Tag: bitcoin cash

Crypto Market Watch: Bitcoin, Ether Carry Recovered Prices Into June End Amid Market Volatility

The crypto market did not attain milestone stabilisation despite positive developments making a splash over the weekend. Bitcoin, for instance, stepped into the last week of June with a small loss of 0.29 percent. The price point for BTC, however, did manage to stay above the mark of $30,000 (roughly Rs. 24.3 lakh). At the time of writing, BTC was trading at $30,449 (roughly Rs, 24.9 lakh). Over the weekend, the most expensive cryptocurrency rose in price by $494 (roughly Rs. 40,500).

The US SEC, amid its ongoing tussle with crypto players like Binance and Coinbase, approved the launch of the first leveraged Bitcoin Futures ETF in the US. Leveraged funds use debt or financial derivatives — in this case, Bitcoin futures — as leverage to magnify the returns of a benchmark index. In addition, Federal Reserve Chair Jeremy Powell also testified in the House Financial Services Committee, saying that crypto does have a staying power in the US.

Both of these developments contributed to the crypto market seeing profits over the weekend.

Ether reflected a small gain of 0.17 percent on Gadgets 360’s crypto price chart on Monday. The price of ETH stands at the point of $1,873 (roughly Rs. 1.5 lakh) as of June 26. The second-most valued cryptocurrency after Bitcoin, ETH slipped by $2 (roughly Rs. 163) in the last two days.

The crypto chart clearly marked a split with BTC and ETH taking different trajectories on the price path.

With small but significant profits, Binance Coin, Ripple, Solana, Tron, Polkadot, Avalanche, and Polygon joined ETH on the green side of the price chart.

Tether, USD Coin, Cardano, Dogecoin, Litecoin, and Shiba Inu, meanwhile, replicated BTC’s market movement and stayed on the loss-ridden red side of the price chart.

The overall crypto market, comprising of 25,943 registered cryptocurrencies, slipped by 0.84 percent in its valuation in the last 24 hours. The market cap of the crypto sector, as of June 26, stands at $1.18 trillion, shows the data by CoinMarketCap.

The crypto fear and greed index has registered no movement and continues to remain at a score of 65/100.

“Bitcoin’s market depth continues to be an area of concern. However, with this correction phase predicted to settle by the end of the year, it could see trading volumes picking up,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Crypto Market Watch: Bitcoin Holds Ground at Over $25,000 Mark, Most Cryptocurrencies Record Losses

The trading price of Bitcoin on Monday, June 12, hovered over the mark of $25,765 (roughly Rs. 21 lakh), continuing to be on its loss-ridden spree for the second week this month. Over the last 24 hours, BTC incurred a minor loss of 0.06 percent before it reached its current trading value on both national as well as international exchanges. Between Friday and Monday, Bitcoin has slipped by $650 (roughly Rs. 53,600). The overall crypto market did, however, observe a brisk selling pressure over the weekend.

Ether tailed behind Bitcoin on the loss-making side of Gadgets 360’s crypto price chart. Ether is currently trading at $1,729 (roughly Rs. 1.42 lakh) after recording a loss of 1.04 percent.

“Amidst regulatory challenges and liquidity issues in the market, BTC and ETH have shown a strong resilience. BTC’s dominance is nearing the 50 percent mark for the first time since April 2021. This is happening at the backdrop of selling pressure within altcoins, particularly those mentioned in the SEC lawsuit, including SOL, ADA and MATIC,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.

A plethora of altcoins recorded a slowdown in market movement, impacted by the top two cryptocurrencies seeing losses.

These include Tether, Binance Coin, Dogecoin, Solana, Litecoin, Polkadot, and Binance USD.

Wrapped Bitcoin, Avalanche, Shiba Inu, Chainlink, and Uniswap also recorded losses on Monday.

The valuation of the crypto sector dropped by 0.09 percent in the last 24 hours to sit at the mark of $1.05 trillion (roughly Rs. 86,40,520 crore), data by CoinMarketCap showed.

“The crypto fear and greed index has maintained its position in the neutral zone since yesterday with a score of 47 points. This could be attributed to the ongoing lawsuits by the SEC against Binance and Coinbase, which has led to a mass exodus of deposits in these exchanges,” Chaturvedi added.

