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Bitcoin, Ether Lose Value as Major Cryptocurrencies Continue to Struggle With Dips

Bitcoin, Ether Lose Value as Major Cryptocurrencies Continue to Struggle With Dips

Cryptocurrency prices continue to get affected by the instability in China’s real estate markets.

By Radhika Parashar | Updated: 22 September 2021 11:19 IST

Bitcoin, Ether Lose Value as Major Cryptocurrencies Continue to Struggle With Dips

In the last 24 hours, the value of Bitcoin briefly dropped below $40,000 for the first time since August

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Highlights

Exchange values of Bitcoin, Ethereum, and Dogecoin witness dips
This is the fifth day since major cryptos have been losing value
Some cryptos that gained value only rose marginally

Bitcoin dipped by over one percent yesterday. At the time of writing, Bitcoin was trading at Rs. 33,40,022 ($45,471.36), The instability in Bitcoin prices, analysts say, can be linked to the disruptions in China's real estate market in the backdrop of Chinese developer Evergrande's $300 billion worth of debt. This is the fifth day in a row that Bitcoin has seen a slump in values. In the last 24 hours, the value of Bitcoin had briefly dropped below $40,000 – for the first time since August, reports said.

ETH, which is the world's second-largest cryptocurrency, witnessed a slump of 5.07 percent at its opening today. The current exchange value of Ether — the official cryptocurrency of the Ethereum blockchain — is priced at Rs. 2,27,367 ($3,085.37) at the time of writing. Looking at the price history, ETH had dipped even more earlier this week.

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With a marginal dip of 2.24 percent, the value of Dogecoin also went down to trade at Rs. 16.31 ($0.22) per token.

Amid the other cryptos, Ripple, Elrond, Bitcoin SV, and Shiba Inu have all witnessed a marginal rise in their exchange values.

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