Bitcoin Continues to Trade in Small Losses, Stablecoins Record Dips

Majority cryptocurrencies recorded losses on Tuesday, March 1. Bitcoin opened with a price dip of around 0.30 percent on national as well as international exchanges. The value of BTC continues to trade at the price point of $23,422 (roughly Rs. 19 lakh), a value mark it has remained stuck to since the last week. In the last 24 hours, the value of BTC dipped by $15 (roughly Rs. 1,235). With the top-most cryptocurrency garnering losses on the regular, it has an evident impact on the overall crypto chart.

All popular stablecoins including Tether, USD Coin, Ripple, and Binance USD reflected losses on the crypto price tracker by Gadgets 360.

Notably, the legally challenged Binance USD (BUSD) token, that will be delisted from Coinbase starting March 13, did not see any major change in its value despite Coinbase's decision.

At the time of writing, BUSD was trading at $1 (roughly Rs. 82) with no significant change in the last 24 hours.

Losses struck an array of other popular altcoins like Binance Coin, Cardano, Polygon, Solana, and Polkadot as well.

Dogecoin and Shiba Inu, both of the memecoins, also failed to bag any gains.

“Most cryptocurrencies were in the red on Tuesday, following the release of U.S. Consumer Confidence data for February revealed a decline. For BTC, significant movements are not yet on the horizon. Investors and traders might take some time to process the economic data,” Edul Patel, the CEO and co-founder of Mudrex told Gadgets 360.

A small number of cryptocurrencies managed to record profits, but only minor.

Ether for instance, instead of following BTC on the loss-making side of the price charts, managed to reel-in gains.

With a profit of 0.26 percent, the price of ETH touched the mark of $1,635 (roughly Rs. 1.35 lakh). Over the past day, the value of ETH increased by $7 (roughly Rs. 580).

Along with ETH, Litecoin, Uniswap, Chainlink, Monero, and Elrond saw gains.

Flex, Floki Inu, Circuits of Value, SushiSwap, and Nem retained small profits on the price chart.

Overall, the global crypto market valuation rose by 1.12 percent in the last 24 hours to stand at $1.08 trillion (roughly Rs. 89,26,560 crore), showed the data by CoinMarketCap.

Despite Bitcoin's sluggish market movement in recent days, experts believe, it remains to be a useful commodity.

“The number of Bitcoins having a lifespan of more than a year has been steadily rising, creating significant market accumulation. Even though its price just fell, its accumulation rate looks to be larger than it was during the previous dismal period of 2017. This indicates that Bitcoin is still a useful commodity for many market players,” the CoinDCX research team told Gadgets 360.

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.