Moving alongside the traditional stock market, Bitcoin and the broader crypto market have seen a drop in value as investor appetite for risky assets declines once again due to growing concerns about an economic downturn. The price of the largest cryptocurrency by market capitalization hit a Tuesday high of $21,620 in the evening before dropping to as low as $20,000 (about $15.3 lakh) early Wednesday. As things settle down, the price of BTC is hovering around the $20,300 mark (about $15.9 lakh) on global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $21,482 (approx. 16.8 lakh), down 1.23% in the last 24 hours.
On global exchanges like CoinMarketCap, Coinbase and Binance, Bitcoin price stands at $20,301 (about Rs 15.86) while CoinGecko data shows that the value of BTC is currently in the red, up 8.4% weekly.
While Bitcoin continues to hover around the $20,000 mark (approximately Rs 15.5 lakh), Ether continue to slide lower. At the time of publication, Ether is valued at $1,160 (approximately Rs 91,000) on CoinSwitch Kuber while the value on global exchanges shows the value of the cryptocurrency at $1,098 (approximately Rs 86,000). , where the cryptocurrency has lost 2.14% in the last 24 hours.
Ether’s slide over the past 24 hours shows that the value of the cryptocurrency remains in the red almost 10 percent when compared to last week’s value, according to CoinGecko data.
Gadgets 360’s Cryptocurrency price tracker also revealed a similar story for most major altcoins – as the global crypto market cap lost 0.75% in the last 24 hours. BNB, Polkadot, avalanche, Solanaand Chain link see yourself in red, while Uniswap, Elrondand [TRON}(https://gadgets360.com/finance/tron-price-in-india-today-inr) managed to swim against the tide.
Memecoins Shiba Inu and Dogecoin swam against the tide too through Tuesday. Dogecoin is currently valued at $0.06 (roughly Rs. 5.3) after gaining more than 5.83 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.00001 (roughly Rs. 0.000807), up by 18 percent over the past day.
“Notwithstanding the recent rally, the lack of a significant improvement in prevailing macroeconomic conditions does favour a continued need for a cautious approach towards investing — equities, crypto included. Until it becomes more evident that the global economy has pivoted back towards recovery and growth, we expect investors to continue taking a defensive stance in the management of their portfolios,” the research team at CoinDCX tells 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.