With the top two cryptocurrencies — BTC and ETH losing steam in the market, other altcoins are struggling to see any profits whatsoever.
Crypto market cap currently stands at $892 billion (roughly Rs. 89,265 crore)
Photo Credit: Pixabay/ WorldSpectrum
Majority cryptocurrencies, at this point, are riddled with losses, causing several investors to rethink their ventures into the crypto sector. On Friday, June 17, Bitcoin opened trading at $21,791 (roughly Rs. 17 lakh) after incurring losses of over seven percent as per Indian exchange CoinSwitch Kuber. Maintaining its streak of lowest values in the least six months, BTC failed to charm investors outside India as well. Binance and CoinMarketCap reported losses of over eight percent in BTC values. On an international level, BTC is trading at $20,350 (roughly Rs. 15 lakh).
Ether saw even bigger losses than Bitcoin on Friday. The world's second most valuable crypto asset dipped by 11 percent to trade at $1,154 (roughly Rs. 90,115) as per Gadgets 360's crypto price tracker.
With the top two cryptocurrencies losing steam in the market, other altcoins are struggling to see any profits whatsoever.
Binance Coin, Solana, Polkadot, and Avalanche are among popular altcoins that opened with losses today.
Binance USD, Ripple, Dogecoin, and Shiba Inu also dropped in values.
Among gainers were Tether, USD Coin, and Monero, that registered miniscule profits.
The crypto sector has been crippling under economic pressure for a while now.
After the crash of Terra and Celsius networks, the crypto assets slipped dramatically in prices over the last few weeks. US' decision to increase interest rates to fight recession-like economic climate also has added to the stress.
The market cap of the sector that stood at over $2 trillion (roughly Rs. 15,610,304 crore) around March this year, currently stands at $892 billion (roughly Rs. 89,265 crore), as per CoinMarketCap.
A bunch of crypto firms have announced staff lay-offs as a cost-cutting measure, required to keep their businesses afloat.
Coinbase, BlockFi, and Crypto.Com have collectively fired around 1,600 employees of the crypto sector in the last few days.
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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