Bitcoin has dropped to $19,000 as investors anticipate tighter Fed policies later in the week

Bitcoin has dropped to $19,000 as investors anticipate tighter Fed policies later in the week ...

Despite a surprisingly positive weekend, the cryptocurrency market began on Monday as investors await a collection of inflation reports due later in the week that might reveal what happens next from the US Federal Reserve. Bitcoin''s value has dropped by 2.21 percent in the last 24 hours, compared to the level of the $19,000 ($5.5 million) mark across global currencies, while Indian currencies like CoinDCX valued BTC at $20,209 (roughly Rs. 16.65 lakh), 0.55% down from where it valued early Monday.

Bitcoin is traded at $19,037 on global markets, according to CoinMarketCap, Coinbase, and Binance. In addition, CoinGecko estimates that BTC''s value is now 2.9 percent lower than it did last Tuesday.

Ether, the largest smart contracts token, has also experienced a drop in value, bringing it down below the $1,350 (roughly Rs. 1.11 lakh) range that we''ve seen the cryptocurrency trade around in recent weeks. Ether is currently down by roughly 3.62 percent in the past 24 hours, trading in the $1,270 (roughly Rs. 1.12 lakh) range across global markets. ETH is also valued at $1,369 (roughly Rs. 1.41 lakh) where values have been reduced by 1.41

The cryptocurrency price tracking platform from Gadgets 360 shows that the majority of major altcoins fell alongside the top two tokens, with the global crypto market capitalization numbers increasing by 2.6 percent between Monday and early Tuesday.

At the time of writing, Cardano, Avalanche, Cosmos, Solana, Polygon, TRON, Chainlink, Monero, Uniswap, and BNB all see themselves in the red.

Shiba Inu and Dogecoin haven''t been spared as a result of the memecoins. Dogecoin is currently valued at $0.05 (roughly Rs. 4.86) after losing 5.08 percent in value over the last 24 hours, while Shiba Inu is estimated at $0.00001 (roughly Rs. 0.000843), down 7.19 percent over the previous day.

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"Last week non-farm payroll statistics were released. The unemployment rate fell to 3.7 percent from the forecast of 3.5 percent. This led to a sharp fall of markets last week. "We may see some early trends of weakening correlation," says CoinDCX''s Research Team.

"In the month of September, Bitcoin outperforms both the Nasdaq and S&P 500, which fell by 10.5 percent and 9.3 percent respectively, compared to 3.11 percent. Interestingly, the Dow Jones index that tracks the 30 most important industrial stocks was more volatile than Bitcoin, highlighting the asset''s maturing nature, primarily in the trading session of October 7.

"The week''s most important macroeconomics activities include BOE (Bank of England) Governor Bailey''s speech on October 12 and the publication of CPI Inflation Data on October 13. Currently, the crypto market capitalization is worth $850 billion (roughly Rs. 70,02,582 crore) for any significant activity. Markets look weak at the moment and will need some positive news to help recovery.," explains CoinDCX''s Research team.

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 kind, offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendation, forecast, or other information contained in the article.