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Bitcoin Continues to Lose Steam in Silvergate Shutdown Aftermath, Most Altcoins Record Losses

Bitcoin slipped by eight percent to trade at the price point of $19,978 (roughly Rs. 16 lakh) on Friday. On national as well as international exchanges, BTC has recorded a similar overnight market movement trajectory. In the last 24 hours, the value of Bitcoin dropped by $1,770 (roughly Rs. 95 lakh). BTC began losing steam after crypto titan Silvergate Bank scared investors with the possibility of another FTX-like industry debacle last week. Silvergate later confirmed that it will shut operations amid regulatory pressures and the impact from the collapse of FTX..

With a dip of 7.81 percent, Ether’s value saw a substantial fall on Friday. The value of ETH, at the time of writing, stood at $1,414 (roughly Rs. 1.16 lakh), according to the crypto price tracker by Gadgets 360. Overnight, the price of ETH tumbled by $123 (roughly Rs. 10,095).

“Overall, the market is experiencing uncertainties surrounding Silvergate, potential interest rate hikes, and the upcoming US jobs data. The market sentiment may also have prompted traders and investors to sell off due to the potential threat of higher interest rates,” Edul Patel, the CEO and Co-Founder of Mudrex told Gadgets 360.

Most cryptocurrencies followed BTC and ETH and recorded loses on Friday. These include memecoins Dogecoin and Shiba Inu.

Solana, Polkadot, Polygon, as well as Litecoin also saw their values fall amid the ongoing crypto meltdown.

Various stablecoins showed different movements amid the ongoing volatility. Tether and USD Coin, for instance, rose in value with minor hikes. Ripple on the other hand, settled with dipped pricing.

The overall crypto sector valuation sunk by 6.73 percent in the last 24 hours. The market cap of the crypto industry on Friday stood at $930.77 billion (roughly Rs. 76,39,468 crore) as per CoinMarketCap.

“Fed Chair Jerome Powell has declared that as inflation remains uncomfortably high, interest rates might continue to be increased and remain elevated for longer,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360. “With access to US banking routes getting more difficult for crypto players, trading liquidity remains shallow and, in turn stressing overall crypto markets. All eyes on upcoming Macro data next week, as a ‘risk-off’ sentiment would hurt crypto prices further. Also worth monitoring is the fallout from Silvergate and any further industry casualties that it brings along,” he added.

Cosmos, Dash, and Qtum were among the few cryptocurrencies that saw their values rise on Friday.

“Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 9.19 percent in the past seven days. The Index value stood at Rs. 672.43 at 8 AM, March 10, 2022,” Chaturvedi noted.

From smartphones with rollable displays or liquid cooling, to compact AR glasses and handsets that can be repaired easily by their owners, we discuss the best devices we’ve seen at MWC 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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Bitcoin Drops to $22,000 Mark, Most Altcoins Lose Steam Amid Silvergate Chaos

The past 24 hours led to a drastic change in crypto prices after chaos unfolded around Silvergate bank, and its link to the bankrupt FTX exchange came under the scanner in the US. Bitcoin dropped by 5.12 percent on national as well as international exchanges on Friday, March 3. The cryptocurrency is currently trading at $22,325 (roughly Rs. 18 lakh) — that marks a two-week low for the digital asset. Over the last day, the value of BTC has sunk by $1,160 (roughly Rs. 95,520).

Ether tumbled down the price ladder by 5.25 percent on Friday. The second most valued cryptocurrency is presently trading at $1,568 (roughly Rs. 1.29 lakh), showed the crypto price tracker by Gadgets 360. In the 24 hours that have gone by, ETH shed $78 (roughly Rs. 6,422) from its pricing.

“The Silvergate fallout has contributed to this decline. Several other factors have also led to a decrease in the value of numerous cryptocurrencies over the last 24 hours, including the release of US’ manufacturing data and uncertainties about access to banking for crypto companies in the US,” Edul Patel, the CEO and co-founder of Mudrex told Gadgets 360.

