Bitcoin continues roller coaster ride as it falls below $62,000 again
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Bitcoin continues roller coaster ride as it falls below $62,000 again

Bitcoin (BTC), the world's oldest and most valuable cryptocurrency, continued on its upswing as it fell below the $62,000 mark for the second time this week. Other popular altcoins – including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) – fell into the red as the overall Market Fear and Greed Index stood . At 52 out of 100 (neutral), according to CoinMarketCap data. Lido DAO (LDO) token emerged as the biggest gainer with a surge of over 2 percent in 24 hours. Memecoin Dogecoin (WIF) became the biggest loser with a decline of almost 11 percent in 24 hours.

The global crypto market cap stood at $2.26 trillion at the time of writing, registering a decline of 1.22 percent in 24 hours.

Bitcoin (BTC) price today

According to CoinMarketCap, the price of Bitcoin declined by 1.06 percent in 24 hours to $61,990.47. According to Indian exchange WazirX, the price of BTC was Rs 54.48 lakh.

Ethereum (ETH) price today

The price of ETH stood at $2,905, representing a 24-hour decline of 1.25 percent at the time of writing. According to WazirX, Ethereum price in India stood at Rs 2.58 lakh.

Dogecoin (DOGE) price today

According to CoinMarketCap data, DOGE recorded a loss of 3.43 percent in 24 hours, currently priced at $0.1458. According to WazirX, Dogecoin price in India was Rs 12.83.

Litecoin (LTC) price today

Litecoin saw a decline of 1.64 percent in 24 hours. At the time of writing, it was trading at $78.96. The price of LTC in India was Rs 7,000.

Ripple (XRP) price today

The price of XRP stood at $0.5015, which saw a decline of 1.09 percent in 24 hours. According to WazirX, the price of Ripple was Rs 43.98.

Solana (SOL) price today

The price of Solana stood at $143.46, which shows a decline of 3.45 percent in 24 hours. According to WazirX, SOL price in India was Rs 12,648.80.

Top Crypto Gainers Today (May 15)

Here are the top five crypto gainers in the last 24 hours, according to CoinMarketCap data:

Lido DAO (LDO)

price: $1.96
24 Hour Profit: 2.30 percent

Tron (TRX)

price: $0.1212
24 Hour Profit: 2.14 percent

Chili's (CHZ)

price: $0.1253
24 Hour Profit: 1.98 percent

Thorchain (Rune)

price: $5.45
24 Hour Profit: 1.75 percent

Athena (ENA)

price: $0.8959
24 Hour Profit: 1.73 percent

Top crypto losers today (May 15)

Here are the top five crypto losers in the last 24 hours, according to CoinMarketCap data:

dogwifehat (DOG)

price: $2.91
24 Hour Profit: 10.83 percent

Helium (HNT)

price: $4.84
24 Hour Profit: 9.70 percent

Akash Network (AKT)

price: $4.43
24 Hour Profit: 7.99 percent

JasminCoin (JASMY)

price: $0.01792
24 Hour Profit: 6.36 percent

Jupiter (JUP)

price: $1.08
24 Hour Profit: 6.20 percent

What are crypto exchanges saying about the current market scenario?

“Bitcoin has fallen below $62,000 in response to a 0.05% increase in US wholesale inflation in April,” Mudrex co-founder and CEO Edul Patel told ABP Live. Investors and traders are awaiting today's Consumer Price Index report. The cryptocurrency now has support at $60,800 and resistance at $62,700. Market participants are paying close attention to this week's economic data and its impact on interest rates.

CoinSwitch Markets Desk notes, “Trading around $61.8k, BTC (1.1%) was unable to maintain gains from a day earlier and faced downward pressure over the past 24 hours. The overall crypto market also declined by 1.4%, with many attributing this market performance to higher-than-expected April wholesale inflation data. The market decline led to $144 million in liquidations in the last 24 hours, including long-term liquidations of $114 million. In anticipation of US CPI (Consumer Price Index) data, we can expect further volatility in the market. CPI data to be released today is expected to show growth of 3.4% year-on-year in April, compared to 3.5% in March.'

Satvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin is trading at $61,500 with a 24-hour trading volume of $28.28 billion, down 2.25% from the previous day. With a market cap of $1.21 trillion and a circulating supply of 19,698,325 BTC, the cryptocurrency has seen renewed interest in the US Spot Bitcoin ETF. After two days of outflows, net inflows of $66 million occurred on May 13, led by FBTC Fidelity with $38.6 million and Bitwise Bitcoin ETF BITB with $20.3 million. This inflow indicates increased investor confidence in Bitcoin ETFs. Technically, Bitcoin price is slightly bullish around $61,450, with potential support at $60,185 and 50-day EMA resistance at $61,975.

Shivam Thakral, CEO of BuyUcoin, said, “The total crypto market cap saw a slight decline and currently stands at $2.26 trillion. Bitcoin and Ethereum saw slight losses after US PPI inflation numbers came in higher than expected. US Fed chief Jerome Powell expressed that inflation is less likely to ease in 2024 as prices rose faster than expected in the first quarter. Markets are expected to remain volatile in the coming weeks as inflation data will keep investors worried. However, Raoul Pal, a well-known figure in the financial sector, predicts a significant expansion of the cryptocurrency market, estimating that its market capitalization could reach $100 trillion.

“Over the past 24 hours, the crypto market experienced a downtrend, with both BTC and ETH falling by more than 2%,” the CoinDCX research team told ABP Live. Technically, BTC and ETH continue to exhibit volatile price action, staying within a range and experiencing liquidations on both sides. Funding rates are neutral, and the overall price action is mixed, although both cryptocurrencies are currently at key support levels. It will be important to keep an eye on today's US CPI numbers as they are expected to have a significant impact on the market.

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Disclaimer: Crypto products and NFTs are unregulated and can be extremely risky. There may be no regulatory recourse for any losses arising from such transactions. Cryptocurrencies are not legal tender and are subject to market risks. Readers are advised to seek expert advice and carefully read the offer documents as well as relevant important literature on the subject before making any investment. cryptocurrency Market predictions are hypothetical and any investment made will be at the readers' sole cost and risk.

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