Fears of an economic slowdown and rate hikes to ease inflationary pressures continue to weigh on investor sentiment globally, with the crypto market slipping during a weak trading day following Ethereum’s official turnaround. As things stand, the value of bitcoin has seen a drop of 0.62 per cent in the last 24 hours, with its price trading below $20,000 (approximately Rs 15.94 lakh) on global exchanges, while the value of BTC on Indian exchanges such as CoinSwitch and CoinDCX is $21,831. Roughly Rs 17.4 lakh), up 0.76 per cent as compared to Tuesday morning.
Bitcoin is priced at $19,841 (approximately Rs 15.81 lakh) on global exchanges such as CoinMarketCap, Coinbase and Binance, while CoinGecko information Shows that the value of BTC is up 2.7 percent compared to last Friday.
Ether is down about 8% in the last 24 hours. Ether was seen earlier in the day, trading between $1,583 (approximately Rs 1.26 lakh) and $1,640 (approximately Rs 1.3 lakh) directly before and after the merge. Ethereum Classic and Lido DAO tokens also soared after the merge before surrendering those gains.
As things stand, ether is valued at $1,638 (approximately Rs 1.3 lakh) on Indian exchanges, while crypto is valued at $1,478 (approximately Rs 1.17 lakh) on global exchanges, where the cryptocurrency’s value slipped up to 7.25 percent. has gone. in the last 24 hours.
Gadgets 360’s cryptocurrency price tracker shows that most major altcoins have had similarly poor performance over the past days. The global crypto market capitalization also saw a decline of 2.31 percent in late Thursday and early Friday.
Polkadot, Cosmos, Solana, Cardano, Polygon, TRON, Uniswap, Monero, Avalanche, Chainlink and BNB have all suffered heavy losses in the past 24 hours.
Memecoins Shiba Inu and Dogecoin also ended in losses during the day. Dogecoin is currently valued at $0.06 (approximately Rs 4.75) after a 0.81 percent drop in value over the past 24 hours, while the Shiba Inu is valued at $0.0000012 (approximately Rs 0.000937), down 1.5 percent from the previous day .
“Last week was filled with ‘high impact’ macro events, with the US CPI inflation rate the primary market motivator for August. At 8.3 percent, the rate was higher than the projected 8.1 percent and the more sticky component core inflation also beat estimates by 6.3 percent. The blow torpedoes prices across asset classes, including US equities, gold and crypto. While this cements aggressive rate hikes by the Fed at the upcoming FOMC, the bigger concern for the global economy now lies around regional unknowns such as The European gas crisis, the explosion of Chinese real estate and the record depreciation of the Japanese yen,” said Partha Chaturvedi, Crypto Ecosystem Lead, CoinSwitch, in an analysis shared with Gadgets 360.
“Surprisingly, however, the crypto markets recovered significantly better than other risk-averse assets, as the ETH merge took center stage. Amidst increased volatility and trading volume, Ethereum gained momentum in the proof-of-stake consensus mechanism. In addition, there is a ‘triple halving’ of ETH supply and the asset is now deflationary.
Another positive development was the continued strength in BTC bids, even amid Mt. Gox-related supply dump rumors. BTC outperformed ETH during the week, as did Fidelity announced its plans To provide BTC exposure to its retail trading clients. Among altcoins, the focus is on ADA as the upcoming Vasil hard fork is approaching,” said Chaturvedi.
“Speaking of hard forks, proof-of-work ETH hard forks may still be a possibility, although speculative prices for the token have crashed since the merge. More clarity is expected later today. Overall “It was an important week. Demonstrates the strength of the Ethereum ecosystem and its developer community,” he said.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.