Stablecoins such as Tether, USD Coin, and Binance USD — all recorded losses amid the market turmoil.

Value dips also struck an array of other altcoins including Binance Coin, Cardano, Polygon, Polkadot, and Litecoin.

Solana particularly witnessed a low-trading sentiment this entire week. “SOL was down by 12 percent after the Solana blockchain witnessed yet another outage,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Only Augur and FLEX reflected miniscule profits.

The overall crypto market valuation dropped by 4.45 percent in the last 24 hours. As per CoinMarketCap, the market cap stands at $1.03 trillion (roughly Rs. 84,46,588 crore).

“As US Bond Market’s Yield curve inversion continues to point at an H2 recession, globally, investors seem to be turning increasingly ‘risk off’, building cash and short-term US treasury positions. Although a pleasant surprise came from Chinese manufacturing data yesterday, the global economic recovery is still not out of the woods,” Chaturvedi added.

“Big crypto-specific development to watch out for is the unfolding of events at Silvergate, as the crypto-friendly bank failed to file its annual report to the SEC, and its stock has come under heavy selling pressure,” he said. “Markets are watching with bated breath to see if there’s another domino left to fall post the FTX fiasco.”

After facing headwinds in India last year, Xiaomi is all set to take on the competition in 2023. What are the company’s plans for its wide product portfolio and its Make in India commitment in the country? 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 Continues to Trade in Small Losses, Stablecoins Record Dips

Majority cryptocurrencies recorded losses on Tuesday, March 1. Bitcoin opened with a price dip of around 0.30 percent on national as well as international exchanges. The value of BTC continues to trade at the price point of $23,422 (roughly Rs. 19 lakh), a value mark it has remained stuck to since the last week. In the last 24 hours, the value of BTC dipped by $15 (roughly Rs. 1,235). With the top-most cryptocurrency garnering losses on the regular, it has an evident impact on the overall crypto chart.

All popular stablecoins including Tether, USD Coin, Ripple, and Binance USD reflected losses on the crypto price tracker by Gadgets 360.

Notably, the legally challenged Binance USD (BUSD) token, that will be delisted from Coinbase starting March 13, did not see any major change in its value despite Coinbase’s decision.

At the time of writing, BUSD was trading at $1 (roughly Rs. 82) with no significant change in the last 24 hours.

Losses struck an array of other popular altcoins like Binance Coin, Cardano, Polygon, Solana, and Polkadot as well.

Dogecoin and Shiba Inu, both of the memecoins, also failed to bag any gains.

“Most cryptocurrencies were in the red on Tuesday, following the release of U.S. Consumer Confidence data for February revealed a decline. For BTC, significant movements are not yet on the horizon. Investors and traders might take some time to process the economic data,” Edul Patel, the CEO and co-founder of Mudrex told Gadgets 360.

A small number of cryptocurrencies managed to record profits, but only minor.

Ether for instance, instead of following BTC on the loss-making side of the price charts, managed to reel-in gains.

With a profit of 0.26 percent, the price of ETH touched the mark of $1,635 (roughly Rs. 1.35 lakh). Over the past day, the value of ETH increased by $7 (roughly Rs. 580).

Along with ETH, Litecoin, Uniswap, Chainlink, Monero, and Elrond saw gains.

Flex, Floki Inu, Circuits of Value, SushiSwap, and Nem retained small profits on the price chart.

Overall, the global crypto market valuation rose by 1.12 percent in the last 24 hours to stand at $1.08 trillion (roughly Rs. 89,26,560 crore), showed the data by CoinMarketCap.

Despite Bitcoin’s sluggish market movement in recent days, experts believe, it remains to be a useful commodity.

“The number of Bitcoins having a lifespan of more than a year has been steadily rising, creating significant market accumulation. Even though its price just fell, its accumulation rate looks to be larger than it was during the previous dismal period of 2017. This indicates that Bitcoin is still a useful commodity for many market players,” the CoinDCX research team told Gadgets 360.

