Bitcoin bulls seem to have quickly lost steam as gains of more than 4 percent through Tuesday and wiped out early on Wednesday to suggest only a minor bullish spell, while technical indicators are bearish across the board. Given the situation, Bitcoin value has fallen by 6.14 percent in the last 24 hours and is now priced at $18,900 (Rs. 15 lakh approx) on global exchanges, while Indian exchanges like CoinDCX have a BTC value of $20,199 (Rs. approx.). 16 lakh), down 3.47 percent from Tuesday’s opening.
Bitcoin is priced at $18,908 (roughly Rs. 15 lakh) on global exchanges like CoinMarketCap, Coinbase and Binance while CoinGecko data shows that the value of BTC is now 0.3 percent lower than where it was last Wednesday.
Ether, the largest smart contract token, started the week with little volatility before surrendering most of its gains on Wednesday. Ether is currently down over 6.55 percent in the last 24 hours, trading in the $1,290 (roughly Rs. 1 lakh) range on exchanges around the world. Meanwhile, on Indian exchanges, ETH is priced at $1,385 (roughly Rs. 1 lakh) where values are down 2.52 percent from the previous day.
Gadgets 360’s cryptocurrency price tracker revealed that most major altcoins had a similar slide over the weekend. Global crypto market capitalization also fell by 5.84 percent between late Tuesday and early Wednesday.
Cardano, Avalanche, Uniswap, Cosmos, Solana, Polygon, TRON, Monero, Chainlink, and BNB have all recorded significant declines in the past 24 hours.
Memecoins share the same predicament as Shiba Inu and Dogecoin. Dogecoin is currently valued at $0.06 (Rs. 5 approximately) after losing 4.14 percent in the last 24 hours, while Shiba Inu is down 3.06 percent to $0.000011 (Rs. 0.000897) from the previous day.
“As fears of further credit tightening measures by several central banks around the world could push the global economy into recession, investors turn to safety as the DXY (Dollar Strength Index) strengthens amid uncertainty including the DXY test. The Nasdaq Composite Index fell 0.6 percent and the S&P 500 lost 1 percent on Monday A new high of around 115. However, a slight rejection from the 115 level for DXY saw Bitcoin and the rest of the crypto market reclaim the $1 trillion (approx Rs. ) led to less liquidation. Excess market leverage was removed,” the CoinDCX research team told Gadgets 360.
“Crypto and bitcoin are inversely related to the DXY because bitcoin is primarily considered a hedge against currency devaluation – a form of CDS on fiat structures that collapsed due to years of financial mismanagement, irresponsible quantitative easing, and prolonged interest rates of 0 percent. And the time value of money and perpetual rates.” Inflation fueled by imagination is completely out of this generation.
However, as the world finally moves to adopt quantitative tightening to eliminate liquidity and curb inflationary pressures, Bitcoin and crypto will have a tougher time as the money supply is slowly removed from the system, reducing the expected growth multiples for risk-on assets. . such as high-beta tech stocks and crypto,” the research team adds.
“This is primarily because Bitcoin and other cryptocurrencies have suffered since the market topped in November 2021, but one could argue that the FED’s laxity is already priced in with many on-chain indicators that have identified oversold areas in the past. Especially in the long-term. With similar levels showing attractive valuation metrics for Bitcoin in perspective. While there is currently gloom and doom around the macroeconomic landscape, Web3 based institutional investors and hedge funds are patiently waiting or the dollar price is on its way out of this turbulent market; which for most investors is the most responsible position to stand in this uncertain time. is one of the safest strategies.”
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