Tag: usd coin

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.

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

Catch the latest from the Consumer Electronics Show on Gadgets 360, at our CES 2023 hub.

Check out our Latest News and Follow us at Facebook

Original Source

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. 

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

Catch the latest from the Consumer Electronics Show on Gadgets 360, at our CES 2023 hub.

Check out our Latest News and Follow us at Facebook

Original Source

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. 

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

Check out our Latest News and Follow us at Facebook

Original Source

Bitcoin, Ether Prices Dip as Shiba Inu, Stablecoins Record Profits

Bitcoin registered a loss of 1.50 percent on national and international exchanges on Friday, and the oldest cryptocurrency was trading at the price point of $17,406 (roughly Rs. 14.4 lakh). BTC, in the last 24 hours, has effectively lost up to $328 (roughly Rs. 27,168) to trade at current prices. The cryptocurrency, so far in the last two months, has not been managed to trade above the level of $18,000 (roughly Rs. 14.90 lakh). More losses than gains were recorded on the crypto price charts, as the market opened for trade amid fluctuations on Friday.

Ether moved in alignment with Bitcoin and met with price dips. With a loss of 1.50 percent, ETH is trading at $1,270 (roughly Rs. 1.05 lakh), as per the crypto price tracker by Gadgets 360.

Most altcoins recorded minor price dips on Friday. These include Binance Coin, Cardano, Polygon, Litecoin, Solana, Tron, Uniswap, and Avalanche.

Interestingly, Shiba Inu minted profits and surpassed its rival Dogecoin that saw its price fall.

Shiba Inu was joined by a several stablecoins on the profit-making side of the crypto price charts. Tether, USD Coin, and Binance USD reeled in gains on Friday.

Polkadot, Monero, Bitcoin SV, Zcash, and Neo Coin also bagged small but significant profits.

“Binance’s BNB token came under selling pressure (down 7 percent) as rumour mills continued to shill the idea of massive withdrawals from the platform. Meanwhile, OkX’s OKB token was a gainer in Binance’s loss (up 9 percent), as it’s one of the few remaining large crypto exchanges. One of the top gainers for the week was Telegram’s TON (up ~30 percent last week) after their founder announced plans to launch a wallet and DEX,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

The overall crypto market fell by 1.30 percent in the last 24 hours. At present, the total market valuation stands at $850 billion as per CoinMarketCap.

“Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 2.1 percent in the past seven days. The Index value stood at Rs. 2,363.51 at 8 AM, December 16, 2022. BTC and ETH continue to be the top assets by market capitalisation,” Chaturvedi 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. 

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

Check out our Latest News and Follow us at Facebook

Original Source

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. 

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

Check out our Latest News and Follow us at Facebook

Original Source

Mango Markets Exploiter Tried to Exploit Aave Loophole: Here’s How the Attempt Failed

Mango Market’s exploiter Avraham Eisenberg’s attempt to replicate his “highly profitable trading strategy” on decentralised finance (DeFi) protocol Aave has failed, resulting in the loss of millions. As per on-chain analytics firm Lookonchain, an address associated with Eisenberg, transferred $40 million (roughly Rs. 325 crore) worth USD Coin (USDC) into Aave to borrow Curve (CRV) token with the intention of shorting. This resulted in CRV price tanking by roughly 26 percent to $0.464 (roughly Rs. 37.34) from $0.625 (roughly Rs. 51.14) over the past week.

That said, the move didn’t go entirely as planned as the community rallied behind CRV, buying the DeFi token and causing its value to spike 46 percent in the last 24 hours to as high as $0.71 (roughly Rs. 57.63).

Blockchain analytics firm Arkham Intelligence tweeted Eisenberg might be baiting people to believe that he was shorting CRV to cause the liquidation of Michael Egorov, founder of the DeFi network.

According to Arkham Intelligence, Eisenberg’s real target was AAVE’s vulnerable looping system and his borrowings could leave the DeFi network with severe bad debt. The blockchain analytics firm added, “To liquidate Avi’s position, AAVE liquidators will have no way to buy back all the CRV he borrowed. On-chain, there is no liquidity to pay back more than ~20 percent of the position. AAVE will have to sell significant amounts of tokens from the safety module to cover this loss.”

In October, Eisenberg explained that it was possible to manipulate Aave lending policies to borrow massively, dump it, and leave Aave with bad debt.

Following the failure of the short strategy, Aave said the liquidation process of its CRV pool was successful and went as planned. But it noted that the position was not fully covered as 2.6 million CRV ($1.6 million or roughly Rs. 13 crore) remained, representing less than 0.1 percent of the positions on the protocol.

A new governance proposal is now live on Aave that will prevent another price manipulation on the platform.

Meanwhile, the Aave community pointed out that the developers could have done something to prevent this scenario as they had received several warnings about the possibility previously.

