On October 2, cryptocurrency values remained in the green. The global cryptocurrency market cap is Rs 155.70 lakh crores, up 8.84 percent from the previous day, and the total crypto market volume over the last 24 hours is Rs 8,70,759 crores, up 31.08 percent.
Bitcoin surged to its highest level since about mid-September on Friday, boosted in part by seasonal factors as well as generally favorable comments from US Federal Reserve Chairman Jerome Powell on Thursday.
In response to a query from House Representative Ted Budd, Powell testified before Congress that the Fed had no intention of outlawing cryptocurrencies.
Bitcoin’s price is currently Rs 36,71,363, and its dominance is 42.92 percent, up 0.32 percent from the previous day.
According to some observers, October is normally a bullish month for digital assets, whereas September is historically a bearish month for the sector.
“The digital asset market is benefiting from both the seasonality effect and overall strong market fundamentals,” Ulrik K.Lykke, founder of crypto assets hedge fund ARK36, said.
“Q4 has historically witnessed good performance, and the anticipation that this tendency will continue this year may become self-fulfilling. It is feasible that we will witness new all-time highs in Q4, especially since on-chain data, particularly for bitcoin, appears to imply the possibility of a robust bull market continuance.”
He also noted Powell’s remarks on Thursday as a contributing factor to bitcoin’s good price action.
If current gains continue, bitcoin will have posted its highest daily percentage rise since mid-June.
Meanwhile, hackers stole from the accounts of at least 6,000 Coinbase Global Inc customers, according to a breach notification letter provided to impacted consumers by the cryptocurrency exchange.
According to a copy of the letter released on the website of California’s Attorney General, the hack occurred between March and May 20 of this year.
Unauthorized third parties used a weakness in the business’s SMS account recovery process to obtain access to the accounts and transfer funds to cryptocurrency wallets not affiliated with Coinbase, according to the company.