Cryptocurrencies were up on Wednesday even as China’s rate cut announcement has fuelled bullish momentum in the market. According to crypto exchange Binance, the Bitcoin price on September 25 was up by 1.74 per cent to trade above $64,000 at $64,232.75 in the morning, while Ethereum was trading higher by 0.83 per cent at $2,643.93. Dogecoin was also up by 2.23 per cent at $0.11.
The 24-hour trading volume of Bitcoin stands at $29.16B USD. Bitcoin is 1.74 per cent in the last 24 hours with a circulating supply of 19.76 million, according to Binance.
“Bitcoin’s bullish momentum dominates the market as it signals potential upward momentum. BTC is currently trading above $64,000, and needs market momentum to break through the $65,000 barrier. Ethereum is also showing bullish trajectories, but traders and investors fear a chance of a bearish dip to $2,500,” said Avinash Shekhar, co-founder and chief executive officer of Pi42.
This bullish trend and growth can attract new investors or traders. China’s announcement of rate cuts also fueling bullish momentum in the crypto market, he added.
“Breaking above the 65-day resistance, Binance Coin currently trading above $600. Bullish market indicate the possibility of more gains, but obstacles include resistance levels and a slowing market. The investors are optimistic for market growth targeting $65,000 for BTC (Bitcoin), $2,700 for ETH (Ethereum), and $650 for BNB (Binance Coin),” Shekhar said.
Cryptocurrency Prices on September 25:
Bitcoin: $64,232.75 (+1.74%)
Ethereum: $2,643.95 (+0.83%)
Doge: $0.11 (+2.23%)
Tether: $1 (0.01%)
Binance Coin: $601 (0.2%).
The value of cryptocurrencies is in the US dollar and may show different trend for the domestic buyers due to exchange rate fluctuations. The Indian rupee currently stands at 83.51 per US dollar.
What is Bitcoin?
Bitcoin is a decentralized digital currency, introduced in 2009, that operates without the need for a central authority or government. Transactions made with Bitcoin are recorded on a public ledger called a blockchain, which ensures transparency and security. Bitcoin enables peer-to-peer transfers of value online, using cryptographic techniques to secure the process. Unlike traditional currencies, Bitcoin is not controlled by a central bank and has a limited supply, with only 21 million bitcoins ever to be created. This digital currency has gained popularity due to its potential for investment and as a hedge against inflation, though it remains highly volatile.
Who is the Founder of Bitcoin?
The founder of Bitcoin is an anonymous individual or group of individuals known by the pseudonym Satoshi Nakamoto. In 2008, Nakamoto published the Bitcoin whitepaper, which laid out the framework for this decentralized digital currency. Despite much speculation, Nakamoto’s true identity remains unknown to this day. Nakamoto was active in the Bitcoin community until 2010, when they handed over control of the project to other developers and disappeared from public view. The mystery surrounding Nakamoto’s identity has only fueled further intrigue, making Bitcoin’s origins even more compelling.
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