The global crypto market has continued to face bearishness shedding further over the last day. Bitcoin has also continued lows as it receded more than 4 percent in 24 hours. The price has been close to the $20,000 (roughly Rs. 16 lakh) mark since the beginning of the week with bears now successfully lowering the price of BTC even further. As things stand, the price of the world largest cryptocurrency by market value is hovering around the $19,500 (roughly Rs. 15.5 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $20,286 (roughly Rs. 16.16 lakh), down by 4.25 percent in the past 24 hours.
On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $19,502 (roughly Rs. 15.53 lakh) while CoinGecko data shows that BTC’s value is currently down by 3.5 percent week-to-day.
Ether, meanwhile, hasn’t had a good run either. At the time of publishing, Ether is valued at $1,135 (roughly Rs. 90,500) on CoinSwitch Kuber while values on global exchanges see the crypto’s value at $1,057 (roughly Rs. 84,300), where the cryptocurrency has lost roughly 2.51 percent over the past 24 hours.
Ether’s dip over the past week sees the cryptocurrency’s value dip to a 6.8 percent low when compared to its value last Wednesday, as per CoinGecko data.
Gadgets 360’s cryptocurrency price tracker reflects much of what we see with BTC and ETH at the moment with almost all of better-known altcoins marking minor losses — as the global crypto market capitalisation saw a dip of 1.63 percent through Tuesday and early Wednesday.
BNB, Solana, Polygon, Stellar, Avalanche, Cardano, Monero, Chainlink, Uniswap, and Cosmos have all marked minor dips in value over the past day.
Memecoins Shiba Inu and Dogecoin have also witnessed dips through Tuesday. Dogecoin is currently valued at $0.06 (roughly Rs. 5.14) after losing some 2.14 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000011 (roughly Rs. 0.00086), down by 2.71 percent over the past day.
With US inflation data slated to be out later today, Bitcoin and the rest of the leading cryptocurrencies appear to have settled into a holding pattern with more volatility expected over the course of the week.
The bear markets of Bitcoin and other risky assets of the past reveal that a sell-off is usually followed by a prolonged sideways move but not a V-shaped rebound. Moreover, a final reversal is often preceded by a capitulation that makes assets ridiculously cheap, which we have yet to see.
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