Tag: cosmos

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.

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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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BTC, ETH See Miniscule Profits, Losses Strike Stablecoins Tether, USD Coin

Bitcoin on Friday, December 30, opened trading with a small profit of 0.08 percent. At the time of writing, BTC prices on national and international exchanges, stand at $16,585 (roughly Rs. 13.7 lakhs). From its last all-time high of $68,000 recorded last November, the year of 2022 pushed Bitcoin down the price ladder very drastically. Now, on the second last day of the year 2022, BTC has marked a significantly low value. The crypto price charts reflected reds next to greens as crypto prices fluctuated big time for most coins.

Ether saw a minor gain of 0.79 percent as it stepped into the trade arena. ETH, as per Gadgets 360’s crypto price tracker, is currently priced $1,196 (roughly Rs. 99,020).

Like BTC, ETH also stooped dramatically low in terms of its value this year. Its last recorded all-time-high in November 2021, stood at around $4,890 (roughly Rs. 4.04 lakh).

Binance Coin, Polkadot, Litecoin, Uniswap, and Solana joined BTC and ETH in reeling-in minor gains.

Cosmos, Stellar, and Bitcoin SV also settled with small profits.

Both meme coins, Shiba Inu and Dogecoin also saw minor price hikes on the second-last day of 2022. While DOGE is priced $0.070 (roughly Rs. 5.80), SHIB price stands at $0.0000081 (roughly Rs. 0.000670).

It is noteworthy that, stablecoins pegged against the US dollar opened trade with losses today. These include Tether, USD Coin, Ripple, and Binance USD.

Other popular altcoins like Cardano, Polygon, Tron, Avalanche, and Wrapped Bitcoin also recorded price slashes.

The overall crypto market rose by 0.09 percent in the last 24 hours. As per CoinMarketCap, the global crypto market cap stands at $795.8 billion (roughly Rs. 65,87,835 crore).

Despite the ongoing crypto slump, industry players have not lost all hope.

Huobi crypto exchange for instance, has revealed its plans of soon bringing a card service, that would make fiat-to-crypto transactions efficient and just a tap away.

On the other hand, KuCoin Labs, the incubation arm of KuCoin crypto exchange has announced a special programme to help blockchain builders to create products and services in the metaverse, NFT, and the Gamefi 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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Bitcoin Fails to Touch $20,000 Mark, Many Altcoins See Dips Ahead of Weekend

As October steps into its second weekend, the crypto market showed signs of volatility that remained prevalent throughout the week. Bitcoin opened with a minor gain of 1.88 percent on Friday, October 14. As per the crypto price tracker by Gadgets 360, BTC stuck to its months-old price point of $19,437 (roughly Rs. 15.90 lakh), failing to crawl over the $20,000 mark (roughly Rs. 16.46 lakh). On Binance and Coinbase, BTC garnered similar miniscule gains to maintain its value around $19,818 (roughly Rs. 16.30 lakh).

Ether, in the backdrop of daily market fluctuations, opened with losses on Friday. As per Gadgets 360’s crypto price tracker, ETH is trading at $1,294 (roughly Rs. 1.06 lakh) with a value dip of 0.15 percent.

With the top two cryptocurrencies having varied in their market movements, other altcoins were automatically divided into two groups — the ones that follow BTC’s trajectory and the ones that slipped down the ladder with ETH.

Polygon, Shiba Inu, Uniswap, Wrapped Bitcoin, Cosmos, Stellar, and Monero lined up with profits behind BTC.

On the other side, Tether, Binance USD, Ripple, Cardano, Solana, and Polkadot saw losses.

“The overall market cap plunged below $1 trillion (roughly Rs. 82,34,055 crore). BTC remained more resilient than ETH and other altcoins. BTC is down ~2 percent and trading just under $20,000 (roughly Rs. 16 lakh). The top 20 tokens are trading in the red with Cardano (ADA), Solana (SOL), and Binance Coin (BNB) slipping over 10 percent during the week,” the research team at Indian exchange CoinSwitch Kuber told Gadgets 360.

With a 3.08 percent rise over the last 24 hours, the global crypto market currently stands at the valuation of $942 billion (roughly Rs. 77,56,462 crore).

There are several factors that have dented the crypto markets in recent days. The inflation for US in September stood at 8.2 percent, a notch higher than street estimates of 8.1 percent, but lower than 8.3 percent in August. The Core Consumer Price Index (CPI) Inflation that excludes food and energy prices touched a 40-year high at 6.6 percent.

Meanwhile, Wall Street tumbled amidst fears of another possible Fed rate hike, but soon recouped the losses, on the hopes of bottoming out. Despite these ups and downs, crypto assets continue to stir interest among investors on a daily basis.

“CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 1.91 percent in the past seven days. BTC, ETH, BNB, Ripple (XRP), and ADA emerged as the top eight most traded coins among investors trading crypto assets in Indian Rupees. The Index value stood at Rs. 2627.48 at 8 AM, October 14, 2022,” the CoinSwitch team 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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