Last week, the capitalisation of global crypto market witnessed an overall plunge of five percent, following which cryptocurrencies are struggling.
Cryptocurrencies are decentralised and unregulated in nature
Bitcoin inched further away from its recently achieved all-time high. With a dip of 2.33 percent, each token of the world's oldest cryptocurrency is trading at $63,350 (roughly Rs. 47 lakh) on Indian exchange CoinSwitch Kuber. Meanwhile, Bitcoin is trading at an even lower price of around $57,566 (roughly Rs. 42 lakh) on global exchanges like CoinMarketCap and Coinbase. The new values of Bitcoin have nosedived from its historic high of $68,327.99 (roughly Rs. 50.5 lakh), which it touched on November 9. For now, several other cryptocurrencies are also following Bitcoin on the loss trail.
Ether, which opened with a drop of 4.19 percent, is currently trading at $4,599 (roughly Rs. 3.4 lakh), as per the Gadgets 360's crypto price tracker. The Ethereum-based cryptocurrency had reached its latest all-time high of $4,870 (roughly Rs. 3.61 lakh) earlier this month and has since managed to maintain its prices around the same.
Other popular altcoins including Tether, Cardano, Ripple, and Polkadot also witnessed drops in its values, turning the crypto charts red in colour.
Meme-based dog coins like the Dogecoin and the Shiba Inu also opened trading with losses.
Only a very few number of cryptocurrencies managed to register gains today.
Elrond, Cosmos, Bitcoin SV, and Zcash have emerged as gainers of the day.
The global crypto sentiment, on the other hand, is witnessing significant shifts.
While several parts of the US like New York and Miami are adopting the crypto-culture, Prime Mininster Narendra Modi recently said that cryptocurrencies need to be made “safe” for use.
In an interview, Helen Wong, the CEO of OCBC—which is the second-largest bank of Southeast Asia – said the bank is also planning to set up a digital asset exchange. OCBC or the Oversea-Chinese Banking Corporation is based in Singapore.
In addition, the CEO of Australia's largest bank, Commonwealth Bank has predicted larger risks in not getting entering the digital asset industry timely and has signed partnerships with leading crypto players.
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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