Bitcoin, Ethereum, Dogecoin Drop As OKX Plots India Entry

Major digital currencies took a hit on Friday, with all eyes on the upcoming US payroll report for August. But what’s the real story behind this dip?

Cryptocurrency	Gains +/-	Price
Bitcoin BTC/USD	-4.76%	₹21.5 lakh
Ethereum ETH/USD	-3.61%	₹1.36 lakh
Dogecoin DOGE/USD	-4.60%	₹4.96

SEC Delays Stir the Pot: The U.S. Securities and Exchange Commission (SEC) threw a curveball, announcing a postponement on seven Bitcoin exchange-traded fund applications till October. This move directly impacts big players like BlackRock, WisdomTree, and VanEck, keeping them on their toes.

With the crypto world in a tizzy, traders are now pinning their hopes on Friday’s non-farm payroll data. A potential slowdown hinted at by this report might make the central bank rethink its plans for interest rate hikes.

See also: If You Invested ₹1,000 In Polygon When Mark Cuban Took Interest In The Company, Here’s How Much You’d Have Today

OKX To Enter India: Cryptocurrency exchange OKX plans to expand in India, targeting its growing developer community. Despite regulatory challenges, OKX’s CMO, Haider Rafique, is optimistic about increasing its current 200,000 wallet users, emphasizing the platform’s compliance with local rules.

Meanwhile, in response to the wider crypto market downturn this year, Indian cryptocurrency exchange CoinSwitch laid off 44 support team members, 7% of its workforce, but hopes to rehire. CoinDCX also reduced its staff by 12% this month, citing market challenges and tax impacts on exchanges.

Market Snapshot: As of now, the global crypto market’s worth hovers around $1.05 trillion or ₹86.83 lakh crore, marking a dip of 3.5% in a day. On the stock front, on Friday, Indian shares experienced broad-based gains after data revealed the fastest economic growth in a year during the first quarter, potentially attracting more foreign investors.

At mid-day, the Nifty 50 index rose by 0.4% to 19,333.85, and the S&P BSE Sensex climbed 0.33% to 65,043.

On Thursday, official data indicated a 7.8% annual expansion in India’s GDP for the June quarter, even as concerns about dry weather conditions continued.

Read next: If You Invested ₹10,000 In Cardano A Year Ago, Here’s How Much You’d Have Right Now

Disclaimer: Benzinga India doesn't give financial advice. The above article is for educational purposes alone.

Editor's Note: Investing in cryptocurrencies like Bitcoin involves significant risk due to their volatile nature. Investors should carefully consider their risk tolerance and investment goals before investing in the crypto market.