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



Check out our Latest News and Follow us at Facebook

Original Source

Bitcoin, Most Cryptocurrencies Register Losses, Total Sector Valuation Also Drops

The festive cheer has failed to penetrate the crypto market as majority cryptocurrencies opened with losses on Friday, October 21. Less than three days before Diwali, Bitcoin opened with a loss of 1.01 percent in India. As per Gadgets 360’s crypto price tracker, BTC values currently stands at the price point of $19,063 (roughly Rs. 15.77 lakh) in India. Even on international exchanges, BTC could not manage to bring in profits. As reflected by Binance and CoinMarketCap, BTC values are hovering around the mark of $19,076 (roughly Rs. 15.78 lakh) with a loss of 0.30 percent.

Ether values also slipped by 0.38 on Friday. As per the Gadgets 360 crypto price tracker, ETH is trading at $1,287 (roughly Rs. 1.06 lakh).

Both top two cryptocurrencies last created their respective all-time highs (ATHs) on November 9 last year. While BTC’s last ATH was around $68,000 (roughly Rs. 56 lakh), ETH’s figure was $4,700 (roughly Rs. 3.47 lakh).

As per their current market movement, the chances of BTC and ETH even coming close to their previous ATHs seems like a far-away possibility.

Meanwhile, majority cryptocurrencies tailed meekly behind BTC and ETH to register losses today.

These include Tether, USD Coin, Binance Coin, Ripple, Cardano, and Solana.

Dogecoin and Shiba Inu also witnessed dips alongside Avalanche, Litecoin, Chainlink, as well as Cosmos.

“Monitoring US’ inflation and macroeconomic variables will be key to determining capital allocation for investors and correspondingly be an indication as to when the equity markets and by extension the crypto bottom hits in case it hasn’t already, as price action is still currently highly inversely correlated with the DXY (Dollar Strength Index),” the CoinDCX research team told Gadgets 360.

In the last 24 hours, the total valuation of the crypto sector slid down by 0.58 percent.

At this point, the total market cap of the crypto industry stands at $914.43 billion (roughly Rs. 75,66,574 crore). The valuation fell from its trillion-dollar mark in September.

Only a handful of cryptocurrencies managed to see gains today. These include Tron, Bitcoin Cash, Elrond, Iota, and Dash.

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.

Check out our Latest News and Follow us at Facebook

Original Source

Crypto Chart Drenched in Red Ahead of Ethereum’s ‘Merge’ Upgrade

The overall crypto market slipped down ahead of the arrival of Ethereum’s energy-efficient upgrade called the Merge which is expected to arrive today. Bitcoin on Thursday, September 15, opened with a loss of 1.65 percent as per Gadgets 360’s crypto price tracker. The current trading value of BTC stands at $20,030 (roughly Rs. 16 lakh). On global exchanges, such as Binance and CoinMarketCap as well, BTC slipped by around 1.65 percent to trade at a similar $20,000 (roughly Rs. 16 lakh) price point. It is being touted that with the eco-friendly Merge revamp, the Ethereum blockchain could soon pose a threat to Bitcoin’s monarchy over the crypto sector.

Ether saw smaller losses than Bitcoin and slipped price-wise by 0.15 percent. As per the price tracker by Gadgets 360, ETH is currently trading at $1,597 (roughly Rs. 1.26 lakh).

From stablecoins to memecoins, all kinds of altcoins tumbled down the price charts today. Most recorded only miniscule losses.

These altcoins include Tether, USD Coin, Binance Coin, Binance USD, Ripple, Cardano, and Solana among others.

Impressively, only a few altcoins seemed unaffected by the Merge chaos, and ended up reeling in small gains.

Monero, LEO, Zcash, Underdog, Gas, and WETH emerged as profit-makers on a rough market day.

Along with the Merge arrival, there are other factors also that are contributing to the market movement.

“A more aggressive path of interest rate hikes is likely underway to combat the narrative of increasingly entrenched inflation with broad expectations that a 75-100 basis point interest hike is the most likely result on 21 September 21 from the next FOMC meeting as inflation continues to broaden out rather than cool as expected; notably from the acceleration in services and living costs-based inflation,” the research team at CoinDCX told Gadgets 360.

The overall crypto market has dropped down by 0.82 percent, data by CoinMarketCap showed.

The market valuation of the crypto sector stands at $985.93 billion (roughly Rs. 78,33,849 crore).

“This hawkish sentiment led to both TradFi markets and crypto plummeting with the Nasdaq falling by more than 5 percent on the day while Bitcoin attempts to hold $20,000 (roughly Rs. 16 lakh) as psychological support after falling over 10 percent since the announcement. The overall crypto market cap fell by over 7 percent as it looks poised to retest the trillion-dollar region,” the CoinDCX research team added.

Meanwhile, social media is abuzz with the historic Merge launch.

