Bitcoin Falls Back Below $30,000 Territory While Altcoins Record Heavy Losses

The global crypto market cap saw a steep dip of 4.85 percent in the last 24 hours.

By Shomik Sen Bhattacharjee | Updated: 7 June 2022 13:28 IST

Bitcoin Falls Back Below $30,000 Territory While Altcoins Record Heavy Losses

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Bitcoin started a fresh decline from the $31,750 (roughly Rs. 24.5 lakh) region

Highlights

Bitcoin has fallen back below the $30,000 price mark
Ether's has fallen by 12 percent in the last week
Avalanche, Polkadot recorded heavy losses on the day

Bitcoin fell back below $30,000 (roughly Rs. 23.3 lakh) to the lowest in a week after yet another attempt at upward momentum lost steam as bears rejected BTC's push beyond $31,500 (roughly Rs. 24.5 lakh). Interestingly, the fall arrives only a session after Bitcoin managed to climb back up to $31,000 (roughly Rs. 24 lakh) with some investors seeing more room for a further push. The price of the largest cryptocurrency by market capitalisation has slipped up by more than roughly 5 percent over the past day. BTC is currently around the $29,500 (roughly Rs. 23 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $31,622 (roughly Rs. 24.6 lakh), down by 3.33 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $29,512 (roughly Rs. 23 lakh), at the time of writing, down by 5.4 percent in value over the past 24 hours. As per CoinGecko data, BTC's value has slipped big to begin the week, down 7.1 percent week-to-day.

While Bitcoin remains range-bound amid risk-off markets, Ether has had a similar trajectory over the past 24 hours. The second most popular cryptocurrency had a strong Monday, but hasn't been able to sustain the surge for long. At the time of publishing, Ether is valued at $1,863 (roughly Rs. 1.4 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,757 (roughly Rs. 1.35 lakh), where the cryptocurrency has moved lower by 6.01 percent over the past 24 hours.

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Ether's steep dip to start the week means that the cryptocurrency's value has already dipped by 12 percent over last week's value, as per CoinGecko data.

Gadgets 360's cryptocurrency price tracker reveals that key altcoins haven't been spared losses — as the global crypto market capitalisation fell by 4.85 percent in the last 24 hours. BNB, Polkadot, and Avalanche were among the biggest losers on the day, while Solana, Polygon, Litecoin, Uniswap, and Chainlink all saw losses too.

Memecoins Shiba Inu and Dogecoin saw dips in value over the day too. Dogecoin is currently valued at $0.08 (roughly Rs. 6.5) after falling by 3.08 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000011 (roughly Rs. 0.000868), down by 4.09 percent over the past day.

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"The ‘buy the dip' sentiment continues to be strong, where addresses with a balance of more than 1 BTC climbed to an all-time high of 849,000 amidst a relatively flat price action. These can potentially imply that there are more people HODLing and looking to accumulate crypto, likely using BTC as a store of value and inflation hedge for the long-term, as opposed to short term speculation. Despite the general weakness in the markets, we remain optimistic on a resumption of the bull market, provided the macroeconomic picture improves significantly for the better," the research team at CoinDCX tells Gadgets 360.

Will crypto tax hurt the industry in India? We discuss this 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.

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Cryptocurrency Prices across Indian exchanges

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