As the cryptocurrency market entered September 2024, most cryptocurrencies saw significant losses. On Monday, September 2, Bitcoin saw a price drop of 2.57 percent on Indian exchanges like CoinDCX and a drop of around 1.69 percent on international platforms, according to CoinMarketCap. With this, the trading value of Bitcoin on Indian exchanges currently stands at $61,469 (around Rs 51.5 lakh). Meanwhile, on international exchanges, BTC is trading at $57,480 (around Rs 48.2 lakh).
Commenting on the Bitcoin price action, Giottus CEO Vikram Subburaj said, “Bitcoin started September with a two per cent decline and is currently trading below $58,000 (around Rs 48.6 lakh), a two-week low. The asset has been posting lower highs in the last 30 days, suggesting that the price action is broadly bearish. A reclaim of $60,000 (around Rs 50.3 lakh) is key for a bullish action, while a bounce from the support near $56,000 (around Rs 46.9 lakh) is likely in case of a further decline.”
Ether saw a 0.11 percent drop in price on Gadgets360’s cryptocurrency price tracker. With this, ETH is trading at $2,424 (around Rs 2.03 lakh) in India. Meanwhile, internationally, ETH is trading at $2,439 (around Rs 2.04 lakh).
Ripple, Tron, Cardano, Avalanche, Shiba Inu and Chainlink.
Bitcoin Cash, Polkadot, Leo, Near Protocol, Polygon, and Uniswap also saw declines on cryptocurrency price charts on Monday.
The total market capitalization of the cryptocurrency sector fell by 1.44 percent in the last 24 hours. This took the sector’s valuation to $2.02 trillion (around Rs 1,69,43,760 crore), CoinMarketCap data showed.
“A strong US jobs report in September could temper expectations for looser monetary policy, potentially leading to further market volatility. However, there is also a 50% chance of a bullish trend,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
Among the loss-making cryptocurrencies, only a few altcoins showed gains on Monday. These included USD Coin, Augur, Circuits of Value, Dogefi, Gas, and Bitcoin Hedge.
“The cryptocurrency market remained neutral to bearish over the weekend, continuing its volatile behavior. The market closed August with negative returns, and with September historically being one of the worst months for returns, many are expecting further declines,” CoinDCX’s market desk told Gadgets360. “This trend may not continue this time around due to factors such as the upcoming US presidential election, anticipated interest rate cuts, and ETF inflows. Technically, the charts remain choppy and mixed. With the upcoming US unemployment rate data, we could see increased volatility in the market, potentially providing a clearer direction.”
