Tag: ripple

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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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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BTC, ETH Record Minor Price Spikes, Most Altcoins Register Significant Profits

The crypto price charts reflected profits next to most cryptocurrencies on Tuesday, February 21. Bitcoin grew by 2.09 percent to trade at the price point of $24,920 (roughly Rs. 20 lakh). The oldest, most expensive cryptocurrency followed a similar trajectory on international exchanges such as Binance and CoinMarketCap to trade at the same price point. In the last 24 hours, the value of Bitcoin has risen by $664 (roughly Rs. 54,950) and experts predict its next resistance is likely to be at $31,000 (roughly Rs. 25.6 lakh).

Ether tailed behind Bitcoin on the gain trail. With a small gain of 1.14 percent, ETH took its value to $1,703 (roughly Rs. 14 lakh), as per Gadgets 360’s crypto price tracker.

Stablecoins Tether, USD Coin, Ripple, and Binance USD recorded gains.

They were joined by other popular altcoins such as Cardano, Solana, Polkadot, Avalanche, and Uniswap on the profit-making side of the price chart.

Dogecoin and Shiba Inu, both the memecoins reeled-in gains.

As per CoinMarketCap, the global crypto market valuation rose by 1.03 percent in the last 24 hours. At the time of writing, the crypto market cap stood at $1.13 trillion (roughly Rs. 93,42,500 crore).

Among loss-making cryptocurrencies, Binance Coin, Polygon, Litecoin, Tron, LEO, and Monero marked their presence.

Circuits of Value, Flex, Husky, Kishu Inu, and Doge Killer also settled with price slips.

In recent times, the outlook towards cryptocurrencies as a quick money-making instrument has drastically changed for the better, Edul Patel, the CEO and co-founder of crypto investment firm Mudrex tod Gadgets 360 in an exclusive interaction.

“Cryptocurrencies are no longer being seen like a lottery ticket. Instead, investors have begun seeing crypto assets as long-term investment tools. Instead of purchasing crypto assets in bulk, individual as well as institutional investors have regularised their purchases and broken them up into smaller sizes. The global level regulations around crypto that India is working on along with other G20 nations, could benefit the overall industry-consumer relation for the long run, even if it looks like a time-consuming effort for now,” Patel 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, 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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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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BTC, ETH Show No Price Improvements Despite Most Altcoins Seeing Gains

The top two cryptocurrencies, Bitcoin and Ether, have not been able to show any significant price improvements, at least for over a week. Bitcoin on Friday slipped minorly by 0.09 percent to open trade at $16,823 (roughly Rs. 13.9 lakh). The first ever cryptocurrency, followed a similar market movement on international exchanges such as Binance, Coinbase, and CoinMarketCap to trade at the same price point. In the last 24 hours, BTC values have dipped by $30 (roughly Rs. 2,484) from its last day’s price point of $16,853 (roughly Rs. 13.9 lakh).

Ether, unlike Bitcoin opened with small gains. At the time of writing, ETH was trading at $1,221 (roughly Rs. 1.01 lakh) with a mini profit of 0.75 percent, as per Gadgets 360’s crypto price tracker.

Overall, the crypto price charts reflected more greens than reds today.

Among profit-minting tokens, USD Coin, Binance USD, Ripple, Cardano, Polygon, and Polkadot — made a mark.

Dogecoin and Shiba Inu also saw gains of 5.57 percent and 0.71 percent respectively.

The global crypto market grew by 0.21 percent in the last 24 hours.

As per CoinMarketCap, the global crypto market valuation stands at $812.52 billion (roughly Rs. 67,28,912 crore).

“The main reason behind the market’s weakness is the commentary coming in from both the Fed and the ECB, with suggestions that inflation has become more ‘entrenched’ in the economy and would require sustained periods of higher interest rates to be dispelled. This is bearish for ‘risk-on’ assets in general, and global equities continued to sink during the week,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Today, Tether, Binance Coin, Solana, Wrapped Bitcoin, Monero, and Bitcoin Cash, opened with losses.

Experts have also pointed out that the risks continue to hover over the financial markets amid Ukraine’s worsening war situation being the biggest threat to commodity and energy supply chains as well as a surge in COVID-19 cases in China, adding more uncertainties.

“In the altcoin universe, Binance’s BNB token continued to be under selling pressure (down 8 percent) as rumour mills continued to shill the idea of massive withdrawals from the platform. Another major drawdown was witnessed in Filecoin (FIL), which was down 30 percent as massive short positions were built in the token. Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 6.3 percent in the past seven days,”’ Chaturvedi added.

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 as Overall Crypto Market Valuation Slips by 1.12 Percent

One day after majority cryptocurrencies recorded profits and the crypto market valuation rose by over three percent, the price charts for cryptocurrencies was hit by volatility once again. Bitcoin on Thursday, opened with a loss of nearly one percent. At the time of writing, BTC was trading at $17,716 (roughly Rs. 14.6 lakh). The world’s most popular cryptocurrency also saw tiny price dips on international exchanges. As per Binance and CoinMarketCap, BTC is trading at the price point of $17,734 (roughly Rs. 14.4 lakh).

Ether recorded slightly bigger losses than Bitcoin. With a drop of 2.35 percent, ETH is now trading at $1,291 (roughly Rs. 1.06 lakh), showed the crypto price tracker by Gadgets 360.

Along with altcoins, stablecoins pegged against the US dollar also settled with losses.

Tether, USD Coin, Binance Coin, Ripple, Cardano, Polygon, Polkadot, and Litecoin — all witnessed price dips.

Dogecoin and Shiba Inu also broke out of their gain-spell to see their value fall on Thursday.

The overall crypto market valuation slipped by 1.12 percent in the last 24 hours. The current crypto market cap stands at $861.07 billion, as per CoinMarketCap.

These include Solana, Tron, Zcash, and Flex.

After the collapse of crypto exchange FTX exchange, a large part of the global investor community has pulled back from the crypto sector.

A recent report, the Organisation for Economic Cooperation and Development (OECD) explains why the crypto market cap has not managed to show any recovery. The OECD has said that institutional investors were quicker to leave the crypto market amid the slump, as compared to retail investors.

Last year around the holiday season in December, the crypto market recorded profits as more people indulged in gifting crypto presents, especially in the US. This year, the holiday spirit has not yet managed to achieve the same effect on the crypto sector.

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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