Bitcoin experienced a 16.5 percent correction after testing the $20,800 (roughly Rs. 16.6 lakh) support between August 15 and August 19, and things haven’t gotten much better to start this week. Bitcoin’s value has increased by 2.09 percent in the last 24 hours and is still priced below $21,500 (approx. Rs. 17.17 lakh) on global exchanges, while Indian exchange CoinSwitch Kuber BTC is valued at $21,385 (approx. Rs. 17.08 lakh) ), up 0.45 percent in the last 24 hours.
On global exchanges like CoinMarketCap, Coinbase and Binance, Bitcoin is valued at $21,429 (roughly Rs. 17.11) while CoinGecko data shows that the value of BTC is currently 10.6 percent lower than last Wednesday.
Ether appears to have performed well after a weak showing through Monday, adding some value during Tuesday and early Wednesday. At the time of publication, Ether is valued at $1,633 (approx. Rs. 1.3 lakh) on CoinSwitch Kuber, while the crypto is valued at $1,634 (approx. Rs. 1.3 lakh) among values on global exchanges, where the value of the cryptocurrency has increased. 3.95 percent in last 24 hours.
Ether’s exposure over the course of the week has seen the cryptocurrency’s value almost in the red 17 percent Compared to its value last Monday, according to CoinGecko data.
Gadgets 360’s cryptocurrency price tracker revealed that most of the major altcoins had a positive turn mid-week and most of the top altcoins marked gains. The global crypto market capitalization also rose by 1.91 percent as of early Wednesday.
Polygon, Polkadot, Uniswap, Cosmos, Solana, Monero, Cardano, Cosmos, Avalanche and BNB have all increased in value in the last 24 hours.
Memecoins Shiba Inu and Dogecoin also followed the altcoin mix with gains to show. Dogecoin is currently valued at $0.06 (approximately Rs. 5.40) after adding some 0.33 percent value in the last 24 hours, while Shiba Inu is valued at $0.000013 (approximately Rs. 0.00105), up 1.34 percent over the last day.
Earlier this week, crypto investor sentiment took a hit after weak conditions in the Chinese real estate market forced the central bank to cut its five-year lending prime rate on August 21. Moreover, Goldman Sachs investment bank strategists said inflationary pressures will increase. This forces the US Federal Reserve to further tighten the economy, which negatively affects traditional markets such as the S&P 500.
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