Ripple, Cardano, Tron, and Polygon, meanwhile, managed to record small profits.

Leo, Cosmos, Stellar, Bitcoin Cash, and Cronos also managed to retain profits on the crypto price charts.

“Liquidity woes have worsened with institutional investors, especially US market makers exiting due to SEC scrutiny,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

In other news, builder activity and subsequent funding in blockchain-related projects continue.

Gensyn, a company that provides blockchain-based computing resources for Artificial Intelligence (AI) platforms, for instance, has raised $43 million (roughly Rs. 354 crore) in Series A funding round led by a16z.

Apple unveiled its first mixed reality headset, the Apple Vision Pro, at its annual developer conference, along with new Mac models and upcoming software updates. We discuss all the most important announcements made by the company at WWDC 2023 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Crypto Market Watch: Loss-Ridden Bitcoin, Ether Continue to Trade Low; Polygon, Tron Mint Small Gains

The crypto market seems to have only managed to trade sideways in the last 24 hours with most cryptocurrencies riddled with losses stepping into Friday, June 9. Bitcoin price has slipped by 0.14 percent to bring its trading value to $26,416 (roughly Rs. 21 lakh). In the last 24 hours, the most expensive cryptocurrency did record a price growth of $137 (roughly Rs. 11,300) in the midst of the ongoing fluctuations in the market. US SEC’s lawsuit against Coinbase and Binance along with a potential possibility of stablecoins crackdown are evoking concerns among stakeholders about the price movements of key tokens.

Ether, with a loss of 0.03 percent, joined Bitcoin in trading on the low side of the price chart. At the time of writing, the value of ETH stood at $1,835 (roughly Rs. 1.5 lakh) — recording no change from its last day’s trading price.

“BTC’s hold around $26,500 (roughly Rs. 21 lakh) remains firm despite events pertaining to the SEC lawsuits and the upcoming monetary policy decision by the Feds due next week. Ether along with most tokens which were specifically called out as ‘unregistered securities’ by the SEC are trading in the red and the selling pressure on them seems to fading away,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.

Binance Coin, Cardano, Solana, Litecoin, Polkadot, Avalanche, and Wrapped Bitcoin — all registered losses alongside Bitcoin and Ether.

Losses also struck Cosmos, Chainlink, Monero, Stellar, and Bitcoin Cash.

The overall crypto market valuation remains unchanged at the mark of $1.1 trillion (roughly Rs. 90,75,336 crore), as per CoinMarketCap.

The crypto fear and greed index continues to maintain yesterday’s position right in the middle of the scale with 50 points. The index has remained “neutral” around the score of 53 for over a month now, indicating that the activity in the sector is majorly unchanged for at least 30 days.

Meanwhile, a small number of cryptocurrencies did manage to record profits on Friday.

These include Ripple, Polygon, Shiba Inu, Leo, and Uniswap.

Eos Coin, Elrond, Aave, NEO Coin, and ZCash also retained profits on the price chart.

“Barring the initial shock of the crackdown, the DeFi ecosystem has been able to shrug off the implications of SEC’s anti-crypto movement. However, a price correction in the coming days cannot be ruled out since the regulatory landscape remains uncertain,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

Meanwhile, on-chain data indicates that Asia has surpassed the United States in terms of active capital in Bitcoin and crypto markets.

“Recent jobs data from the US may offer slight respite for the crypto markets. The latest data indicate that the labour market is beginning to showcase favourable results which are aligned to FOMC’s course of prescribed measures. This could increase the likelihood of the Feds pausing their streak of interest rate hikes, something that directly impacts market performance across asset classes,” Chaturvedi from CoinSwitch Ventures noted.

Apple unveiled its first mixed reality headset, the Apple Vision Pro, at its annual developer conference, along with new Mac models and upcoming software updates. We discuss all the most important announcements made by the company at WWDC 2023 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Crypto Market Watch: Bitcoin, Ether Mint Miniscule Gains, Majority Popular Altcoins Trade in Profits

Bitcoin minted a small gain of 0.52 percent to trade at $26,938 (roughly Rs. 22 lakh) on Friday, June 2. In the last 24 hours, the value of Bitcoin dropped by $172 (roughly Rs. 14,170) on both national as well as international exchanges. BTC witnessed a remarkable surge in mid-April, when it recorded a 60 percent hike and reached the trading value of around $31,000 (roughly Rs. 25 lakh). Concerns surrounding inflation and the US’ debt ceiling chaos, experts believe, are among major reasons why Bitcoin has been recording a range-bound movement between $26,000 (roughly Rs. 21.4 lakh) to $28,000 (roughly Rs. 23 lakh) in recent weeks.

