Closing this week of December, the crypto market witnessed an overall slowdown. The value of Bitcoin dropped by one percent and brought the token trading value to $52,118 (roughly Rs. 39 lakh), as per Indian exchange CoinSwitch Kuber. On international exchanges including Binance and CoinMarketCap, the world's oldest cryptocurrency is trading at around $48,348 (roughly Rs. 36.6 lakh) per token. Following the Bitcoin, world's second most valued cryptocurrency by capitalisation, Ether and other coins also recorded losses.
With a value drop of 3.41 percent, Ether opened trading at $4,479 (roughly Rs. 3.3 lakh) on Friday, December 10. With marginal fluctuations in values throughout the week, Ether prices remained above $4,300 (roughly Rs. 3.2 lakh).
As per the Gadgets 360 crypto price tracker, Cardano, Polkadot, Dogecoin, Shiba Inu, and Polygon also dropped in terms of trading values. While the price changes in these altcoins were minimal, they sure did contribute in turning the crypto chart red.
Battling the otherwise rough looking day, Tether, USD Coin, and Ripple emerged as gainers ahead of the weekend.
“We saw a bit of profit booking across the cryptocurrency spectrum. With traded volumes dropping before the weekend, the coming 24 hours would likely remain range bound. Key levels to watch out for would be $46,000 (roughly Rs. 35 lakh) in Bitcoin and $4000 (roughly Rs. 3 lakh) in Ethereum,” Edul Patel, CEO and Co-founder of crypto investment firm Mudrex told Gadgets 360.
The cryptocurrency space is currently riddled with mixed sentiments from different parts of the world.
While Bitcoin and other altcoin trading is coming to Colombian banks, the financial regulator of Thailand has advised banks to refrain from direct engagement with the crypto market.
India continues to push the announcement of its stance on cryptocurrencies meanwhile. In the words of Duvvuri Subbarao the former governor of the Reserve Bank of India, legalising cryptocurrencies could strip the central bank off its control over money supply as well as inflation management.
The crypto bill drafted by the Indian finance ministry is still awaiting the cabinet's approval before reaching before the parliament.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
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