Bitcoin, ETH See Price Drops, Stablecoins Show Stronghold Amid Turbulent Market

Bitcoin fell by almost 3.40 percent to trade at $24,060 (roughly Rs. 19 lakh).

Bitcoin, ETH See Price Drops, Stablecoins Show Stronghold Amid Turbulent Market

Photo Credit: Unsplash/ Michael Förtsch

The crypto market valuation stands at $1.09 trillion

  • Dogecoin, Shiba Inu saw losses
  • Cosmos, Chainlink registered dips
  • Tether, USD Coin saw profits

The cryptocurrencies that had been riding on high horses these recent weeks, witnessed minor setbacks on Wednesday, February 22. Bitcoin fell by almost 3.40 percent on both, national as well as international exchanges. The oldest and most expensive cryptocurrency currently stands at the price point of $24,060 (roughly Rs. 19 lakh). In the last 24 hours, the value of Bitcoin reduced by $860 (roughly Rs. 71,225). The bear market sentiment, while weakened, has not shrugged completely off the market sentiment.

Ether followed Bitcoin to trade in losses. With a value dip of 3.68 percent, the price of ETH was recorded at around $1,642 (roughly Rs. 13.6 lakh), as per the crypto price tracker by Gadgets 360. In the last 24 hours, ETH has dropped by $61 (roughly Rs. 5,052).

Other loss-making cryptocurrencies include Binance Coin, Cardano, Polygon, Solana, Polkadot, Litecoin, and Avalanche.

These were further joined by Tron, Uniswap, Cosmos, Chainlink, and Monero.

Dogecoin and Shiba Inu also recorded losses.

“This shift in momentum within the crypto markets might have been influenced by uncertainties surrounding the SEC and Paxos, resulting in a change in sentiment,” Edul Patel, the Co-Founder and CEO of Mudrex told Gadgets 360.

Paxos, the stablecoin issuer that wholly owned and managed the Binance USD stablecoin, is facing a lawsuit from the SEC that accuses Paxos of issuing the BUSD coin as an unregistered security. Both the parties have been engaging in private conversations where Paxos has claimed that BUSD was not a security.

In the backdrop of this ongoing chaos, the overall crypto market valuation slipped by 3.16 percent to stand at $1.09 trillion (roughly Rs. 90,58,388 crore), data by CoinMarketCap showed.

Only stablecoins such as Tether, USD Coin, and Binance USD managed to retain small gains alongside Leo and Bitcoin Cash.

The iQoo Neo 7 packs a lot of power at an affordable price. But did the company cut the right corners to keep the price low? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges


For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Radhika Parashar
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 More
Motorola Razr 2023 Design Leaks Tip Bigger Cover Display and More: All Details
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »