Bitcoin is currently trading at $24,340, a 1.35 percent drop in value.
The valuation of the crypto sector stands at $1.06 trillion
Photo Credit: Pixabay
Bitcoin price saw a drop on Wednesday as the value of the world's most widely used cryptocurrency fell after two days of recording significant price hikes. Having incurred a loss of 1.35 percent, Bitcoin is trading at $24,340 (roughly Rs. 20 lakh) on both, national as well as international exchanges. Over the last 24 hours, Bitcoin's value dropped by $400 (roughly Rs. 33,100). Amid the strong headwinds swaying the markets, crypto experts predict BTC could witness notable price fluctuations before it manages to cross the mark of $25,000 (roughly Rs. 20 lakh).
Ether dropped in value by 2.95 percent to trade at $1,643 (roughly Rs. 1.35 lakh). Over the past 24 hours, ETH price decreased by $60 (roughly Rs. 4,965). Most cryptocurrencies followed a similar path, as per the crypto price tracker by Gadgets 360.
Cryptocurrencies like Cardano, Polygon, Solana, and Polkadot alongside Tron, Litecoin, Avalanche, and Uniswap also saw their prices fall on Thursday.
Even Dogecoin and Shiba Inu recorded losses.
The overall crypto market cap slipped by 3.40 percent. As per CoinMarketCap statistics, the valuation of the crypto sector stands at $1.06 trillion (roughly Rs. 87,95,800 crore).
“With the stocks of major banks going down, the effect seems to have touched crypto on the surface. While the last few days have been a great example of investor confidence in virtual digital assets as compared to traditional finance, crypto and S&P correlation continues at some level. It will be a while before Bitcoin operates as a separate entity,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.
On the other hand, a few cryptocurrencies manage to bag small profits. These include Tether, Binance Coin, USD Coin, Binance USD, and Dogefi.
While the crypto industry seems to be making inroads into several countries, a new study by decentralised gaming portal — Crypto Betting has claimed that El Salvador is among nations where inclination towards Bitcoin has sustained over time despite ups and downs.
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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