Bitcoin and other top cryptocurrencies both fell in value over the weekend, erasing the slight gains achieved the previous week. Bitcoin attempted to climb into the $31,000 (about 24 lakh) territory early last week but has now dropped to an 18-month low as US inflation data continues to wreak havoc on risk assets and electronic money. The price of the largest cryptocurrency by market capitalization has dropped more than 6% in the past day and is currently hovering around the $26,000 mark (about 20 lakh) on global exchanges while Indian exchange CoinSwitch Kuber Bitcoin values at $27,558 (approximately Rs. 21.5 lakh), down 5.79 percent over the past 24 hours.
On global exchanges like CoinMarketCap, Coinbase and Binance, Bitcoin price stands at $25,861 (about Rs 20 lakh) while CoinGecko data shows that the value of BTC has dropped more than 14% on a weekly basis.
While Bitcoin Drops to New Lows Amid Risk Markets, Ether also saw a big drop. The second most popular cryptocurrency has been struggling to surpass the $2,000 mark (about Rs 1.55) for a while. At the time of publication, Ether is valued at $1,457 (approximately Rs 1.1 lakh) on CoinSwitch Kuber. In contrast, the value on global exchanges shows the value of the cryptocurrency at $1,368 (about Rs. 1.05), where the cryptocurrency has dropped 6.04% in the past 24 hours.
Ether’s drop over the weekend causes the value of the cryptocurrency to gradually decrease more than 25 percent when compared to last week’s value, according to CoinGecko data.
Gadgets 360’s Cryptocurrency price tracker also showed a bloodbath for most major altcoins – as the global crypto market cap fell 4.99% in the last 24 hours. BNB, Polkadot, avalanche, Solana, Polygon, Uniswapand Chain link all devalue with a few likes Elrond even down to double the loss.
Memecoins Shiba Inu and Dogecoin also dropped in value during the day. Dogecoin is currently worth $0.07 (about Rs 5.5) after a 6.57 percent drop in value in the last 24 hours, while, Shiba Inu valued at $0.000088 (about Rs 0.000688), down 1.43 percent in the past day.
Realizing the pressure on the crypto market over the weekend, crypto lender C Network has decided suspend withdrawals and transfers between accounts due to “extreme market conditions” – a move that only worsened traders’ confidence.
“Cryptocurrency spent most of the weekend in the red, following Friday’s CPI report showing rising inflation. Cryptocurrency investors largely expect the US central bank to raise interest rates. up half a percentage point later this week in an attempt to quell inflation, leading to a risk-on sentiment in the market.Going into 2023, we expect major central banks to continue their trajectory. quantitative tightening and policy rate hikes – effectively limiting any significant gains unless we see more convincing economic recovery trends,” the team at CoinDCX told Gadgets 360.
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