Most cryptocurrencies opened with small losses on Monday, February 6th. Bitcoin posted a 1.79 percent loss to open at a price of $22,860 (approximately Rs.18.8 lakh). International stock exchanges such as Binance and Coinbase also showed slumps of a similar magnitude. The cryptocurrency suffered a significant drop in value over the weekend. Between February 3rd and today, BTC fell by $687 (roughly Rs.56,147) but managed to hold its recent rise in value.
ether connected Bitcoin to post losses. The second most expensive cryptocurrency was down 1.77 percent on Monday. ETH was priced at $1,626 (roughly Rs. 1.34 lakh) at the time of writing, showing this Crypto price tracker by Gadgets 360.
“This decline reflects the fall in US stocks on Friday’s unexpected surge in job growth numbers. This has raised concerns about possible rate hikes to regulate the economy and control inflation,” Edul Patel, CEO and co-founder of crypto investment platform Mudrex, told Gadgets 360.
USD-pegged stablecoins such as tether, Binance USD, USD coinAnd ripple experienced losses.
Other popular altcoins that have tumbled down the price ladder are also included Cardano, polygon, Solana, SpeckleAnd Litecoin next to avalanche, Tron, UniswapAnd cosmos.
The overall valuation of the crypto market fell 1.17 percent in the last 24 hours. as par CoinMarketCapThe crypto market cap currently stands at $1.06 trillion (approximately Rs. 87.77.613 billion).
Meanwhile, only a small number of cryptocurrencies opened with profits.
These include Lion, Bitcoin SV, iotaAnd NEM.
augur, diamAnd value circuits also made profits.
Amidst this volatility heavily impacting the crypto sector, a Study by JP Morgan recently said that institutional investors are afraid to experiment with crypto assets.
JP Morgan surveyed 835 dealers in sixty international locations between January 3rd and 23rd this year. The study found that 72 percent of institutional e-traders are now skeptical about experimenting with cryptocurrencies in 2023.
In the coming days, the Wall Street Bank forecast, cryptocurrencies will merge with traditional finance. This will happen as more nations release rules regulating the digital asset sector.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made based on an accepted recommendation, forecast or other information contained in this article.
