Bitcoin price is currently at its two-month low in the backdrop of several macro-economic market factors, combined with the tendency of crypto prices to keep fluctuating. On Tuesday, Bitcoin reflected a loss of 0.21 percent to trade at the price point of $26,035 (roughly Rs. 21.6 lakh). In the last 45 hours, the value of Bitcoin dropped by $58 (roughly Rs. 4,820). Currently, the larger market sentiment looks bearish with most of the cryptocurrencies reflecting price dips.
Ether saw a loss of 0.77 percent on Tuesday. At the time of writing, ETH is trading at $1,663 (roughly Rs. 1.38 lakh). Over the last day, the Ether price dropped by $15 (roughly Rs. 1,245).
“As per a Bloomberg report, there are indications that the US Securities and Exchange Commission (SEC) is set to grant approval for Ethereum futures exchange-traded funds (ETFs) in the next few months. This development could potentially lead to a new rally for Ethereum which has shown subdued price movement so far this year,” the CoinDCX research team told Gadgets 360, predicting better days for the sector.
Currently, cryptocurrencies trading in losses include Binance Coin, Ripple, USD Coin, Cardano, Dogecoin, and Solana.
Tron, Polkadot, Polygon, Shiba Inu, Avalanche, and Stellar also found themselves struck with losses.
The global crypto market cap slipped by 0.55 percent to reflect its valuation at $1.05 trillion (roughly Rs. 87,23,032 crore), showed CoinMarketCap.
Furthermore, the crypto greed and fear index continues to remain in the fear zone with a score of 37/100.
“While the larger marker sentiment currently looks bearish, one may identify the market's pulse by looking at how LTC has been doing after the recent halving. It had risen close to 2.7 percent yesterday, highlighting that maybe all is not lost for the crypto market bulls,” Shubham Hudda, Senior Manager, CoinSwitch markets desk, told Gadgets 360.
Among a handful altcoins that did mint small gains, Litecoin, Monero, Zcash, Baby Doge Coin, Braintrust, and Augur marked their presence.
Despite the market volatility, development in the blockchain sector is continuing by the day.
“A very interesting product on Coinbase's layer 2 BASE, called friend.tech, has now been generating close to $1 million (roughly Rs. 7 crore) in 24 hours duration - making it the third most valuable dApp within weeks of launching. The app lets Twitter or X.com users create an exclusive community where they can buy ‘keys' of famous celebrities to get exclusive chat access with these celebrities,” Hudda noted.
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