After facing headwinds in India last year, Xiaomi is all set to take on the competition in 2023. What are the company’s plans for its wide product portfolio and its Make in India commitment in the country? 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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For details of the latest launches and news from Samsung, Xiaomi, Realme, OnePlus, Oppo and other companies at the Mobile World Congress in Barcelona, visit our MWC 2023 hub.

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BTC, ETH Retain Losses for Second Day in Row, Majority Altcoins Record Dips

Most cryptocurrencies, for the second day in a row, reflected losses on the price charts on Friday, February 10. Bitcoin value dipped by around 2.70 percent on both, Indian exchanges such as CoinSwitch Kuber, as well as international ones like Binance and CoinMarketCap among others. The price of the oldest crypto currency is hovering over the point of $21,869 (roughly Rs. 18 lakh). In the last 24 hours, BTC slipped price-wise by $641 (roughly Rs. 52,954), marking a significant decline.

Ether witnessed even greater losses than Bitcoin on Friday. The second-most expensive cryptocurrency tumbled by 4.14 percent to trade at $1,545 (roughly Rs. 1.27 lakh), showed the crypto price tracker by Gadgets 360. For ETH, the last 24 hours have seen its price to fall by $71 (roughly Rs. 5,865).

“After a good run over the past few weeks, the markets were jittery over the past 24 hours. It was an expected movement, considering the macroeconomic disaster surrounding Turkey. We can expect the crypto market to remain volatile over the coming couple of days. And this is why trading crypto is not an ideal strategy for the retail participants,” Edul Patel, the CEO and co-founder of Mudrex crypto investment firm told Gadgets 360.

Most cryptocurrencies have been impacted by losses that struck BTC and ETH.

Stablecoins such as Tether, USD Coin, and Binance USD alongside memecoins such as Dogecoin and Shiba Inu — all have recorded losses.

Other popular cryptocurrencies including Solana, Polkadot, Litecion, Tron, Avalanche, and Uniswap — also settled with value dips.

Meanwhile, some cryptocurrencies did see profits, small but significant.

These include Polygon, Chainlink, Leo, EOS Coin, Neo Coin, and NEM.

The overall crypto market cap dropped by 3.66 percent in the last 24 hours to see its valuation at $1.02 trillion (roughly Rs. 1,01,555 crore) as per CoinMarketCap.

“Macro conditions remain murky with strong US job numbers suggesting that the economy is still operating close to capacity and reversal in inflation trajectory might not yet be confirmed. Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index, was down 2.48 percent in the past seven days. The Index value stood at Rs. 2,858.93 at 8 AM, February 10, 2023,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Samsung’s Galaxy S23 series of smartphones was launched earlier this week and the South Korean firm’s high-end handsets have seen a few upgrades across all three models. What about the increase in pricing? 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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BTC, ETH Open Trading in Narrow Range on India’s Union Budget Announcement Day

Most of the popular cryptocurrencies opened trading with profits on Wednesday, February 1, the same day India is set to get its Union Budget for the fiscal year of 2023-2024. Bitcoin, with a small gain of 1.36 percent, is currently priced $23,129 (roughly Rs. 18.9 lakh). The oldest cryptocurrency also maintained a similar price point on international exchanges such as Binance and Coinbase. It is noteworthy, that Bitcoin has retained its value above the mark of $23,000 (roughly Rs. 18 lakh) for the second consecutive week.

Ether grew in value by 1.01 percent as it stepped into the trade zone on Wednesday. The price of the crypto asset stood at $1,583 (roughly Rs. 1.29 lakh) at the time of writing, showed the crypto price tracker by Gadgets 360.

“BTC has barely gained profits in the past seven days. ETH did rebound from its earlier lows, and its next resistance would be at the price point of $1,600 (1.30 lakh) level. Both of these top two cryptocurrencies today, continued to trade in a narrow range as investors await the US Federal Reserve’s decision and India’s Union Budget,” Edul Patel, CEO and Co-founder of crypto investment platform Mudrex told Gadgets 360.

Cardano, Polygon, Polkadot, and Litecoin reeled-in profits alongside meme coins Shiba Inu and Dogecoin.