Industry insiders, in fresh predictions, believe that the coming days could see BTC surge in its value.

“On-chain data reveals an interesting trend as smaller Bitcoin investors, known as ‘shrimps’, with wallet balances of less than 1 BTC have aggressively accumulated the largest crypto. Over the past month alone, the supply held by shrimps has risen by 24,600 BTC, reaching an all-time high of 1.31 million BTC. This data suggests that despite the current selling pressure, smaller investors are confident in Bitcoin’s long-term potential,” the research team of CoinDCX told Gadgets 360.

Ether’s price went up by 1.02 percent on June 2, showed the crypto price chart by Gadgets 360. Ether, at the time of writing, was trading at the price point of $1,875 (roughly Rs. 1.5 lakh). Over the last day, ETH outperformed BTC and gained $21 (roughly Rs. 1,730) price-wise.

Along with ETH, a bunch of cryptocurrencies managed to see small gains on Friday.

These include Binance Coin, Ripple, Cardano, Dogecoin, Polygon, Litecoin, Tron, and Polkadot.

The overall crypto market valuation also spiked by 1.11 percent in the last 24 hours to sit on the price point of $1.14 trillion (roughly Rs. 94,07,860 crore), showed the data by CoinMarketCap on Friday.

“The crypto fear and greed index took a 2-point hit since yesterday and remains in the neutral zone with 52 points. Investors continue to take a cautious approach toward crypto markets. Tether’s USDT has also regained its previous all-time high market capitalisation despite a shrinking stablecoin market,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.

Meanwhile, USD Coin, Solana, Binance USD, Shiba Inu, Chainlink, Leo, and Monero recorded losses on June 2.

In other news, India and the US are seemingly taking polar opposite approaches towards central bank digital currencies (CBDCs). While RBI deputy governor has recently backed a blockchain-focussed fintech future in the backdrop of the ongoing retail CBDC trials, lawmakers in the US are divided on whether a CBDC must be introduced into US’ economy or not.

Earlier this week, US Congressman Alex Mooney proposed a bill called the Digital Dollar Pilot Prevention Act (H.R. 3712) that urges the US Federal Reserve to stop the research and development related to the introduction of the CBDC or digital dollar. Reactions to this proposal from other US policymakers remain awaited for now.

Samsung Galaxy A34 5G was recently launched by the company in India alongside the more expensive Galaxy A54 5G smartphone. How does this phone fare against the Nothing Phone 1 and the iQoo Neo 7? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Crypto Market Watch: Bitcoin, Ether See Minor Losses in Volatile Market; Stablecoins Stay Resilient

The crypto market has remained consistently volatile for some days now, pushing most cryptocurrencies under the sector current. Bitcoin on Wednesday, May 31, saw a loss of 0.62 percent to trade at $27,623 (roughly Rs. 22.8 lakh). This range-bound movement from Bitcoin has remained slow for the last two weeks at least, on both national as well as international exchanges. The value of Bitcoin dropped by $92 (roughly Rs. 7,607) over the last 24 hours.

“BTC has displayed resilience by bouncing back from this important support level, indicating a restoration of its positive momentum. As long as Bitcoin maintains its position above $27,480 (roughly Rs. 22.7 lakh) level, there is a potential for further upward movement, with the next resistance level expected to be around $28,000 (roughly Rs. 23 lakh),” the CoinDCX team told Gadgets 360, commenting on Bitcoin’s market movement.

Ether dropped by 0.98 percent to trade at $1,878 (roughly Rs. 1.55 lakh), showed the crypto price tracker by Gadgets 360 on Wednesday. The second-most expensive cryptocurrency after Bitcoin, ETH has slipped price-wise by $17 (roughly Rs. 1,405).

“Ethereum held on exchanges has reached a low-point that it hadn’t since July 2016, as more and more ETH is being staked. This decline in exchange balances coincides with a surge in staked Ether. Generally, lower exchange balances indicate a bullish market sentiment because it implies limited availability of ether for purchase, thus exerting upward pressure on prices,” the CoinDCX team noted.

