Bitcoin, the most expensive asset on the crypto chart, has been recording regular pumps these recent days. On Wednesday, March 6 Bitcoin registered a loss of 6.20 percent to trade at $63,705 (roughly Rs. 52.8 lakh). In the last 24 hours, the value of Bitcoin briefly rose to $69,200 (roughly Rs. 57.3 lakh) before dipping by ten percent. The constant fluctuations in the crypto pricings have left the investor community biting nails.
“It’s normal to see a correction in Bitcoin after a month-long rally or hitting a new ATH every time. This Bitcoin momentum fuelled by Spot ETF volumes and interest rate cut anticipations failed to continue because over $1 billion (roughly Rs. 8,289 crore) were liquidated,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Ether clocked a minor loss on Wednesday to trade at $3,498 (roughly Rs. 2.90 lakh). Over the last day, the value of ETH has dropped by $48 (roughly Rs. 3,980).
“ETH also saw a spike to $3,800 (roughly Rs. 3.15 lakh) before plummeting to $3,200 (roughly Rs. 2.65 lakh). This drastic movement caused altcoins to plummet by 15-20 percent within minutes, possibly due to profit-taking after surpassing the 2021 peak,” the CoinDCX market desk told Gadgets360.
With both BTC and ETH reeling under losses, the impact is being seen on other altcoins as well. Tether, Binance Coin, Solana, Ripple, Cardano, Dogecoin, Avalanche, Polkadot, and Tron are all trading in losses on Wednesday.
Polygon, Bitcoin Cash, Litecoin, Stellar, Cronos, Monero, Bitcoin SV, and Elrond also logged losses.
The overall valuation of the crypto chart slipped by two percent in the last 24 hours. The current crypto market cap stands at $2.47 trillion (roughly Rs. 2,04,77,189 crore) — showed CoinMarketCap.
Among cryptocurrencies that clocked small profits, USD Coin, Shiba Inu, Uniswap, Leo, Cosmos, and Near Protocol marked their names.
“BTC briefly reached $69,200 (roughly Rs. 57.3 lakh) before succumbing to selling pressure, leading to subsequent sell-offs and pushing the price down to a low of $59,700 (roughly Rs. 49.4 lakh). Despite Bitcoin’s seven percent dip in the last 24 hours, ETH and SOL outperformed, while altcoins such as ADA, DOGE, and SHIB suffered losses ranging from 10 percent to 12 percent,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
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