The crypto market is undergoing heavy volatility in the backdrop of macroeconomic factors, market changes, and political turmoil. On Wednesday, Bitcoin price fell by 1.93 percent on international exchanges, to trade at $65,866 (roughly Rs. 55.1 lakh), as per CoinMarketCap data. In India, Bitcoin recorded a slightly higher loss of over two percent on local exchanges such as BuyUCoin and CoinSwitch. The trading range of BTC on Indian exchanges ranges between $66,043 (roughly Rs. 55.2 lakh) and $70,195 (roughly Rs. 58.7 lakh).
“BTC fell following the news that creditors of the now-defunct exchange Mt. Gox have begun receiving their BTC through Kraken. After a nine-year wait, multiple creditors have reportedly received their BTC, with the total distributed amounting to an impressive $9 billion (roughly Rs. 75,324 crore) in BTC and Bitcoin Cash (BCH),” the CoinSwitch markets desk told Gadgets360.
Ether registered a price drop of 0.44 percent over the last day. On international exchanges, ETH is trading at $3,440 (roughly Rs. 2.87 lakh). In India, meanwhile, ETH is priced at $3,452 (roughly Rs. 2.88 lakh) after incurring a loss of 0.55 percent.
“ETH has been range-bound between $3,370 (roughly Rs. 2.82 lakh) and $3,560 (roughly Rs. 2.97 lakh) for a week, missing momentum from the July 23 ETF debut. Bitcoin ETFs saw $961 million in net inflows, but ETH derivatives remain subdued. This could hint at a lack of confidence in immediate upside,” Avinash Shekhar, CoFounder and CEO, Pi42 said on Wednesday.
Binance Coin, Solana, Dogecoin, and Cronos saw their values fall over the past 24 hours, as per the Gadgets360 crypto price tracker.
Similarly, Cardano, Avalanche, Shiba In, Polkadot, and Chainlink are also trading at lower values on Indian exchanges.
Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25, which did not mention the crypto industry or any measures to regulate the sector and modify existing taxes. This, coupled with the recent WazirX hack, could be some of the reasons that are leading to price cuts for crypto assets in India.
The overall crypto market cap dipped by 1.43 percent in the last 24 hours, as per CoinMarketCap data. With this, the sector valuation has come to $2.39 trillion (roughly Rs. 2,00,03,224 crore).
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.