With BTC and ETH, both trading in losses, a bunch of altcoins reflected price slips on the chart.

These include Binance Coin, Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu.

Minor price drops were also incurred by Avalanche, Chainlink, Leo, and Cosmos.

The valuation of the overall crypto sector dropped by 1.32 percent in the last 24 hours. At the time of writing, the crypto market cap stood at $1.14 trillion (roughly Rs. 94,26,754 crore), showed the data by CoinMarketCap.

Stablecoins managed to reflect greens on the price chart. These include Tether, USD Coin, and Ripple.

Solana, Tron, Litecoin, Uniswap, Stellar, EOS Coin, and Elrond also minted small gains.

“The prospective debt ceiling agreement fuelled these minor rallies. Asian regulations and Erdogan’s re-election could further energise the market,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

Samsung Galaxy A34 5G was recently launched by the company in India alongside the more expensive Galaxy A54 5G smartphone. How does this phone fare against the Nothing Phone 1 and the iQoo Neo 7? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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Crypto Market Watch: Bitcoin Trades Above $27,800 With Profits; Ether, Most Altcoins Show Recovery

The crypto price chart, most of which looked red around last Friday, May 26, showed recoveries for most cryptocurrencies on Monday, May 29. Bitcoin, for starters, minted a small profit of 2.43 percent to trade at the price point of $27,856 (roughly Rs. 23 lakh) on both national as well as international exchanges. The most expensive cryptocurrency to exist, Bitcoin’s resistance level currently stands at $28,500 (roughly Rs. 23 lakh) and experts have predicted that if BTC continues to keep its value above this mark, it could show a lasting upward trajectory movement. Over the weekend, Bitcoin grew in value by $2,079 (roughly Rs. 1.71 lakh).

Ether gained 2.44 percent, following Bitcoin to mint minor profits on Monday. At the time of writing, the value of ETH stood at $1,896 (roughly Rs. 1.5 lakh). The second-most expensive cryptocurrency after BTC, ETH grew by $89 (roughly Rs. 7,348) over the weekend.

“The White House has confirmed a successful agreement to mitigate the risk of a debt ceiling crisis causing the market to show a bullish sentiment,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360. The US has reportedly decided to raise its debt ceiling for two years, safeguarding the inflation-ridden country against a historic default.

Binance Coin, Cardano, Dogecoin, Solana, Litecoin, Polkadot, and Tron joined BTC and ETH on the profitable side, the crypto price chart by Gadgets 360 showed.

Chainlink, LEO, Cosmos, and Uniswap also managed to add gains to their credits.

The overall valuation of the crypto market rose by 2.24 percent in the last 24 hours to stand at $1.16 trillion (roughly Rs. 95,92,217 crore) as of May 29, as per CoinMarketCap.

“The release of better-than-expected personal consumption data from the United States is also among reasons why most cryptocurrencies started the new week trading in the greens,” Edul Patel, the CEO of Mudrex crypto investment firm, told Gadgets 360. The Personal Consumption Expenditures (PCE) is a measure of consumer spending on goods and services among US households.

Despite the otherwise upward market momentum, some cryptocurrencies did settle with losses. These include Tether, USD Coin, Polygon, Binance USD, Shiba Inu, and Avalanche.

Stellar and Braintrust also stayed on the loss-making side of the crypto price chart.

“The crypto fear and greed index rose by 4 points over the weekend and now stands at 52 (neutral zone). This could be attributed to the announcement by the White House about a possible deal pertaining to US’s debt ceiling. In token-specific developments, 9.3 million AVAX tokens worth around $130 million (roughly Rs. 1,073 crore) were unlocked on Sunday, increasing the total supply by 1.2 percent. The unlocked tokens, however, won’t be put to use directly and will go to the Avalanche Foundation and other strategic partners,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.

Meanwhile, the use cases of blockchain and the overall Web3 technology are being taken up for experimentation by renowned brands, adding to the credibility of the technology.

Formula 1’s leading ticket issuer Platinium Group, for instance, has partnered with a blockchain infrastructure company Elemint and a Web3 agency Bary to release race tickets in the form of NFTs supported on Polygon.

