BTC fell 5.29 percent in the last day on global exchanges.
The current valuation of the crypto market stands at $3.36 trillion
Photo Credit: Unsplash/ Ash_Ismail
Stronger-than-expected US economic data disrupted crypto markets over the past 24 hours. Most cryptocurrencies, including Bitcoin, recorded losses on Wednesday, January 8. After briefly reaching $102,000 (roughly Rs. 87.5 lakh), Bitcoin dropped to $96,335 (roughly Rs. 82.7 lakh) on global exchanges, reflecting a 5.29 percent decline. On Indian platforms like CoinDCX and BuyUcoin, Bitcoin saw a smaller loss of about 3 percent, with prices settling at $101,369 (about Rs. 87 lakh).
“Bitcoin is stabilising at $97,000 (roughly Rs. 83.2 lakh) after reaching a high of $102,700 (roughly Rs. 88 lakh) as strong US economic data took the 10-year US. Treasury yield to a multi-year high of 4.68 percent, prompting profit-booking in stocks and the crypto market. Retail investors are showing buying interest at lower levels, anticipating a potential relief rally,” Edul Patel, CEO of Mudrex told Gadgets 360.
Ether joined Bitcoin in reflecting price dips on Wednesday. On international exchanges, ETH dipped by 8.28 percent to trade at $3,363 (roughly Rs. 2.88 lakh), data by CoinMarketCap showed. The asset also registered a loss of around six percent on Indian exchanges to trade at $3,588 (roughly Rs. 3.08 lakh).
The crypto price tracker by Gadgets 360 showed majority cryptocurrencies trading in losses on Wednesday.
These include Cardano, Avalanche, Polkadot, Uniswap, Litecoin, and Leo.
Solana, Binance Coin, Dogecoin, Tron, Shiba Inu, and Stellar are also trading in losses.
The overall crypto market cap dipped by 6.22 percent in the last 24 hours. The current valuation of the crypto market stands at $3.36 trillion (roughly Rs. 2,88,38,355 crore), showed CoinMarketCap.
Tether, USD Coin, Iota, Status, and Braintrust managed to hold onto gains on the price chart on Wednesday.
“For investors, it's crucial to remain cautious and avoid overexposure, particularly in a landscape where the momentum can reverse within hours,” Avinash Shekhar, Co-Founder and CEO, Pi42 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.
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