Most cryptocurrencies struggled to weather the price declines as December entered its third week, days before Christmas. Bitcoin opened trading with a loss of almost a percent on Monday. Over the weekend, the most valuable crypto asset fell significantly and is currently trading at $16,720 (about 13.8 lakh). BTS, the world’s most popular cryptocurrency, had taken weeks to finally break through $17,000 (roughly 14.06 lakh) last week – before slipping again. On international exchanges like Binance and Coinbase, BTC has not posted any gains and has traded below last week’s prices.
ether joined Bitcoin and most other altcoins also saw losses today. With a small 0.71 percent drop, ETH opened trading at $1,177 (about Rs. 97,405), Gadgets 360’s shows Crypto price tracker.
Last week, ETH’s weekly close was $1,270 (about 1.05 lakh), higher by $93 (about Rs.7,963).
“BTC failed to hold gains after Federal Reserve rate hike. ETH is also seeing significant outflows due to increased selling pressure. It is unlikely that we will see a quick reversal at this point. To regain the initiative, the bulls need to push BTC price above the $16,800 (roughly 1.38 lakh) level,” Edul Patel, CEO and co-founder of Mudrex told Gadgets 360.
stablecoins such as tether, USD coinand Binance USD saw gains on Monday.
Cardano, polygon, Speckle, Litecoin, Solana, Uniswapand chain link – all opened with minor declines today.
Dogecoins and Shiba Inu couldn’t post any profits either.
The total capitalization of the crypto market, which stood at US$850 billion (approximately Rs.70,337 crore) two days ago, December 16, is now at US$807 billion (approximately Rs.66,778 crore), after losing a whopping US$43 billion (approximately Rs.3,558 crore). over the weekend.
Meanwhile, few altcoins posted gains on Monday. These include Binance coin, Lion, avalanche, cosmos, Stellar, Elrond.
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.