Small gains also added to the prices of Avalanche, Uniswap, Cosmos, Leo, Monero, and Bitcoin Cash.

Meanwhile, a very small number of altcoins were struck with losses on Wednesday.

These include Binance Coin, Solana, Tron, Chainlink, Stellar, and Near Protocol.

Overall, the global crypto market cap rose by 1.01 percent in the last 24 hours. As per CoinMarketCap, the crypto sector valuation currently stands at $1.05 trillion (roughly Rs. 86,10,932 crore).

Despite the volatility element associated with crypto experimentations, people from around the world are getting drawn to this class of digital assets as instruments of investments.

Industry experts have time and again said that as more nations bring in laws to govern the crypto sector, its fluctuating nature will subside and crypto assets would become safer to invest in.

India, that taxes all profits churned out of crypto trading by 30 percent, is taking gradual steps into the cryptosphere.

Sector insiders have urged India’s finance ministry to lower the tax bracket around crypto and make conditions favourable for people to establish rypto-related ecosystems in the nation.

“Last year, the government’s taxation norms effectively protected investors’ funds and exchanges. The crypto industry in India is now looking forward to a more progressive taxation system in the upcoming Union Budget. Classifying cryptocurrencies as an asset class, similar to other assets, and allowing offsetting gains against losses would encourage more retail and institutional participation. The current 1 percent TDS on every transaction might discourage the adoption of cryptocurrencies. It could be a great move for the government to address these issues,” Patel from Mudrex noted.

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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BTC Opens at $16,570, ETH Joins Stablecoins in Recording Losses: First Monday of 2023

The first Monday of 2023 did not open with quite the sparkle for the crypto market. Bitcoin, on January 2, barely grew with a 0.13 percent gain. At the time of writing, BTC values hovered around the price point of $16,570 (roughly Rs. 13.7 lakh). The first ever cryptocurrency to have ever existed maintained values around the similar price point on both, national as well as international exchanges. The reason why BTC, along with a big bunch of altcoins, opened with losses today is because traders put a halt stamp on their activities during the holiday season.

“The price is attempting to move above the resistance at $16,600 (roughly Rs. 13.7 lakh). If buyers are able to maintain their momentum, the price of Bitcoin may rise above $16,700 (roughly Rs. 13.8 lakh) in the coming week,” Edul Patel, CEO and co-founder of Mudrex told Gadgets 360.

Ether reeled-in a loss of 0.05 percent on Monday, showed the crypto price tracker by Gadgets 360. ETH is currently trading at $1,195 (roughly Rs. 98,855), which is just a dollar short of what it was priced on December 30. Over the weekend, ETH failed to show any notable price changes.

“If Ethereum can close above the $1,200 (roughly Rs. 99,215) level, the next resistance level would be at $1,220 (roughly Rs. 1 lakh). For bulls to regain control, they will need to push the price above the $1,300 (roughly Rs. 1.07 lakh) level,” Patel noted.

Stablecoins such as Tether, USD Coin, Binance USD, and Ripple registered losses.

Both meme coins, Shiba Inu and Dogecoin also opened the new year with small but significant price dips.

Solana has been hit by dips, which intensified during the last week of 2022. At this point, SOL is trading at $9.97 (roughly Rs. 845).

In the last week of December, DeGods and Y00ts — the top two NFT projects based on the Solana blockchain, respectively migrated to the Ethereum and Polygon blockchains. The developers behind these projects said they did not see an impressive growth rate on Solana.

Meanwhile, Cardano, Polygon, Polkadot, and Litecoin emerged on the profit-making side of the crypto price chart.

Uniswap, Chainlink, Cosmos, Monero, and Stellar also reeled-in small gains.

On the first Monday of 2023, the overall crypto market grew by 0.60 percent, as per CoinMarketCap.

The current crypto market valuation stands at $798 billion (roughly Rs. 66,02,268 crore).

Web3 analysts and industry experts have predicted that the year of 2023 will turn out to be profitable for the NFT and metaverse sectors.

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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