuesday.

Bitcoin Cash, Stellar, Monero, Near Protocol, and Elrond also reflected price dips.

“The jobless claims data to be released on Thursday could potentially influence interest rates decisions for the Fed and will be a key indicator for the crypto market,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

Meanwhile, in the otherwise concluded Ripple vs SEC case, a US court judge has granted SEC’s request to Ripple to produce certain financial statements. These proceedings will decide the extent to which XRP will owe penalties for unregistered securities offerings for its institutional sales.

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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