Bitcoin hasn’t fallen much in the past week but this week hasn’t started off particularly well for the largest cryptocurrency by market capitalization as the broader crypto market continues to face high volatility. Bitcoin has seen a massive 2.37 percent drop in value through Monday and is currently at $45,553 (approximately Rs 33.88 lakh), down 1.04 percent in the last 24 hours on the exchange. Translate India CoinSwitch Kuber. Meanwhile, on global exchanges, the price of the most popular cryptocurrency stands at $42,060 (or Rs 31.28), down 1.44% in the last 24 hours.
Ether, the second-largest cryptocurrency by market capitalization showed signs of recovery over the weekend but had a weak start this week. The Ethereum-based cryptocurrency has seen a 4.46% drop so far on Monday and has yet to start Tuesday on a strong note. At the time of publication, Ether is valued at $3,447 (approximately Rs. 2.56 lakh) on CoinSwitch Kuber while the value on global exchanges shows the cryptocurrency pegged lower at $3,182 ( around Rs. 2.36 lakh), of which the coin is down 2.03 percent in the last 24 hours.
Bitcoin and Ether are not the only cryptocurrencies to have a slow start to the week. Gadgets 360’s Cryptocurrency price tracker shows that most of the popular atlcoins have seen a drop in value over the past 24 hours. Ripple, Polkadot, Chain link, Uniswap, Polygon, and Litecoin all are red. Tether and Cardano It turned out to be the only cryptocurrency that saw a price increase. Cardano, in fact, seems to be doing exceptionally well as CoinGecko Data shows the value of the “Ethereum killer” increased by 39% in the past week.
Overall, the Meme coin has seen a bit of a rise in value over the past week, but this week hasn’t started off well for them either. Dogecoin currently worth $0.18 (about Rs 13.71) after a 4.96 percent drop through Monday, while, Shiba Inu was valued at $0.000031 (about Rs 0.002316), down 1.7 percent in the last 24 hours.
“The global crypto market cap fell 2% to $2.15 trillion (approximately Rs 1,59,96,049). While crypto prices plunged with Bitcoin trading below $43,000 (approximately Rs 1,59,049). Rs 31.99) Cardano has increased by as much as 7% in the past 24 hours.This increase in ADA can be attributed to its blockchain related developments.Inflation rate in the US could soon boost demand. demand for Bitcoin and other cryptocurrencies. The coming days will be crucial for the crypto spectrum,” said Edul Patel, CEO and co-founder of crypto investment firm Mudrex with Gadgets 360.
Speaking on the challenges related to crypto regulation, Prime Minister Narendra Modi, while vocative The World Economic Forum (WEF) Davos Agenda mostly states that the kind of technology related to cryptocurrencies will make a country make decisions that are not enough to deal with the challenges.
“The kind of technology it (cryptocurrency) is involved with, the decisions made by one country won’t be enough to deal with its challenges. We need to have the same mindset,” he said.
In 2021, the cryptocurrency has seen massive expansion in several parts of the world, including India. Around 100 million Indians are said to be experimenting with the crypto space at a time when the government is still weighing its official stance on cryptocurrencies.
Affected by a lack of research and awareness, many crypto-enthusiast Indians are landing on scam sites, a new thing. Chainalysis’ research Shows. In 2021 alone, fake crypto websites registered 9.6 million hits from India, the report claims.
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 perceived recommendations, forecasts or any other information contained in the article.
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