Bitcoin and the rest of the crypto market saw a slight bounce in prices on Tuesday as the riskier asset class bounced back ahead of the US Federal Reserve’s monetary policy meeting later in the day. Given the situation, Bitcoin has gained 2.85 percent in the last 24 hours and is now priced at $19,300 (approx. Rs. 15.38 lakh) on global exchanges, while Indian exchanges like CoinSwitch and CoinDCX value BTC at $21,084 (approx. Rs. 16.8 lakh), 0.82 percent higher than Monday morning.
Bitcoin is priced at $19,353 (roughly Rs. 15.42) on global exchanges like CoinMarketCap, Coinbase and Binance while CoinGecko data The value of BTC is now down 13.5 percent from last Tuesday.
After spiraling up since the ‘merge’, Ether has also seen an uptick in early Tuesday. Ether is currently up nearly 4 percent in the last 24 hours, trading at $1,350 (roughly Rs. 1.07 lakh) on global exchanges. Meanwhile, on Indian exchanges, ETH is valued at $1,493 (roughly Rs. 1.19 lakh) where values have increased by 3.18 percent over the previous day.
Gadgets 360’s cryptocurrency price tracker revealed that most major altcoins had similar fluctuations over the previous day. The global crypto market capitalization rose 2.56 percent between late Monday and early Tuesday.
Cosmos, Solana, Cardano, Polygon, TRON, Uniswap, Monero, Avalanche, Chainlink, and BNB all saw huge gains in the last 24 hours.
Memecoins Shiba Inu and Dogecoin also increased their prices. Dogecoin is currently valued at $0.05 (Rs. 4.65 approx.) after adding 2.44 percent value in the last 24 hours, while Shiba Inu is up 1.33 percent to $0.000011 (Rs. 0.000868 approx.) over the previous day.
“Bitcoin breached major psychological support at $20,000 (roughly Rs. 15.97 lakh) as it hit a 3-month low, while heightened volatility amid a negative macroeconomic backdrop led to a 60 percent surge in trading volume,” the research team at CoinDCX told Gadgets 360.
“The week started with a downtrend in the crypto market due to two major reasons, the first is the FOMC meeting this Wednesday where 100 bps is still on the table with a high probability of a 75 bps rate hike. Second, difficulty as the Bitcoin network reaches an all-time high (32.045t), to mine Bitcoin. High computing power is required which affects miners’ profits and creates selling pressure. In bearish price action, 1,26,682 traders representing $417 million (approx. Rs. 3,323 crore) were canceled in the last 24 hours.
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