Bitcoin Price Remains Below $17,000, Most Cryptocurrencies Record Losses

Despite the holiday season being right around the corner, the winter cheer has failed to reach the beleaguered crypto sector. The crypto price charts on Monday December 12 reflected losses for most cryptocurrencies. With a loss of 1.42 percent, Bitcoin opened trading today at the price point of $16,875 (roughly Rs. 13.9 lakh). The oldest cryptocurrency also saw losses of around 1.45 percent on international exchanges such as Binance and Coinbase, where it continues to trade at a price point lower than the mark of $17,000 (roughly Rs. 14 lakh).

Ether, alongside BTC, recorded losses. ETH prices dropped by 2.09 percent to have the asset trade at $ 1,241 (roughly Rs. 1.02 lakh), the crypto price tracker by Gadgets 360 showed.

“Bitcoin has been caught in a tight range over the past two weeks, indicating a tough battle between buyers and sellers. This has resulted in a range-bound rally. Ether has also been trading in a narrow range. The uncertainty in the market has caused the price to struggle to break past these levels,” Edul Patel, CEO and Co-founder of Mudrex told Gadgets 360.

Cardano, Dogecoin, Shiba Inu, Polygon, Polkadot, Litecoin, and Tron — opened with losses today.

Meanwhile, the stablecoin category bagged some profits and some losses on Monday.

Tether and Binance Coin for instance, settled with losses today. On the other hand, USD Coin and Binance USD rose marginally with tiny profits.

LEO, Dash, Dogefi, Bitcoin Hedge, and Floki Inu emerged on the profit-making side of the price charts.

The overall crypto market valuation dropped by 1.80 percent in the last 24 hours. As per CoinMarketCap, the current crypto market cap stands at $841.22 billion (roughly Rs. 69,51,159 crore).

Experts have predicted that as more countries formulate laws to safeguard the crypto community against financial risks, the digital assets market could make a gradual recovery.

Last week, Hong Kong amended its Anti-Money Laundering (AML) and Counter-Terrorist Financing (Amendment) Bill 2022, to include crypto transactions.

Meanwhile, online payments facilitator PayPal has also shown support for the crypto sector. The company has forayed into the EU with its crypto services, starting with Luxembourg.