Bitcoin costs $69,196 on WazirX and CoinSwitch. On Friday, its price rose by 5.56 per cent, trading at $69,196 on WazirX and CoinSwitch and $66,155 on Binance.
The increase followed the US Labor Department’s release of CPI data, showing cooling inflation in April. Consequently, Bitcoin and other cryptocurrencies are trading at higher values.
The crypto market is now stable, with BTC’s upward momentum post-CPI. Technically, BTC faces a short-term hurdle at $66,670. Clearing this level could lead to continued gains. The major support is at $60,850, and according to the CoinDCX markets team, BTC should stay above this level.
Ether trades at $3,147 on national exchanges and $2,998 on international exchanges, following a 3.30 per cent price drop.
The ETH/BTC pair continues to decline, causing ETH to underperform relative to BTC amid mixed altcoin trading. Despite a bullish outlook, ETH remains weaker compared to BTC. Key support for ETH is $2,875, with resistance at $3,040.
According to CoinMarketCap, the overall crypto market cap stands at $2.36 trillion (approx. Rs. 1,96,97,456 crore) after dropping 0.90 per cent in the last 24 hours.
While the broader market is experiencing a downturn, LINK has surged by 13.6 per cent, standing out among leading cryptocurrencies. In collaboration with Chainlink and major US banks, the Depository Trust and Clearing Corporation (DTCC) in the US completed a pilot project to accelerate fund tokenization. This collaboration marks a significant advancement in adopting blockchain technology in traditional asset management.
The Securities and Exchange Board of India (SEBI) has proposed appointing multiple regulators to oversee crypto trading. This recommendation was submitted to a government panel advising the finance ministry on policy formulation. On the policy front, India and Turkey advanced crypto policies on May 16, potentially creating a framework for businesses and investors in each country.
