Bitcoin Briefly Hits $93,000 Before Retreating Amid Price Correction
Over the past 24 hours, Bitcoin’s value briefly surged to $93,469 (roughly Rs. 78.8 lakh). However, the onset of a price correction prevented it from maintaining that level. As of Friday, November 15, Bitcoin is trading at $87,617 (roughly Rs. 73.9 lakh) on global exchanges and $88,506 (around Rs. 74.4 lakh) on Indian platforms. The cryptocurrency has experienced a price decline of approximately 2.5 percent on both international and domestic markets.
Commenting on the market status, Vikram Subburaj, CEO, Giottus said that recent comments from Fed Chair Jerome Powell may have impacted BTC’s price movement alongside a price correction. “Powell said there is no urgency to reduce interest rates further. Post this, Bitcoin saw a modest dip,” Subburaj said.
Ether saw a bigger price decline than Bitcoin on Friday. Incurring a loss of over five percent on both national and international exchanges, ETH is presently trading around the price point of $3,042 (roughly Rs. 2.56 lakh).
As per the crypto price tracker by Gadgets360, several cryptocurrencies recorded losses than profits on Friday.
Tether, Solana, Binance Coin, Dogecoin, and USD Coin slipped down the price ladder.
Tron, Shiba Inu, Avalanche, Bitcoin Cash, Chainlink, and Polkadot also saw price dips on Friday.
The overall crypto market cap dipped by 2.48 percent over the last day, showed CoinMarketCap. At the time of writing, the valuation of the crypto market was at $2.91 trillion (roughly Rs. 2,45,75,066 crore).
Ripple, Cardano, Near Protocol, Stellar, and Monero clung to profits on the price chart.
Despite the ongoing market volatility, Bitcoin seems to be on an upward trajectory.
“Bitcoin has become the 7th largest asset surpassing Saudi Aramco,” Edul Patel, Co-founder and CEO of Mudrex told Gadgets360 – predicting that Bitcoin’s support has moved up to $86,200 (roughly Rs. 72.7 lakh) whereas the next resistance point is at $90,900 (roughly Rs. 76.7 lakh).
