Bitcoin, Ether Fall Below Key Resistance Levels Over the Weekend, Altcoins Suffer Dips Too

Bitcoin has been under a fair bit of selling pressure since last week with the market sentiment towards inflation and the US Fed monetary policy testing support for riskier assets, and Monday has begun no different, so far. In terms of value, Bitcoin price has dipped to around the $39,000 (roughly Rs. 30 lakh) mark across exchanges like CoinMarketCap, Coinbase and Binance. At the time of writing, the value of Bitcoin has dipped by 0.69 percent in the past 24 hours and stands at $41,415 (roughly Rs. 32 lakh) on Indian exchange CoinSwitch Kuber.

On global exchanges, the price of Bitcoin stands at $39,155 (roughly Rs. 30 lakh) falling by 1.12 percent in value over the past 24 hours. As per CoinGecko data, BTC has fallen by 1.2 percent in value week-to-day.

Ether hasn't had the best of weekends either and a poor start to the week, just like BTC. At the time of publishing, Ether is valued at $3,048 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $2,872 (roughly Rs. 2.2 lakh), where the coin has fallen by 2.12 percent over the past 24 hours.

CoinGecko data reveals that the cryptocurrency's value has taken a fairly bad fall over the past week with a 4.2 percent decline over the past week.

As per Gadgets 360's cryptocurrency price tracker, most altcoins marked losses on the day as the global crypto market cap witnessed a drop of 2.07 percent over the past 24 hours. Avalanche, Uniswap, Solana, Cosmos, and Polkadot were among the biggest losers on the day while Polygon, Binance Coin, and Cardano also marked losses.

Shiba Inu and Dogecoin, have also followed the altcoin queue and dropped in value. Dogecoin is currently priced at $0.13 (roughly Rs. 10.5) after losing 4.14 percent over the last 24 hours, while, Shiba Inu is valued at $0.000025 (roughly Rs. 0.002), down by 3.17 percent over the past day.

The crypto market has been playing a tune similar to traditional markets as factors like the Russia-Ukraine crisis and the COVID-19 lockdown in China continue to cause supply chain troubles globally.

Meanwhile, Sandeep Nailwal, the co-founder of Polygon blockchain has said that India should establish one regulatory body dedicated to monitor and shape up the crypto industry in the nation. The programming engineer, who now resides in Dubai, has said that representatives from the Reserve Bank of India (RBI), GST Council, and the federal finance ministry should be part of a newly formed body dedicated to monitoring and framing the crypto ecosystem in India.

Elsewhere, Rario, a cricket non-fungible token (NFT) platform, has announced that it has secured $120 million (roughly Rs. 915 crore) in a Series A funding round led by Dream Capital, the corporate venture capital, merger and acquisition arm of Dream Sports.

Rario, which is the world's first cricket NFT platform, revealed that they boast the largest share of cricket NFT rights globally via exclusive partnerships with six international cricket leagues coupled with a roster of over 900 cricketers.

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.