Bitcoin, ETH continue to see price declines, most altcoins follow suit
The crypto price chart reflected losses alongside majority altcoins today. Bitcoin opened Tuesday with a two percent loss. At the time of writing, BTC is trading at $16,457 (approximately Rs. 13.6 lakh). The oldest crypto asset also recorded losses on international exchanges. Binance and Coinbase revealed that BTC lost up to 1.30 percent of its value to trade at $16,664 (approximately Rs. 13.7 lakh). In the past 24 hours, BTC lost $263 (approximately Rs. 21,756) from its last day opening value of $16,720 (approximately Rs. 13.8 lakh).
Ether also saw losses in addition to Bitcoin. After a 0.30 percent loss, ETH is currently trading at $1,184 (approximately Rs. 98,008).
Stablecoins like Tether, USD Coin, and Binance USD — all witnessed losses.
These were joined by Binance Coin, Ripple, Cardano, Polygon, Polkadot, Tron and Litecoin on the losing side of the price chart.
Dogecoin and Shiba Inu – the meme coins that witnessed investments from Indians this year – also saw no gains.
Amid the ongoing daily losses affecting most cryptocurrencies, the overall valuation of the crypto market has shown a sharp and unnerving decline.
The current valuation of the crypto market stands at $810 billion (approximately Rs. 67,061 crore), following a trillion dollar drop following the collapse of the FTX crypto exchange.
Only a small number of cryptocurrencies have opened with a profit today. These include Wrapped Bitcoin, Chainlink, Monero, and Cosmos.
Despite the ongoing crypto slump, industry experts have a positive feeling for the industry’s progress in 2023.
“In 2023, we can expect favorable macroeconomic conditions as central banks have suggested an easing of monetary policy and interest rates. Inflation will be a key factor in determining the fate of financial markets around the world. The crypto market will emerge from the collapse of crypto giants like FTX and move into a more mature phase with wiser investors and sound regulation,” Shivam Thakral, CEO of Indian exchange BuyUcoin told Gadgets 360.
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