Bitcoin Drops to 4-Month Low as Crypto Markets Continue to Follow a ‘Risk Asset’ Pattern

Bitcoin has seen a dramatic drop in value once again after a deep drop on Saturday and Sunday as stock markets around the world also saw a significant drop in the same time frame. time. In terms of value, Bitcoin moved closer to the $40,000 mark (about 30.5 lakh) early Thursday on exchanges like CoinMarketCap, Coinbase, and Binance. However, at the time of writing, the value of Bitcoin has dropped to its lowest level since January. In the last 24 hours alone, BTC has dropped 2.41% and is at $36,004 (about Rs 27.5 lakh) on the Indian exchange CoinSwitch Kuber.

On global exchanges, Bitcoin price is at $34,100 (about Rs 26 lakh), down 1.9% in value over the past 24 hours. According to CoinGecko dataThe value of BTC is now down 12.4% on a weekly basis.

Ether same situation with a significant reduction. At the time of publication, Ether is valued at $2,661 (approximately Rs. 2 lakh) on CoinSwitch Kuber while the value on global exchanges shows the value of the cryptocurrency at $2,491 (approximately $1,500). 9 lakh), where the coin has dropped 2.54% in the past 24 hours.

CoinGecko data reveals that the value of the cryptocurrency has also dropped 12.7% in weekly performance.

Gadgets 360’s Cryptocurrency price tracker revealed that most of the well-known altcoins have dropped in value – minus a few – as the global crypto market capitalization has dropped 2.15% in the past 24 hours. TRONand Monero are the only cryptocurrencies that gain value. While Uniswap, Cosmos, avalanche, Cardano, Chain link, Polygon, Terraand Solana have all decreased in value.

Shiba Inu and Dogecoin also fell with Dogecoin rose to $0.13 (about Rs. 10) after a 1.93 percent drop in value in the last 24 hours, while, Shiba Inu valued at $0.000019 (about Rs 0.0014), down 4.77 percent in the past day.

Cryptocurrency enthusiasts had hoped that the digital asset could provide a hedge against inflation and other macro forces that could roil the share market. But Bitcoin’s ‘digital gold’ bill has failed to live up to those hopes this year.

While the price of gold has rebounded sharply from its March peak, the yellow metal is still up 2.6% in 2022, compared with a 29% drop in Bitcoin’s price. Indeed, cryptocurrencies have been performing more like risk assets than haven assets. The tech-heavy Nasdaq, for example, is down 23.3% so far.

Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.