Samsung Galaxy A34 5G was recently launched by the company in India alongside the more expensive Galaxy A54 5G smartphone. How does this phone fare against the Nothing Phone 1 and the iQoo Neo 7? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Crypto Market Watch: Bitcoin, Ether Remain Sluggish Despite Small Gains; Losses Strike Stablecoins

Bitcoin registered a small gain of 0.7 percent on Friday, April 26. The most expensive cryptocurrency is trading at the price point of $26,421 (roughly Rs. 21.8 lakh), marking one of its lowest trading values in at least two months on both national as well as international exchanges. The leading crypto had been maintaining a steady position up until the second week of May, but it recently slipped below its crucial support level of $26,500 (roughly Rs. 22 lakh). In the last 24 hours, Bitcoin managed to rise by $414 (roughly Rs. 34,240).

Despite Bitcoin’s sluggish market movement, its sell-side risk ratio has touched an all-time low, the CoinDCX research team told Gadgets 360. A market indicator, the sell-side risk ratio is the sum of all on-chain profits and losses, divided by the overall capitalisation.

“This development indicates that investors have shown reluctance to sell their Bitcoins within the current price range, regardless of whether it would result in profit or loss. Such behaviour is typically observed when sellers on both ends become exhausted, signalling the potential for significant price movements on the horizon. This revelation brings a glimmer of anticipation to the market, as traders eagerly await the upcoming developments in the world of crypto,” the CoinDCX team said.

Ether tagged along with Bitcoin and registered a small profit of 1.46 percent. ETH, at the time or writing, was trading at $1,807 (roughly Rs. 1.49 lakh), showed the crypto price tracker by Gadgets 360. Over the last day, the second-most expensive cryptocurrency did grow by $32 (roughly Rs. 2,646).

Memecoins Shiba Inu and Dogecoin also reeled in minor gains alongside Polygon, Litecoin, Leo, Cosmos, and Uniswap.

Stellar, Bitcoin Cash, Cronos, and EOS Coin also recorded miniscule profits to trade in greens on Friday.

“The slight increase could be attributed to positive weekly unemployment data in the US. The crypto fear and greed index fell by two points since yesterday, but remains in the neutral zone with 49 points,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.

Overall, however, the uncertain macroeconomic climate has contributed to a decline in the crypto market, fuelled by concerns surrounding inflation, crypto regulations, and the ongoing debt ceiling stalemate in the US.

A divergence of opinions among US’ central bankers regarding potential interest rate hikes recently floated up in the Federal Open Market Committee minutes. This has intensified the traders’ focus on the forthcoming Core PCE inflation data for April, set to be released later in the day.

In the last 24 hours, the valuation of the crypto market went up by 0.73 percent to sit lowly at $1.11 trillion (roughly Rs. 91,75,000 crore), showed the data by CoinMarketCap.

“Market fluctuations have led to an increase in outflow of assets which led to the decline of the total market capitalisation. It is, however, noteworthy that there has been a sudden surge of regulatory developments in the last couple of days, especially after the IOSCO announcement. The World Economif Forum has followed in with its own set of regulations which promote international collaboration,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

Stablecoins, meanwhile, settled with losses on Friday. These include Tether, USD Coin, and Binance USD.

Binance Coin, Cardano, Solana, Tron, and Avalanche have also been trading in the reds alongside most stablecoins.

In other news, OpenAI’s CEO Sam Altman’s crypto project Worldcoin — a decentralised open-source protocol — has raised $115 million (roughly Rs. 95 crore) in a Series C funding round despite the bearish market sentiment.

Another major strategic event to highlight is the final resolution and sale of $2 billion (roughly Rs. 16,545 crore) worth of assets held by Celsius to a group of investors led by Fahrenheit.

Samsung Galaxy A34 5G was recently launched by the company in India alongside the more expensive Galaxy A54 5G smartphone. How does this phone fare against the Nothing Phone 1 and the iQoo Neo 7? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Bitcoin, Ether Record Losses Amid US’ Debt Ceiling Discussions; Most Altcoins Fall

Bitcoin on Friday, May 19, recorded a loss of 1.67 percent to trade at the price point of $26,785 (roughly Rs. 22 lakh) on both national as well as international exchanges. The value of Bitcoin dropped by $542 (roughly Rs. 44,850) in the last 24 hours, in the backdrop of US thinking of re-adjusting its debt ceiling. The US, at this time, is undergoing a financial slowdown that is also pressured by major debts that the country has acquired since 2009. To control the situation, the US is considering altering the limit on borrowing more capital from entities like the World Bank or the International Monetary Fund among others. This limit is called the debt ceiling.

