Bitcoin Sees Slump After Trading at Above $58,000, Ether Prices Reach Month-High

Bitcoin moves above $58,000 (roughly Rs. 43.5 lakhs) before ending Thursday on a big slump, in what has been a good week for the popular crypto asset.

By Shomik Sen Bhattacharjee | Updated: 15 October 2021 12:16 IST

Bitcoin Sees Slump After Trading at Above $58,000, Ether Prices Reach Month-High

Bitcoin price saw a slump on October 14

Highlights

Bitcoin's push to $65,000 sees resistance at the $58,000 mark
Ether traders saw valuations rise by more than 4 percent
Cardano, Dogecoin make gains as Uniswap values see a big surge

Bitcoin had another positive day of trade overall but saw a big plunge towards the end of the day's trade to end Thursday at $56,934 (roughly Rs. 42,87,532). The day's high, however, saw the largest cryptocurrency as per market capitalisation shoot above $58,300 (roughly Rs. 43,95,359) and start Friday on a high too. The valuation of Bitcoin, at the time of writing, on Indian exchanges like CoinSwitch Kuber shows up at Rs. 46,36,671 (roughly $61,570), showing a 2.31 percent increase since trade began this morning.

Bitcoin investors are hopeful but it has turned out to be a good week for Ether traders too. Gadgets 360's cryptocurrency price tracker suggests that the Ethereum-based crypto-asset saw yet another 4.10 percent climb. Ether opened on Friday at a valuation of Rs. 2,95,802 (roughly $3,927), a number that has already shot up to Rs. 2,98,619 (roughly $3,965) while filing the story. While values don't suggest a concerted bull run thus far, there could be one around the corner as DeFi projects begin to accumulate more total value locked (TVL).

Popular altcoins had a good day too. While Polkadot went up the most on Wednesday, the surge has seemingly stopped, for now. Cardano, Ripple, Dogecoin and Litecoin all ended in green. Uniswap was the biggest gainers on the day, adding more than 8.5 percent to its value.

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Miami Mayor Francis Suarez recently stated that the city will put forth a formal proposal to pay government employees their salaries in Bitcoin and also allow citizens to pay city taxes using the cryptocurrency later this month. Miami had earlier introduced a proposal for the city to be able to invest in Bitcoin, but Florida limitations don't currently allow local governments to transact in an asset that is so volatile.

Suarez in a separate interview slammed JPMorgan Chase CEO Jamie Dimon for calling Bitcoin "worthless". Bitcoin is "definitely not worthless," Suarez stated, pointing out how rapidly the cryptocurrency's value has skyrocketed over the past year.

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Bitcoin's good week is expected to end on a high too with reports suggesting that the US Securities and Exchange Commission could be very close to approving the first Bitcoin futures exchange-traded funds in the country.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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