The cryptocurrency price chart reflected losses along with most altcoins today. Bitcoin opened Tuesday with a two percent loss. At the time of writing, BTC is trading at $16,457 (roughly Rs. 13.6 lakh). The oldest crypto asset also posted losses on international exchanges. Binance and Coinbase revealed that BTC lost up to 1.30 percent of its value to trade at $16,664 (roughly Rs. 13.7 lakh). In the last 24 hours, BTC lost $263 (roughly Rs. 21,756) from its last-day opening value of $16,720 (roughly Rs. 13.8 lakh).
Ether also saw losses on top of Bitcoin. After a 0.30 percent loss, ETH is currently trading at $1,184 (roughly Rs 98,008).
Stablecoins like Tether, USD Coin, and Binance USD – all witnessed losses.
These were joined by Binance Coin, Ripple, Cardano, Polygon, Polkadot, Tron, and Litecoin on the losing side of the price chart.
Dogecoin and Shiba Inu, the meme coins that witnessed Indian investments this year, also saw no gains.
Amid ongoing daily losses affecting most cryptocurrencies, overall cryptocurrency market valuation has shown a disconcertingly sharp decline.
The current valuation of the crypto market is at $810 billion (roughly Rs. 67,061 crore), following a trillion-dollar drop following the collapse of cryptocurrency exchange FTX.
Only a small number of cryptocurrencies have opened in profit today. These include Wrapped Bitcoin, Chainlink, Monero, and Cosmos.
Despite the ongoing crypto crisis, industry insiders have a positive feeling about the industry’s progress in 2023.
“In 2023, we can expect favorable macroeconomic conditions as central banks have suggested easing of monetary policy and interest rates. Inflation will be a key factor in determining the fate of financial markets around the world. The crypto market will emerge from the collapse of crypto giants like FTX and move into a more mature phase with wiser investors and strong regulation,” Shivam Thakral, CEO of Indian exchange BuyUcoin, told Gadgets 360.
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