Market snaps four-day losing streak to end high
At close, the Sensex was up 169.62 points or 0.22 per cent at 76,499.63, and the Nifty was up 90.10 points or 0.39 per cent at 23,176.05.
In the last 24 hours, Bitcoin fell 8.1% from its peak of $73,177 to $67,689 on Friday afternoon.
Bitcoin retreated from its record high of more than $73,000 as the market witnessed a selloff and higher-than-predicted US inflation data signalled that interest rates might stay high.
Advertisement
Ethereum, the second largest cryptocurrency, fell nearly 7% to $3,708.
Advertisement
As per the data released by Coinglass, $526 million worth of crypto wagers were liquidated in the past 24 hours, the highest in about two weeks.
Moreover, the US Producer price index for final demand climbed 0.6% in February. In January, it was 0.3%.
Notably, in the last one month, Bitcoin jumped over 40% before cooling down and prompting a selloff in the market.
Before the selloff, Bitcoin’s total gains in 2024 so far were over 70%.
Even after the selloff, it has still given investors 60% returns in 2024 alone.
Experts believe that there is froth in the crypto market after the recent rally. Digital asset analytics firm Swissblock said recently that Bitcoin may fall to $58,000-$59,000.
Amid the continuous rally, the cryptocurrency Bitcoin recently climbed up the ranks to become the world’s eighth most valuable asset by market capitalisation, surpassing silver.
Advertisement
