The crypto market saw its price rally halt on Tuesday after days of rising digital currency values. Bitcoin was down 2.25 percent on Tuesday, taking its price to $29,353 (about Rs. 24 lakh). Bitcoin has leveled off at its highest price in the last eight months on both national and international stock exchanges. However, it is worth noting that the value of BTC has fallen by $607 (roughly Rs. 49,784) in the last 24 hours.
ether followed Bitcoin towards the loss-making side of the crypto price chart on Tuesday. Down 0.68 percent, ETH is currently trading at $2,081 (about 1.7 lakh), according to Gadgets 360 Crypto price tracker.
“For the past 24 hours, Bitcoin has traded below the $30,000 level (roughly 24.6 lakh) on the strengthening of the US dollar, which has prompted an increase in bearish activity. The bears are attempting to push towards the USD 29,200 (approx. 23.9 lakh) support zone while the immediate resistance levels currently stand at USD 29,800 (approx. 24 lakh) and USD 30,000 (approx. 24.6 lakh). If these resistance levels are successfully broken, it could lead to another rise. Meanwhile, Ethereum was able to hold its position above the $2,000 level (roughly Rs.1.6 lakh), but if it breaks below that level, it could invite the bears back into the market,” said Edul Patel, the CEO by Mudrex Crypto Investment told Gadgets 360.
Much of the crypto price chart reflected Tuesday’s losses. These include Binance coin, ripple, Cardano, polygon, Solana, SpeckleAnd avalanche.
Tron, chain link, Uniswap, cosmosAnd Monero also recorded price declines.
The total crypto market cap fell 1.30 percent in the last 24 hours. At the time of writing, the valuation of the crypto market is $1.25 trillion (approximately Rs.1.02.83.799 billion). CoinMarketCap. “The SEC has further tightened the rules on crypto platforms, calling them securities and forcing them to comply with existing laws. The surge in Treasury yield and the expected Fed rate hike have impacted crypto prices,” WazirX Vice President Rajagopal Menon told Gadgets 360.
Despite the otherwise poorly traded altcoins, some managed to post small gains on Tuesday. These include tether, USD coin, Dogecoins, Litecoin, Binance USDAnd Wrapped Bitcoin among other.
Industry insiders are predicting that some more upcoming developments surrounding the crypto sector could spark some upheaval in the market. “To regulate stablecoins, the Bank of English and the Financial Conduct Authority plan to confer on new rules that will bring stablecoins under existing payments legislation. In parallel, the US SEC is approaching crypto regulations by treating them as securities. The SEC classified six cryptos as securities in its lawsuit against a crypto exchange — Bittrex. Of the tokens involved in the lawsuit, Algorand has by far the largest market cap. It’s down ~4.8 percent in the past 24 hours since this morning,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch, told Gadgets 360.
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.
