BTC is trading at $100,423 (roughly Rs. 86.7 lakh) on international exchanges.
The crypto market cap presently stands at $3.45 trillion (roughly Rs. 2,98,01,007 crore)
Photo Credit: Pixabay/ WorldSpectrum
The cryptocurrency chart reflected more losses than gains on Monday, January 27. Bitcoin dipped by 4.53 percent on international exchanges to trade at $100,423 (roughly Rs. 86.7 lakh), data by CoinMarketCap showed. On Indian exchanges like BuyUcoin, meanwhile, BTC incurred losses of over three percent to trade at the price point of $101,658 (roughly Rs. 87.7 lakh). According to market analysts, BTC's struggle is presently oscillating between optimism and uncertainty ahead of US' interest rate decision slated for later this week.
Explaining the decline in Bitcoin's prices, the CoinSwitch Markets Desk told Gadgets 360, “All eyes however will be on FOMC's interest rate decision this Wednesday where the Federal Reserve is expected to pause interest rate cuts given the economic data in past comments from the committee members, with Trump demanding for lower rates - there is an outside chance of another rate cut, which can be very bullish for the overall markets.”
Ether joined Bitcoin on the loss-making side of the price chart on Monday. On global exchanges, ETH dropped in price by 5.79 percent to trade at $3,154 (roughly Rs. 2.72 lakh). Meanwhile on Indian platforms, the asset reflected price dips of around four percent to trade at $3,190 (roughly Rs. 2.75 lakh).
The crypto price tracker by Gadgets 360 showed most cryptocurrency prices declining on Monday.
These include Solana, Binance Coin, Dogecoin, Cardano, Avalanche, and Polkadot.
Shiba Inu, Uniswap, and Litecoin also registered losses.
The crypto market cap dipped by 4.72 percent in the last 24 hours, as well. The valuation of the sector currently stands at $3.45 trillion (roughly Rs. 2,98,01,007 crore), as per CoinMarketCap.
Only a handful of cryptocurrencies retained minor gains on Monday. These include Leo, Tether, and Iota.
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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