Bitcoin Mini-Rally Ends Falling Below $30,000 Territory as Altcoins Bear Sharp Losses

Bitcoin, following a strong start to the week has taken yet another dip as news of World Bank disapproving the Central African Republic's (CAR) decision to adopt BTC as legal tender saw investor confidence dip yet again. The price of the largest cryptocurrency by market capitalisation fell by more than 5 percent through Wednesday with figures continuing to stick to red early into Thursday. In numerical terms, BTC is currently around the $29,800 (roughly Rs. 23 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $31,685 (roughly Rs. 24.6 lakh), down by 4.48 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $29,766 (roughly Rs. 23 lakh) down by 5.62 percent in value over the past 24 hours. As per CoinGecko data, BTC's value still stands higher than where it stood last week, up 1.1 percent week-to-day.

While Bitcoin hasn't quite been able to start June on a high, Ether has been struggling too. The second most popular cryptocurrency began the week well, but has lost steam quite quickly. At the time of publishing, Ether is valued at $1,923 (roughly Rs. 1.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,811 (roughly Rs. 1.4 lakh), where the cryptocurrency has fallen by 6.13 percent over the past 24 hours.

Ether's sharp decline over the past 24 hours means that the cryptocurrency's value has now fallen by 6.3 percent over last week's value, as per CoinGecko data.

Gadgets 360's cryptocurrency price tracker reveals a sorry state of affairs for altcoins too — as the global crypto market capitalisation fell by 5.04 percent in the last 24 hours. Solana, Polygon, Avalanche, Litecoin, Uniswap, and Chainlink all lost value in percentage figures above 5 percent, while Monero, and TRON were the only ones in the green.

Memecoins Shiba Inu and Dogecoin join the majority yet again, dropping quite a bit in value. Dogecoin is currently valued at $0.08 (roughly Rs. 7) after falling 4.43 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000012 (roughly Rs. 0.000900), down by 5.66 percent over the past day.

Meanwhile, Bitcoin and Ethereum miners saw a steep decline in revenue during the month of May as prices of both cryptocurrencies fell to new local lows. May proved to be one of the worst months for Bitcoin miners in 2022.

Following the Terra debacle, the South Korean government has decided to form a Digital Assets Committee, targeted to come out as early as this month, to oversee the digital assets market.

"Specific parameters of the committee include providing criteria for the listing of coins by exchanges, introducing investor protection measures and monitoring unfair trading. This is a welcome move for the industry in bringing greater regulatory clarity to the space. Not only is it a necessary step for digital assets to reach mainstream adoption, it also represents a great opportunity for the crypto industry to mature and truly flourish," the research team at CoinDCX tells 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.