BTC, ETH Open Trading with Losses; Total Crypto Valuation Drops to $795 Billion

Bitcoin on Thursday, December 29, stepped into the trading rink at the price point of $16,538 (roughly Rs. 13.6 lakh) after seeing a loss of 0.66 percent. The oldest cryptocurrency also traced a similar movement on international exchanges such as Binance and Coinbase. In the last 24 hours, the already low BTC values have dropped by $320 (roughly Rs. 26,490). Two days before the year 2022 comes to an end, the crypto market valuation sank to an extreme low and majority cryptocurrencies opened with significant losses.

Ether prices also cascaded down the price ladder today. With a loss of 0.28 percent, ETH is presently priced $1,190 (roughly Rs. 98,590), as per Gadgets 360's crypto price tracker.

Stablecoins such as Tether, USD Coin, and Binance USD joined BTC and ETH on the loss-making side of the crypto chart.

Among other altcoins that recorded value dips, Cardano, Polygon, Tron, Polkadot, and Litecoin — marked their names.

Dogecoin and Shiba Inu — the two favourite cryptocurrencies for Indian investors, also failed to charm investors and stepped into the trading arena with losses.

The crypto market valuation, that had exceeded the valuation of $3 trillion (roughly Rs. 1,65,59,120 crore) last year, dropped by 0.78 percent in the last 24 hours. At the time of writing, the crypto market cap stood at a drastic low of $795.75 billion (roughly Rs. 65,87,835 crore).

With losses overpowering profits on the price charts, only a small number of altcoins managed to see tiny gains.

These include Monero, Cosmos, Floki Inu, and Status.

Analysts and industry experts are hopeful that the next year, that starts in the next three days, will be more defining for the global crypto sector.

“After a year full of ups and downs in crypto, the community will be looking forward to some stability and method in the ecosystem. 2023 is widely expected to be the year when crypto regulations across the world are signed and sealed. We hope the regulatory frameworks are conducive to all stakeholders — founders, users, and governments alike. We want the adoption level of crypto to increase in an environment of trust, security, and overall positive results,” Rajagopal Menon, Vice President at WazirX 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.