Cryptocurrency (Representative image)
Cryptocurrency prices continue to be in the green on October 2. The global cryptocurrency market cap is Rs 155.70 lakh crores, an 8.84 percent increase over the last day, while the total crypto market volume over the last 24 hours is Rs 8,70,759 crores, which makes a 31.08 percent increase.
Bitcoin rose on Friday to its highest level since around mid-September, bolstered in part by seasonal factors as well as supportive comments overall from U.S. Federal Reserve Chairman Jerome Powell on Thursday.
In testimony to Congress, Powell said the Fed had no intention of banning cryptocurrencies, in response to a question from House Representative Ted Budd.
Bitcoin's price is currently Rs 36,71,363 and its dominance is currently 42.92 percent, an increase of 0.32 percent over the day.
Some analysts also said October is typically a bullish month for digital assets, with September historically a bearish period for the sector.
"The digital asset market is benefiting both from the seasonality effect as well as generally positive market fundamentals," said Ulrik K.Lykke, founder of crypto assets hedge fund ARK36.
"Q4 has often seen strong performances and the expectation the trend will continue this year can become a self-fulfilling prophecy. It is possible that we will see new all-time highs in Q4, especially that on-chain data, particularly in the case of bitcoin, seem to indicate a potential for a strong bull market continuation."
He also cited Powell's comments on Thursday as one factor for bitcoin's positive price action.
If gains are maintained, bitcoin would be on pace to post its largest daily percentage gain since mid-June.
Meanwhile, hackers stole from the accounts of at least 6,000 customers of Coinbase Global Inc, according to a breach notification letter sent by the cryptocurrency exchange to affected customers.
The hack took place between March and May 20 of this year, according to a copy of the letter posted on the website of California's Attorney General.
Unauthorized third parties exploited a flaw in the company's SMS account recovery process to gain access to the accounts, and transfer funds to crypto wallets not associated with Coinbase, the company said.
As off 7.55 am on October 2, these are the prices of the largest cryptocurrencies (data from WazirX
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