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Crypto Price Today: Bitcoin holds above $36,600, Ethereum jumps 10% as BlackRock files a spot ETH ETF with NASDAQ

By November 10, 2023DeFi
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Crypto Price Today: Bitcoin holds above $36,600, Ethereum jumps 10% as BlackRock files a spot ETH ETF with NASDAQ

Major crypto tokens were trading mixed in Friday's trade with a positive bias. Bitcoin (-0.3%), XRP (-5%), Dogecoin (-2.8%), and Toncoin (-7%) were trading in the red, while Ethereum (9.7%), Solana (5.5%), Polygon (3.6%), Cardano, and BNB were trading in the green.

Meanwhile, the global cryptocurrency market cap increased by 1.8% to around $1.4 trillion in the last 24 hours. At the same time, the market cap of Ethereum, the world's second-largest cryptocurrency, surged to $253 billion.

On Friday, Ethereum experienced a significant surge, surpassing the $2,000 resistance level with a more than 10% increase. This growth was driven after the asset management giant BlackRock registered to create an Ethereum trust, a potential first step toward asking regulators to approve an exchange-traded fund tied to ether, the second-largest digital token.

BlackRock registered the iShares Ethereum Trust as a Delaware statutory trust on Thursday. Nasdaq also filed a proposal on Thursday to list and trade shares of the trust.

Did you Know?

SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.

"Ethereum has experienced remarkable growth of over 10% in the past 24 hours, surpassing the $2,100 level. This surge is attributed to asset manager Blackrock filing for its iShares Ethereum Trust, paving the way for a potential Ethereum spot ETF," said Edul Patel, CEO of Mudrex.

At 12.08 p.m., BTC was trading 0.3% lower at $36,628. In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, declined to $715 billion. Bitcoin's dominance is currently 51.14%, according to CoinMarketCap. BTC volume in the last 24 hours surged 48.65% to $34.1 billion.

Bitcoin recently surpassed the $37,000 mark before stabilizing around $36,800 within the last 24 hours amidst positive sentiments surrounding the approval of a US Bitcoin ETF. To sustain its momentum, Bitcoin must now breach the $37,100 level or risk finding support around $36,200, Edul said.

Tech view by Rajagopal Menon, Vice President, WazirX
BTC's Exponential Moving Average for 10-day EMA indicates “Buy” at 35492 and the 200-day EMA indicates “Buy” at 28497. The Simple Moving Average for 10-day SMA indicates “Buy” at 35481 and 200-day SMA indicates “Buy” at 28606.

The Relative Strength Index (14) sits at 83, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 75 and the Average Directional Index (14) at 68 indicate a Neutral outlook.

The MACD Level (12, 26), at 1732, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) at 66 and William's Percentage at -29 indicate “Neutral”.

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)



Nestle India Q3 profit surges 37% YoY to Rs 908 crore

FMCG major Nestle India on Thursday said its consolidated net profit surged 37% year-on-year (YoY) to Rs 908.1 crore for the quarter ended September 30, 2023. The profit stood at Rs 661.4 crore in the same period last year.

The revenue from operations stood at Rs 5,036.82 crore in the said quarter, up 9.4% YoY and 8.12% quarter-on-quarter (QoQ).

The bottomline figure was higher than the ET NOW poll estimate of Rs 799 crore but the topline missed analyst expectations of Rs 5,161 crore.

The company, which announced its Q3 earnings, said it achieved a milestone of crossing Rs 5,000 crore turnover in the quarter while delivering a double-digit domestic sales growth. The domestic sales growth stood at 10.3% and the profit from operations came in at 22.6% of sales, the company said in its filing to the exchanges.

Commenting on the results, Suresh Narayanan, Chairman and Managing Director at Nestlé India said, “We are investing towards building our brand equity and have made strong and significant investments across all product groups. We crossed Rs 5,000 crore turnover, which has been our first in any quarter in the history of the company and a landmark for us".

Dividend

The company also announced a second interim dividend of Rs 140 per share that will be paid on or before November 16. The total payout will amount to Rs 1,349.82 crore. The company has fixed November 1 as the record date for determining the eligibility of shareholders to receive the said dividend.

Stock Split

The board approved the alteration in the share capital by splitting the existing equity shares having face value of Rs 10 per share into 10 equity shares having face value of Re 1 per share.

Commodity Outlook

Uneven rain and rain deficit is expected to impact production of maize, sugar, oilseeds and spices that may have an adverse impact on pricing. Coffee continues to be volatile because of global supply deficit. The weather during the harvest of Indian Robusta crop may impact production.

Upcoming winter weather may impact wheat production. Healthy milk flush is expected in winter which is expected to keep prices stable.

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