Ether slipped by 0.91 percent value-wise to trade at $1,800 (roughly Rs. 1.48 lakh). The second most valued cryptocurrency after Bitcoin, Ether lost $23 (roughly Rs. 1,903) in the last 24 hours.

“Bitcoin experienced a downward trend primarily influenced by ongoing debt ceiling discussions in Washington, DC., and other regulatory developments. While Bitcoin has registered an eight percent decrease month-to-date, it still boasts a remarkable 61 percent increase year-to-date. Similarly, Ethereum has mirrored Bitcoin’s performance, declining by over 1 percent in the past 24 hours. Ethereum has faced setbacks in the past five days, resulting in a five percent decrease month-to-date and a significant 62 percent decrease overall,” Edul Patel, CEO of crypto investment firm Mudrex, told Gadgets 360.

Usually, the price movement of BTC and ETH sets the tone for the trajectories of other cryptocurrencies as well.

Binance Coin, Cardano, Dogecoin, Solana, Polygon, Litecoin, Polkadot, and Tron followed BTC and ETH on the loss trail.

Price dips also impacted Shiba Inu, Avalanche, Chainlink, Uniswap, Cosmos, and Cronos.

The crypto market has observed slight selling pressure in the last 24 hours. Global crypto market capitalisation is at $1.12 trillion (roughly Rs. 92,72,681 crore), down 1.34 percent in the last 24 hours.

Small profits were recorded by Tether, USD Coin, Ripple, Binance USD, LEO, Stellar, and Bitcoin Cash.

“In token-specific action, Ripple (XRP) is launching a platform for CBDCs, enabling central banks, governments, and financial institutions to issue their unique forms of digital currency. XRP is trading around $0.4 (roughly Rs. 33), up 4.1 percent in the last 24 hours,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360. “The crypto fear and greed index is down 3 points, currently in the neutral zone with 48 points. This hints toward a cautious overhang amongst investors.”

Insiders from the Indian crypto space have also pointed out that bears in the Bitcoin market may take advantage of this uncertain climate of the sector.

“The outcome of the expiry will determine Bitcoin’s short-term performance, with potential effects on its price. Meanwhile, Bitcoin’s mining difficulty level skyrockets to a record high, accompanied by a surge in hash rate to 350 TH/s. This indicates the strengthening security and resilience of the Bitcoin network, bolstered by a greater number of miners contributing their computational power to validate transactions and uphold the decentralized nature of the blockchain,” the research team at CoinDCX told Gadgets 360.

In other news, Bitcoin Frogs, the non-fungible token (NFT) launched on Bitcoin Ordinals, emerged as the most actively traded collection in the last 24 hours as of yesterday, surpassing even popular collections like Bored Apes.

Google I/O 2023 saw the search giant repeatedly tell us that it cares about AI, alongside the launch of its first foldable phone and Pixel-branded tablet. This year, the company is going to supercharge its apps, services, and Android operating system with AI technology. We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin Trades at Over $27,000, Ether Joins Majority Altcoins in Registering Profits

Majority cryptocurrencies managed to record small profits on the crypto charts on Wednesday, May 17. Bitcoin did manage to maintain its value above the mark of $27,180 on Wednesday, after days of trading lowly on both, national as well as international exchanges. With a miniscule gain of 0.50 percent, Bitcoin stepped into the market charts today at the price point of $27,082 (roughly Rs. 22.3 lakh). Industry insiders believe that investors monitoring the debt ceiling negotiations could be the ones pulling away any form of risky investments for now, causing this dip in BTC price.

“Investors are monitoring debt ceiling negotiations. Resolving the issue may bolster Bitcoin as a hedge in the macroeconomic landscape. The rising debt ceiling would benefit risk assets, safeguarding wealth for market participants,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Ethereum bagged 0.81 percent in gains to trade at $1,823 (roughly Rs. 1.50 lakh). The second most expensive cryptocurrency after Bitcoin, Ether, rose by $14 (roughly Rs. 1,152) in the last 24 hours.

