Bitcoin clocked a loss of around one percent that has brought its trading value to $66,124 (roughly Rs. 55 lakh) on Indian exchanges like CoinDCX and CoinSwitch.
The valuation of the crypto sector stands atop the valuation of $2.26 trillion
Photo Credit: Pexels/ Rodnae Productions
The crypto chart, on Wednesday, May 15, reflected losses next to most cryptocurrencies. Bitcoin clocked a loss of around one percent that has brought its trading value to $66,124 (roughly Rs. 55 lakh) on Indian exchanges like CoinDCX and CoinSwitch. On international exchanges, meanwhile, the most expensive crypto asset is trading at a slightly lower price point of $61,945 (roughly Rs. 51 lakh). BTC was unable to sustain the gains from the day before and faced downward pressure in the last 24 hours causing most altcoins to also register losses.
Ether incurred a loss of 1.48 percent on Wednesday. With this, its pricing on national and international exchanges stands at $3,083 (roughly Rs. 2.57 lakh) and $2,902 (roughly 2.42 lakh) respectively.
“Technically, BTC and ETH continue to exhibit choppy price action, remaining within a range and experiencing liquidations on both sides. Funding rates are neutral, and the overall price action is mixed, though both cryptocurrencies are currently at key support levels. Today's US CPI numbers will be crucial to watch as they are expected to significantly impact the market,” the CoinDCX markets team told Gadgets360.
Cardano, Polkadot, and Chainlink alongside Ripple, Dogecoin joined most cryptocurrencies in seeing losses on Wednesday.
Uniswap, Cosmos, Cronos, Stellar, and Monero also recorded profits alongside Polygon and Leo.
“The markets are expected to remain choppy in the coming weeks as inflation data will keep the investors on their toes. However, Raoul Pal, a well-known financial sector figure, predicts a significant expansion of the cryptocurrency market, forecasting its market capitalization could reach $100 trillion,” Shivam Thakral, CEO of BuyUcoin tol Gadgets360.
The overall market cap declined by 1.45 percent in the last 24 hours to sit at $2.26 trillion (roughly Rs. 1,88,70,887 crore), CoinMarketCap's data showed on Wednesday.
Tether, Floki Inu, Iota, Zcash, and Status managed to record minor gains.
“In other news, US' Wisconsin has became the first state to disclose the purchase of Bitcoin after it highlighted the purchase of over 94,000 shares of BlackRock's iShares Bitcoin Trust (IBIT) in the first quarter of the year. The markets reacted positively to this development, but the narrative soon shifted towards the expected inflation data,” the CoinSwitch Markets Desk told Gadgets360.
In India, developments in the blockchain sector are making the headlines. Earlier this week, CoinDCX announced the industry's first ever Orchestration Layer called Okto. Through a unified set of SDKs, Okto is empowering developers to easily integrate complex Web3 functionalities and flows into their applications while offering single-click mobile-native web2-like experiences for their users.
India's blockchain gaming ecosystem Oneto11 is also planning a global expansion starting with Latin America, Southeast Asia, and Africa regions.
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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