Crypto Market Watch: Bitcoin Price Falls to Lowest Point Since March, Values of Most Cryptocurrencies Drop: Details

Bitcoin on Tuesday recorded a significant 5.08 percent drop in value to trade at its lowest price in three months since March. The value of the most widely used cryptocurrency currently stands at $25,642 (roughly Rs. 21 lakh), after having incurred consistent losses over the past few days. Bitcoin's performance, over the past week has not been very impressive, especially when the cryptocurrency's moving averages are being influenced by the ‘sell' sentiment. Meanwhile the US SEC has sued Binance over all;eged legal violations, another reason why Bitcoin has seen a notable drop in value over the last 24 hours.

Ether outperformed Bitcoin in terms of retaining value on Tuesday. After incurring a loss of 3.10 percent, ETH is trading at $1,811 (roughly Rs. 1.49 lakh), according to the crypto price tracker by Gadgets 360.

Both, Bitcoin and Ether are facing the impact of the SEC vs Binance debacle, resulting in price drops for most altcoins. “The crypto fear and greed index has fallen by nine points leading to its entry into the fear zone for the first time in nearly three months. This could be attributed to the latest accusations by the SEC against Binance of its failure to comply with US Securities law. The SEC's lawsuit has explicitly called out several popular coins like SOL, ADA, MATIC as securities causing their price to significantly fall,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.

Binance Coin, Ripple, Cardano, Dogecoin, Solana, Polygon, Tron, and Litecoin saw their prices drop on Tuesday.

Similarly, digital currencies like Polkadot, Avalanche, Shiba Inu, Cosmos, Leo, Chainlink, and Uniswap also became less valuable, just like BTC and ETH.

The overall valuation of the crypto sector slipped by 3.75 percent over the last 24 hours. The capitalisation of the digital assets sector, at the time of writing, stands at $1.09 trillion (roughly Rs. 90,13,908 crore), as per CoinMarketCap data.

“With a continued delay in establishing concrete laws for crypto organisations, the lawmakers are creating a hostile environment for companies operating in the space and making it suitable for them to move business abroad. Memecoins seemed to have started creating a new buzz in the last few days, contributing to high gas fee on Ethereum,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Stablecoins managed to record small gains, unlike most cryptocurrencies. Tether, USD Coin, and Binance USD recorded minor gains. Dogefi, Bitcoin Hedge, Floki Inu, Husky, and Nano Dogecoin also saw small increases in value.

“Meanwhile, metaverse tokens such as MANA, SAND, Enjin Coin, and AXS token have witnessed an increase in value. The primary factor driving this rise is the anticipation surrounding Apple's WWDC Conference. Speculation suggests that the event will feature the unveiling of Apple's virtual reality set, which will mark the company's most significant product move towards Virtual Reality (VR) and Augmented Reality (AR),” the CoinDCX research team told Gadgets 360.

“Interestingly, JPMorgan Chase & Co. has also initiated a pilot project in collaboration with leading private lenders in India for interbank dollar transaction settlements. The pilot project involves prominent Indian banks including HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, and IndusInd Bank. Its objective is to facilitate real-time transaction settlements, even during weekends and public holidays. This move is one of the biggest applications of blockchain technology and adoption of Web3 in India's ecosystem,” the CoinDCX team noted.

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