 

The Etheruem blockchain will transition from its energy-consuming proof-of-work mining model to the proof-of-stake model that will slash Ethereum’s power requirements by 99.95 percent.  

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.



Check out our Latest News and Follow us at Facebook

Original Source

BTC Grows, ETH Dips as Crypto Price Chart Reflects Mix of Greens and Reds

The cryptocurrency market is undergoing volatility in the backdrop of back-to-back hack attacks hitting the sector. Bitcoin on Tuesday, August 9, grew by 2.87 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently trading at around $25,080 (roughly Rs. 20 lakh). The oldest cryptocurrency also saw minor hikes on international exchanges. As per Binance and Coinbase, BTC rates have spiked by around 2.50 percent to trade at about $23,861 (roughly Rs. 19 lakh).

Ether moved unconventionally and failed to grab gains following BTC’s price movement. With a loss of 3.40 percent, ETH prices are currently circling the mark of $1,722 (roughly Rs. 1.35 lakh).

On the crypto price charts, nearly equal number of altcoins followed BTC and ETH to reflect gains and losses respectively.

Tether, Ripple, Cardano, Solana, and Polkadot joined BTC and reeled-in gains.

USD Coin, Binance Coin, Binance USD, Dogecoin, and Avalanche saw losses alongside Ether.

The global crypto market cap currently stands at $1.13 trillion (roughly Rs. 89,53,272 crore), with a 1.96 percent overall increase from the last day, as per CoinMarketCap.

Meanwhile, Nischal Shetty, the co-founder of WazirX crypto exchange has taken to Twitter to promote the use of blockchain networks in order to maintain transparency in businesses.

Shetty’s comments come in the backdrop of WazirX’s ongoing feud with Binance. Changpeng Zhao, the CEO of Binance has recently claimed that the acquistion of WazirX, that was announced in November 2019, did not reach a point of completion.

Zhao is seemingly trying to disassociate Binance’s branding from WazirX now that the Indian exchange is facing investigation in India over alleged money laundering charges.

Meanwhile, scammers continue to riddle the cryptosphere and it has been pointed yet again out, this time by Hong Kong publications.

The nation that recently topped the list of the world’s most crypto-ready nations has observed an alarming 105 percent hike in crypto scams. In the first six months of this year alone, the crypto community of Hong Kong has collectively lost $50 million (roughly Rs. 400 crore) to cons.

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.



Check out our Latest News and Follow us at Facebook

Original Source

BTC, ETH Retain Pumped Prices Despite Minor Dips as Crypto Chart Reflects More Reds than Greens

These last days of July are turning out to be quite the roller-coaster ride for cryptocurrencies, price-wise. After seeing profits almost consecutively in the recent days, the crypto chart showed losses for most crypto assets on Tuesday, July 26. Bitcoin dipped by over three percent to trade at $22,624 (roughly Rs. 18 lakh) as per Indian exchange CoinSwitch Kuber. Losses of up to 3.60 percent also hit Bitcoin on international exchanges. As per Binance and CoinMarketCap, BTC is currently priced around $21,110 (roughly Rs. 17 lakh).

Ether tailed behind Bitcoin to maintain its recovered prices despite seeing losses. Incurring a dip of over five percent, ETH is currently trading at $1,534 (roughly Rs. 1.22 lakh), the crypto price chart by Gadgets 360 showed.

BTC and ETH have been joined by several other popular cryptocurrencies in being impacted by losses.

These include Binance Coin, Cardano, Ripple, Solana, Polkadot, as well as Polygon.

Dogecoin and Shiba Inu also slipped down the price ladder with losses of 2.77 percent and 4.40 percent respectively.

Stablecoins such as USD Coin and Binance USD managed to get the greens on the price charts owing to miniscule gains.The overall crypto market dunked by 3.23 percent to sink below the trillion-dollar-mark.

As per CoinMarketCap, the current valuation of the crypto market stands at $972 billion (roughly Rs. 77,55,060 crore).

The dip in the crypto market comes in the backdrop of the US government mulling another interest rate hike this week.

Most economists and investors reportedly believe the central bank’s Federal Open Market Committee (FOMC) will raise interest rates by 75 basis points, or three quarters of a percentage point. Between today and tomorrow, the FOMC will conduct two meetings in Washington DC to decide on the expected interest rate changes.

“Crypto and global financial markets are poised for increased volatility and turbulence as we have significant macroeconomic events in the week ahead in the form of the FOMC. After hitting a 40 year record high Consumer Price Index (CPI) print of 9.1 percent last month, the FED is expected to implement another 75 bps rate hike to curb inflation which could negatively impact risk-on assets such as crypto. A high interest-rate environment  could potentially lead to increased selling pressure and profit booking opportunities for crypto investors who witnessed sizeable rallies in the markets recently,” the research team at CoinDCX 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. 

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

Check out our Latest News and Follow us at Facebook

Original Source

Exit mobile version