Speaking to Gadgets 360, the research team of CoinDCX noted that the once strong correlation between BTC and ETH has shown signs of weakening in the current year.

“This indicates at an impending shift in the market dynamics. Recent data reveals that the 30-day rolling correlation between BTC and ETH prices dropped to 77 percent, the lowest since 2021 and significantly weaker than the 96 percent observed just two months ago. This divergence suggests that the relationship between these two are evolving, signalling a potential regime change in the crypto market,” the CoinDCX team said. This decreased correlation is expected to stimulate greater trading activity within Bitcoin and Ethereum pairs going forward.

Stablecoins Tether, USD Coin, Ripple, and Binance USD tagged behind BTC and ETH to record small profits.

Conventionally popular cryptocurrencies like Binance Coin, Cardano, Dogecoin, Solana, Polygon, Litecoin, Polkadot, and Tron among others also managed to see minor price hikes.

The overall crypto market rose by 0.44 percent in the last 24 hours, taking the sector valuation to $1.13 trillion (roughly Rs. 93,23,054 crore) as per CoinMarketCap.

Only a small number of cryptocurrencies settled with losses. These include Leo, Bitcoin Cash, Cronos, Elrond, Bitcoin SV, Braintrust, and Circuits of Value.

In another major update from the crypto world, the European Union states have given the final nod to the world’s first comprehensive set of rules to regulate crypto-assets called MiCA. An EU finance minister meeting in Brussels approved rules that were thrashed out with the European Parliament, which gave its approval in April.

The passing of the MiCA legislation in the EU does intensify the pressure on other nations including India, that are still in the process of framing their crypto laws.

Google I/O 2023 saw the search giant repeatedly tell us that it cares about AI, alongside the launch of its first foldable phone and Pixel-branded tablet. This year, the company is going to supercharge its apps, services, and Android operating system with AI technology. We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin Loses $30,000 Pricing Over Weekend; Ether Joins Most Altcoins in Recording Dips

Bitcoin touched its highest price point of over $30,000 (roughly Rs. 24.5 lakh) for the first time in around eight months in April. Stepping into May, the most expensive cryptocurrency did, however, record losses. The trading value of Bitcoin on Monday, May 1, stood at $28,560 (roughly Rs. 23.3 lakh) after incurring a loss of 2.38 percent. Over the weekend, Bitcoin value dropped by $850 (roughly Rs. 69,510) on both national exchanges such as CoinSwitch, Kuber, and WazirX, and international exchanges like Coinbase and CoinMarketCap among others.

Bitcoin’s value tumble showed a ripple effect on the pricings of other altcoins. Ether, for instance, slid by 2.70 percent on the price ladder on Monday. ETH, at the time of writing, was trading at $1,847 (roughly Rs. 1.5 lakh) as per Gadgets 360’s crypto price tracker. Over the weekend, ETH rate dropped by $58 (roughly Rs. 4,745).

Among other cryptocurrencies to have seen losses, Cardano, Polygon, Solana, Polkadot, and Litecoin made a mark.

Both memecoins DOGE and SHIB failed to gather profits and settled with small losses alongside Avalanche, Chainlink, Cosmos, Uniswap, and Monero.

The overall crypto market valuation fell by 1.13 percent in the last 24 hours. As per CoinMarketCap, the crypto market cap currently stands at $1.18 trillion (roughly Rs. 96,39,140 crore).

This dip in the prices of most cryptocurrencies comes in the backdrop of another interest rate hike that could be announced by US’ financial authority later this week.

“The crypto community will be closely watching the FOMC meeting tomorrow for strategising their next move. It is highly anticipated that Fed may hike the interest rates by 25 basis points as a part of its continued efforts to tame inflation,” Dhruvil Shah, Vice President of Technology at Liminal digital wallet platform, told Gadgets 360.

Only a few cryptocurrencies managed to record profits on Monday. These include Elrond, Cartesi, Underdog, as well as stablecoins Tether and USD Coin.

“The stability in the job market and signs of inflation cooling down may encourage Fed to end its aggressive rate hikes which will boost liquidity and drive the market momentum in the coming weeks,” Shah added.

The Vivo X90 Pro has finally made its debut in India, but is the company’s flagship smartphone for 2023 equipped with enough upgrades over its predecessor? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Affiliate links may be automatically generated – see our ethics statement for details.

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