Crypto price charts reflected losses alongside several cryptocurrencies on Friday, February 3rd. Bitcoin opened with a small 1.26 percent loss. Despite the small dip, the oldest cryptocurrency saw some price drop, standing at $23,527 (roughly 19.3 lakh) at the time of writing. In the last 24 hours, the value of BTC fell by $357 (roughly Rs. 29,320). The most expensive cryptocurrency recorded similar small losses on international exchanges such as Binance and Coinbase, among others.
Following Bitcoins trajectory, ether also opened with losses. ETH slipped 1.43 percent in value to trade at $1,641 (about Rs. 1.34), according to the Crypto price tracker by Gadgets 360.
Several popular altcoins opened with losses on Friday alongside BTC and ETH. These include Binance coin, Cardano, polygon, SolanaAnd Litecoin.
After recording more gains than losses in the past few days, meme coins Dogecoins And Shiba Inu both, opened lower.
The prices of avalanche, Uniswap, cosmos, chain link, MoneroAnd bitcoin cash also experienced losses.
stablecoins tether, USD coinAnd Binance USD meanwhile, managed to hold onto gains in an otherwise rough market day.
They were further joined by Speckle, Tron, Lion, ElrondAnd hyphen.
The overall valuation of the crypto market fell 1.22 percent to $1.07 trillion (approximately Rs.88.54.664 billion) in the past 24 hours. CoinMarketCap.
“There has been a definite shift in the Federal Reserve’s rate hike cycle, with a lower hike of 25 basis points at its last meeting. Crypto markets have recouped most of their FTX-related losses and settled much higher. As far as token-specific actions go, MATIC has been on a phenomenal run, up 25 percent last week,” said Parth Chaturvedi, Crypto Ecosystem Lead. CoinSwitch said Gadgets 360.
However, it is worth noting that there are other factors that could drag down the crypto market in the times to come. These include the impact of inflation and ongoing Ukraine-Russia Conflict. Additionally, India’s silence on lowering crypto taxes could result in reduced interest in crypto in the world’s most populous nation, despite repeated outrage from industry insiders.
“The crypto industry expected relief from the aggressive tax introduced in the last budget, but there was no mention of changes in the Treasury Secretary Nirmala Sitharamans Speech on the Union Budget. However, the government has clarified the penal provisions for crypto TDS. This will significantly affect investor sentiment. In addition to a hefty fine, failure to pay TDS can land a person in prison for up to three months to seven years. Investors need to reassess their trading activities,” Punit Agarwal, founder of KoinX, 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.
