The volatility element of the crypto sector is increasing as the month of August comes to an end. Bitcoin started trading on Tuesday with a downside price of 0.68 per cent. According to Indian exchange Coinswitch Kuber, bitcoin is currently trading at $21,292 (approximately Rs 17 lakh). The oldest cryptocurrency follows a similar price trajectory on international exchanges as well. For example, according to Binance and Coinbase, BTC price is hovering around $21,295 (roughly Rs.
Ether, in an unconventional move, did not lag behind BTC to see losses. Rather, according to Gadgets 360’s crypto price tracker, Ether is trading up 1.39 percent at $1,620 (roughly Rs.
It is worth mentioning that both the top two cryptocurrencies have seen major declines from the recent price gains they have achieved. As of August 17, Bitcoin and Ether were trading at $24,011 (approximately Rs 19 lakh) and $2,064 (approximately Rs 1.65 lakh) after recovering from the recent market downturn.
According to industry experts, extreme selling pressure from bitcoin miners who sold around 6,000 BTC to pay for operating expenses led to the price drop.
Coming back to altcoins today, Tether, USD Coin, Binance Coin, Cardano, and Solana saw losses.
Memecoin, Dogecoin and Shiba Inu both also suffered losses.
A handful of altcoins, including Binance USD, Ripple, Polkadot, Polygon and Avalanche, posted modest gains.
The global crypto market cap stands at $1.02 trillion (approximately Rs 81,46,372 crore), a growth of 0.08 percent over the previous day. CoinMarketCap,
Meanwhile, security researchers associated with the game of ‘Serpents’ on social media have advised members of the crypto community to avoid engaging with strangers on crypto-related schemes. Researcher recently alerted that the crypto community is being attacked by scammers on Twitter.
The researcher warns that scammers have adopted sophisticated tactics, and have begun using fake websites, hacked verified accounts, as well as fake projects and promises of airdrops, to send unsuspecting victims via Twitter. To be caught in your net.
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.
