Bitcoin on Tuesday, January 23 reflected a loss of 3.63 percent. With this, the value of Bitcoin has dropped to $39,820 (roughly Rs. 33 lakh). This is the first time in the last two months that Bitcoin has dropped below the mark of $40,000 (roughly Rs. 33 lakh). In the last 24 hours, Bitcoin’s price reduced by $1,175 (roughly Rs. 97, 635). Most cryptocurrencies followed Bitcoin on the loss-making side of the price chart.
Ether clocked a loss of 4.04 percent on Tuesday. At the time of writing, ETH was trading at $2,336 (roughly Rs. 1.94 lakh). Ether price, in the last 24 hours, reduced by $81 (roughly Rs. 6,730).
“BTC slumped below the $40,000 (roughly Rs. 33 lakh) mark for the first time in 50 days as the Bulls failed to hold the support line. New investors who had put a big amount of money during the spot ETF announcement are now sitting at almost a 25 percent loss. Altcoins too slumped deep red during the late hours of US Monday trading hours as fears of ETH dropping below the $2,000 (roughly Rs. 1.66 lakh) mark rose in the markets again. The trigger of this was the Ethereum Foundation selling off 700 ETH for around $2,400 (roughly Rs. 1.99 lakh) per ETH. Usually, such sell-offs by token foundations mark a local top which could very well be the case before the Bitcoin halving trigger,” the CoinSwitch markets desk told Gadgets360.
Cardano, Solana, Ripple, Avalanche, Tron, and Polkadot — all registered price dips on Tuesday.
Other loss-making altcoins include Leo, Uniswap, Litecoin, Leo, Iota, and Qtum.
The overall market cap dropped by 2.13 percent in the last 24 hours. At the time of writing, the crypto market valuation stands at $1.58 trillion (roughly Rs. 1,31,31,214 crore), as per CoinMarketCap.
Only a small number of cryptocurrencies managed to reel-in profits on Tuesday. These include Tether, USD Coin, Iota, Cartesi, and Bitcoin Hedge.
“The crypto market is witnessing a healthy pullback after a massive bull run. We may see a more stable Bitcoin as ETFs grow their AUM and drive mass adoption of the world’s largest digital asset. Top Trader Henrik Zeberg shared a new Bitcoin price prediction of $120,000 (roughly Rs. 99.7 lakh) but we will have to wait and see how the market moves in the coming weeks,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
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