Bitcoin is trading at $94,303 (roughly Rs. 82 lakh) on global platforms.
Current valuation of the sector stands at $3.04 trillion (roughly Rs. 2,64,76,869 crore)
Photo Credit: Unsplash/ Ash_Ismail
Crypto market volatility surged over the weekend following the US President Donald Trump's announcement of new tariffs on imports from China, Mexico, and Canada. On Monday, February 3, Bitcoin recorded its sharpest price drop in months across both domestic and international exchanges. According to CoinMarketCap, BTC fell nearly seven percent on global platforms, trading at $94,303 (roughly Rs. 82 lakh). Before the tariff announcement, Bitcoin was priced around $104,002 (roughly Rs. 90.1 lakh). On Indian exchanges like BuyUcoin, BTC slipped by approximately five percent, trading at $101,116 (roughly Rs. 88 lakh).
Ether registered bigger losses than Bitcoin in the last 24 hours. On international exchanges, ETH lost 19.51 percent to trade at $2,497 (roughly Rs. 2.17 lakh). The asset saw a similar drop on Indian exchanges to claim the price point of $2,750 (roughly Rs. 23.9 lakh).
Elaborating on the market situation, Pi42 co-founder Avinash Shekhar said, “The fortune of digital assets depends on the macroeconomic factors and confidence among investors. Donald Trump imposing tariffs on Canada, Mexico, and China led to nearly $2 billion (roughly Rs. 17,425 crore) in liquidations in the crypto market, leaving the price charts bleeding red.”
The crypto price tracker by Gadgets 360 showed losses next to majority altcoins on Monday.
These include Cardano, Avalanche, Polkadot, Uniswap, Litecoin, and Leo.
Losses also struck Monero, Cosmos, EOS Coin, and Bitcoin SV among other altcoins on Monday.
The overall crypto market cap fell by 9.51 percent in the last 24 hours. The present valuation of the sector stands at $3.04 trillion (roughly Rs. 2,64,76,869 crore), as per CoinMarketCap.
“The crypto market's sell-off is said to be the aftermath of US President Trump's tariff decision. This came as a shockwave across the globe and the recent plunge in the crypto markets displays the rise in fear among the market participants,” the CoinDCX market desk told Gadgets 360, while asking investors to tread cautiously with their financial decisions.
Meanwhile, Iota, Status, and Bitcoin Hedge emerged among a handful of altcoins that managed to hold onto small gains on the price chart on Monday.
“Investors should closely monitor geopolitical developments, as volatility is likely to continue until further tariff relief is implemented,” Edul Patel, CEO Of Mudrex 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.
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