The global crypto market cap saw a drop of 1.51 percent in the last 24 hours
The Fed upped interest rates on Wednesday, causing markets to crash before recovering
Photo Credit: Unsplash/ Jeremy Bezanger
Bitcoin and the majority of popular altcoins spent most of the weekend in the red and continued to drop off through early Monday as crypto assets continue to feel the heat of the US Federal Reserve upping interest rates last Wednesday. As things stand, the value of Bitcoin sees a dip of 0.43 percent in the last 24 hours with its price now around the $18,800 (roughly Rs. 15.32 lakh) mark across global exchanges while Indian exchanges like CoinDCX value BTC at $20,043 (roughly Rs. 16.34 lakh), 0.03 percent lower than that on early Sunday.
On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $18,820 (roughly Rs. 15.34 lakh) while CoinGecko data shows that BTC's value now sits 3.4 percent lower than it was last Monday.
Ether, the largest smart contracts token, has also given up most of its gains during and after the much-publicised Merge. Ether is currently down by more than 1.62 percent over the past 24 hours, trading in the $1,290 (roughly Rs. 1.05 lakh) range across global exchanges. Meanwhile on Indian exchanges, ETH is valued at $1,374 (roughly Rs. 1.12 lakh) where values are down by 1.91 percent over the past day.
Gadgets 360's cryptocurrency price tracker reveals that most major altcoins also saw a similar slide over the weekend . The global crypto market capitalisation also witnessed a drop of 1.51 percent through late Wednesday and early Thursday.
Cardano, Avalanche, Uniswap, Cosmos, Solana, Polygon, TRON, Monero, Chainlink, and BNB all marked considerable dips over the last 24 hours.
Memecoins Shiba Inu and Dogecoin share a similar plight. Dogecoin is currently valued at $0.06 (roughly Rs. 4.96) after losing 2.91 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000011 (roughly Rs. 0.000889), down 4.31 percent over the past day.
Bitcoin , the world's largest cryptocurrency, continues to face strong selling pressure amid uncertainties in the global markets. Over the last weekend, the BTC price has slipped under $19,000 (roughly Rs. 15.48 lakh) with analysts expecting further downside.
As per the on-chain data, the Bitcoin whale holdings continue to drop for 100 months in a row. As per on-chain data provider Santimenr, amid the fears of inflation and a global recession "addresses holding 100 to 10k $BTC have lowered their percentage of supply held of #crypto‘s top asset to 29-month lows."
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