Tech

Bitcoin, Ether trade low as crypto markets struggle to recover from recent crash


The cryptocurrency is struggling to climb its price chart, after the ongoing economic downturn dragged the market lower earlier this week. On Thursday, May 12, BTC price stood at $31,119 (approximately Rs. 24 lakh) after suffering a significant 6% loss, according to Indian exchange CoinSwitch Kuber. The world’s oldest cryptocurrency has suffered even bigger losses on international exchanges. For example, on Binance and Coinbase, BTC has lost up to 7.80% in value. The price of each BTC, on a global level, currently hovers around $28,625 (about Rs 22 lakh).

The loss is getting bigger and bigger for Ether as May begins to pass its midpoint. ETH suffered a 13.87% loss on opening trades at $2,163 (about Rs 1.65 lakh), indicating Gadgets 360’s Cryptocurrency price tracker.

While a bunch of small stablecoins like Tether, Money USDand Binance USD managed to show some minor recovery, the majority of other altcoins remain weak on the price chart.

The drop has affected Binance Coin, Ripple, Solana, Cardanoand Polkadot among others.

Memecoins Dogecoin and Shiba Inu also big hole. While SHIB fell more than 30%, DOGE also fell more than 27%.

Currently, the global crypto market valuation is $1.17 trillion (approximately Rs 91,01,968), according to CoinMarketCap.

Despite the current market decline, industry insiders continue to hope for a recovery.

“The regulatory environment is intended not only to protect users, but also to ensure the growth of emerging industries and emerging technologies such as Web3creates greater credibility and strengthens the future of finance,” the CoinDCX team told Gadgets 360, while encouraging more countries to adopt crypto regulations.

Meanwhile, crypto-related companies continue to raise capital to expand services. KuCoinFor example, recently raised $150 million (approximately Rs 1,158) from Circle Ventures and Jump Crypto among others.

Web3 Platform Dapper Labs also unveiled a $725 million (approximately 5,600 crore) ecosystem fund to invest in its Layer 1 apps and growth. blockchain ecosystem called Flow.


Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.

Affiliate links can be generated automatically – check out ours Moral standards for details.



Source link

newsofmax

News of max: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button
Immediate Matrix Immediate Maximum