Bitcoin, the world’s largest cryptocurrency by market capitalization, has begun a steep decline, pushing its value further below June 2022 lows as investors move deeper into risk-off mode. Bitcoin’s value has fallen over 5 percent in the last 24 hours and is now below $19,000 (approx. Rs. 15.20) on global exchanges, while Indian exchanges like CoinSwitch and CoinDCX value BTC at $20,582 (approx. Rs. 16.50 lakh), down 1.5 percent from yesterday.
On global exchanges like CoinMarketCap, Coinbase and Binance, Bitcoin is valued at $18,704 (roughly Rs. 14.90) while CoinGecko data shows that the value of BTC is currently 5.3 percent lower than where it stood last Wednesday.
Heading into the week of the long-awaited ‘merge’, Ether has looked surprisingly bearish following BTC’s price trend despite the Bellatrix upgrade.
Ether is valued at $1,647 (roughly Rs. 1.30 lakh) on all Indian exchanges, while the crypto is valued at $1,508 (roughly Rs. 1.20 lakh) on global exchanges, where the value of the cryptocurrency has fallen by 8.16 percent. . In the last 24 hours.
Looking at Ether’s performance at the end of last week, the value of the cryptocurrency appears to have increased significantly over the previous week. CoinGecko data It indicates that the world’s second-largest crypto asset has gained 9.5 percent in value week-on-week.
Gadgets 360’s cryptocurrency price tracker reveals that most major altcoins have suffered heavy losses over the past 24 hours. Global crypto market capitalization also fell by 5.43 percent between late Tuesday and early Wednesday morning.
Polkadot, Uniswap, Cosmos, Solana, Monero, Cosmos, Avalanche, Cardano, Polygon, TRON, and BNB — all of which saw massive declines in the past 24 hours.
Memecoins Shiba Inu and Dogecoin also followed most of the altcoins which lost their value significantly. Dogecoin is currently valued at $0.06 (approximately Rs. 4.68) after losing 7.69 percent in the last 24 hours, while Shiba Inu is valued at $0.000012 (approximately Rs. 0.000960), down 5.37 percent from the previous day.
The current crypto slump can be attributed to macroeconomic factors. The price of bitcoin fell as the dollar renewed. The dollar has jumped to a 20-year high Bloomberg Dollar Spot Index Experienced record high. Similarly, the US is in 10-year Treasury bills Showed strength In anticipation of the Fed’s quantitative tightening.
Due to the strength of the dollar, the traditional market also fell. The S&P 500 fell 0.4 percent while the NASDAQ 100 fell 0.7 percent. Gold prices also fell due to the strengthening of the dollar.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not and is not intended to constitute financial advice, business advice or any kind of advice or recommendation offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any perceived recommendations, estimates or any other information contained in the article.
