The crypto price chart today reflected losses alongside most altcoins. Bitcoin opened Tuesday down two percent. At the time of writing, BTC is trading at $16,457 (roughly Rs. 13.6 lakh). The oldest crypto asset also recorded losses on international stock exchanges. Binance and Coinbase showed BTC losing up to 1.30 percent of its value, trading at $16,664 (about 13.7 lakh). In the last 24 hours, BTC lost $263 (about Rs.21,756) from last day’s open of $16,720 (about 13.8 lakh).
ether also saw losses next to it Bitcoin. After losing 0.30 percent, ETH is currently trading at $1,184 (roughly Rs. 98,008).
stablecoins such as tether, USD coinand Binance USD — all witnessed casualties.
These were joined Binance coin, ripple, Cardano, polygon, Speckle, Tronand Litecoin on the losing side of the price chart.
Dogecoins and Shiba Inu – the meme coins that witnessed Investments by Indians this year – no gains to be seen either.
Amid the continuous daily losses hitting most cryptocurrencies, the crypto market’s overall valuation is recording a sharp and troubling decline.
The current valuation of the crypto market stands at US$810 billion (roughly Rs.67,061 billion) after falling from the trillion dollar mark following the collapse FTX crypto exchange.
Only a small number of cryptocurrencies opened with profits today. These include Wrapped Bitcoin, chain link, Moneroand cosmos.
Despite the ongoing crypto slump, industry experts are positive about the sector’s progress in 2023.
“In 2023 we can expect benign macroeconomic conditions as central banks have hinted at easing monetary policy and interest rates. Inflation will be a key factor that will decide the fate of financial markets around the world. The crypto market will emerge from the collapse of crypto giants like FTX and move to a more mature phase with smarter investors and healthy regulations,” Shivam Thakral, CEO of Indian exchange BuyUcoin, 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 on an accepted recommendation, forecast or other information contained in this article.
