Bitcoin, Ether Price Tank by Close to 5 Percent as Traders Fail to See Immediate Upside

Bitcoin and the broader cryptocurrency market once again entered a sharp correction after a brutal sell-off on Wall Street on Tuesday. In terms of value, Bitcoin's price failed to stay above the $40,000 (roughly Rs. 30.5 lakh) mark across exchanges like CoinMarketCap, Coinbase and Binance. At the time of writing, the value of Bitcoin has dipped by 3.43 percent in the past 24 hours and stands at $40,965 (roughly Rs. 31.5 lakh) on Indian exchange CoinSwitch Kuber.

On global exchanges, the price of Bitcoin stands at $38,437 (roughly Rs. 29.5 lakh) falling by 5.06 percent in value over the past 24 hours. As per CoinGecko data, BTC has fallen by 7.5 percent in value week-to-day.

Ether met with a similar shakedown on the day, with on-chain data studied by CoinTelegraph suggesting that there could be more dips in store as the Ethereum network's total value locked (TVL) continues to flatten. At the time of publishing, Ether is valued at $3,031 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $2,841 (roughly Rs. 2.2 lakh), where the coin has fallen by 5.21 percent over the past 24 hours.

CoinGecko data reveals that the cryptocurrency's value has taken a fairly bad fall over the past week at 8.5 percent over the past week.

As per Gadgets 360's cryptocurrency price tracker, BTC and Ether weren't the only big losers on the day as the global crypto market cap fell by a heavy 5.05 percent in the past 24 hours. Monero, Terra, Polkdadot, Polygon, and Cardano were among the biggest losers on the day, while Avalanche, Uniswap, Solana, Cosmos, and Binance Coin also marked losses.

Shiba Inu and Dogecoin, have also had a dismal day of trading. Dogecoin was flying at one point yesterday before dropping down to a current value of $0.15 (roughly Rs. 11.5) after losing 8.53 percent over the last 24 hours, while, Shiba Inu is valued at $0.000025 (roughly Rs. 0.002), down by 2.55 percent over the past day.

"Despite prevailing headwinds on the economic front, on a fundamental level, the digital assets space continues to grow at a rapid pace. Most recently, Fidelity rolled out a new 401(k) offering in the US, enabling participants to put a slice of their retirement money into Bitcoin. Spot Bitcoin ETFs are also finally making their debut in Australia this week, offering investors in the country direct access to the crypto. The medium and long-term outlook for crypto remains a bright one, with adoption — both institutional and retail — continuing to increase exponentially," the research team at CoinDCX tells Gadgets 360.

Meanwhile, UK-based Standard Chartered Bank also made crypto news headlines on Tuesday announcing its entry into the metaverse. The London-headquartered lender has purchased a chunk of virtual real estate in the Mega City district of The Sandbox metaverse. In the digital world, this area is reportedly a culture hub inspired by talents from Hong Kong. The move is initiated by SC Ventures, the innovation, fintech investment, and ventures arm of the Standard Chartered Bank. The financial giant is looking to expand services and experiences for its customers.

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