The Consumer Price Index (CPI) report on October 13 appears to have eliminated volatility, hence the price of bitcoin is moving slowly. Since then, BTC has been making an effort to rise in price, but bears have resisted this. Currently, Bitcoin's value has decreased by 1.05 percent over the past day. It is currently trading at around $19,300 (roughly Rs. 15.89 lakh) on international exchanges, while it is valued at $20,217 (roughly Rs. 16.64 lakh) on Indian exchanges like CoinDCX, which is 0.54 percent less than its value on Tuesday.
Bitcoin is currently valued at $19,275 on major international exchanges like CoinMarketCap, Coinbase, and Binance (approximately Rs. 15.87 lakh), down 0.8 percent from its previous Tuesday high, according to CoinGecko data.
The value of Ether, the second-largest cryptocurrency by market cap, has also somewhat declined over the previous day, with prices currently circling around $1,300 (approximately Rs. 1.07 lakh). Around 1.05 percent has been added to the price of ether in the last 24 hours on international markets. ETH is currently trading at $1,371 (about Rs. 1.13 lakh) on Indian exchanges, where prices have decreased by 0.26 percent in the last day.
The majority of the top altcoins decreased in value along with Ether, according to Gadgets 360's cryptocurrency price tracker, and the market capitalization numbers for all cryptocurrencies fell by 1.5 percent between late Tuesday and early Wednesday.
The value of Cardano, Avalanche, Cosmos, Solana, Chainlink, Monero, and BNB all experienced slight declines. The gains were modest for Polygon, TRON, and Uniswap.
Shiba Inu and Dogecoin haven't had the finest starts to the week, though. Shiba Inu is currently worth $0.00001 (about Rs. 0.000832), down 2.42 percent over the past day, while Dogecoin is currently valued at $0.05 (around Rs. 4.92) after dropping 0.05 percent in value over the last 24 hours.
"The market cap of all cryptocurrencies was $975 billion, and Bitcoin is still trading between $19,000 and $20,000 (roughly Rs. 15.65 and 16.47 lakh) as the bear market consolidation continues. On-chain metrics indicate that we are in a longer-term accumulation phase, as whale wallets with 1000–10,000 BTC continuously increase their holdings, indicating that the smart money is buying the dip amid the rising macroeconomic uncertainty that has already priced in a reversal.
There are numerous encouraging advances in the business, despite the generally flat crypto markets. In a recent conference held prior to the G20 summit, Indian FM Nirmala Sitharaman outlined a promising of advocating the natural progression of cryptocurrency technology by outlining the need for a global technology-driven regulatory framework, one that does not disrupt the natural course of the industry and acknowledges that blockchain technology will play an important role and benefit the existing fintech ecosystem, spurring the growth of various Web3 start-ups and potential unicorns level companies.
One can hope that this is the first step toward 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, as this is a promising step and a much-needed change in attitude given the brain drain and the implied economic transfer to countries with friendlier regulations "Gadgets 360 is informed by the CoinDCX research team.
