Bitcoin, Ether Record Losses, Most Cryptocurrencies Fall as Market Decline Continues: All Details

The value of Bitcoin on Friday stood at $23,963 (roughly Rs. 19.8 lakh) with a loss of 2.15 percent.

Written by Radhika Parashar, Edited by David Delima | Updated: 24 February 2023 12:00 IST

Bitcoin, Ether Record Losses, Most Cryptocurrencies Fall as Market Decline Continues: All Details

Photo Credit: Pixabay/ WorldSpectrum

The overall crypto market cap dropped by 1.53 percent to stand at $1.09 trillion

Highlights

Most stablecoins recorded losses on Friday
The price of Dogecoin and Shiba Inu has also fallen
Altcoins like Gas and Ardor saw their prices rise

The crypto price chart showed losses next to most cryptocurrencies on Friday. Bitcoin, the world's most popular cryptocurrency, saw its value fall by around 2.15 percent on national as well as international exchanges. The value of BTC, at the time of writing, stood at $23,963 (roughly Rs. 19.8 lakh). In the last 24 hours, the cryptocurrency's value tumbled substantially by $482 (roughly Rs. 39,875). In 2023, Bitcoin's value has surged by 40 percent. The immediate support level for the world's oldest cryptocurrency is $23,800 (roughly Rs. 19.6 lakh), while resistance is $24,200 (roughly Rs. 20 lakh).

Ether dropped by 1.35 percent, following Bitcoin's trajectory. The value of ETH is hovering around the mark of $1,648 (roughly Rs. 1.36 lakh), as per Gadgets 360's crypto price tracker. In the last 24 hours, the value of ETH dropped by $21 (roughly Rs. 1,737).

“Most cryptocurrencies traded sideways as investors monitored the US monetary policy and jobs data. The price of Ethereum remains relatively stable. The broader cryptocurrency market shows similar trends as investors await further developments in the global economic and financial landscape,” Edul Patel, the CEO and Co-Founder of Mudrex told Gadgets 360.

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From stablecoins like Tether, USD Coin, Ripple, and Binance USD to popular altcoins like Binance Coin, Cardano, Polygon, and Solana recorded dips on Friday.

These were further joined by Polkadot, Litecoin, Tron, Avalanche, and Uniswap which also saw their values fall.

The overall crypto market valuation decreased by 1.53 percent and currently stands at $1.09 trillion (roughly Rs. 90,56,097 crore), data by CoinMarketCap shows.

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On the other hand, Chainlink, Leo, Bitcoin Cash, SushiSwap, and Ardor managed to register profits.

Circuits of Value, BurgerCities, Flex, Floki Inu, Gas, and Kishu Inu also recorded small gains on Friday.

“Crypto markets traded slightly lower, even as broader ‘risk on' assets falter. Macro uncertainties started weighing in on the ‘New Year' rally across asset classes as markets witnessed a healthy correction last week. Bond markets are waking up to the risk that the Fed hikes rates higher and holds them there for longer. The yield curve between two- and 10-year Treasuries inverted further to its most extreme levels since the early 1980s,” Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch told Gadgets 360.

“In token-specific action, Stacks' STX continued its price surge, rising over 150 percent, as Ordinal NFTs on the Bitcoin network continues to gain traction. Tezos' XTZ token saw a sharp >20 percent jump in prices, as Google Cloud announced it would become a validator on the network. Klaytan network's KLAY token saw a surge of >30 percent as new tokenomics changes would result in the burning of a major chunk of its supply,” Chaturvedi added.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Litecoin, Tron, Avalanche, Uniswap, Chainlink, Leo, Bitcoin Cash, SushiSwap, Ardor, Circuits of Value, BurgerCities, Floki Inu, Gas, Kishu Inu

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More