Crypto price charts, which have been showing losses for most cryptocurrencies for most of this week, are finally reflecting gains alongside some assets. Bitcoin opened Wednesday, December 21 with a marginal gain of 0.63 percent to trade at a price of $16,842 (approximately Rs.13.9 lakh). The first cryptocurrency ever created in 2009 settled for similarly small profits on international exchanges like Binance, Coinbase and CoinMarketCap to trade at the same price.
ether made slightly larger gains than Bitcoin. Appreciating 1.46 percent, ETH is currently trading at $1,210 (roughly Rs. 1 lakh). With that, ETH is up $26 (about Rs. 2,150) in the last 24 hours.
“US Treasury yields continued to rise, with the 10-year and 30-year rising to 3.58 percent and 3.6 percent, respectively. The spread between the 10-year and the two-year spread fell to -69.85. This performance reflects that the market expects interest rates to stay at elevated levels for a while,” the CoinDCX research team told Gadgets 360.
Among other profitable altcoins, Binance coin, ripple, Tron, Litecoin, Uniswapand avalanche marked their presence.
Wrapped Bitcoin, chain link, Monero, cosmosand Stellar also roped profits.
acc CoinMarketCapthe entire crypto market is up 0.20 percent in the last 24 hours. Regardless, the overall valuation of the crypto sector is US$808 billion (approximately Rs.66.87.654 billion).
Today, Binance USD, USD coin, Cardano, polygonand Speckle — settled at a loss.
Dogecoins and Shiba Inu also experienced price declines.
“On-chain analysis metric, Bitcoin MVRV indicator signals extreme market slowdown that usually occurs at the end of a bear market. Historically, MVRV reached the same low level 31 months after each halving. Interestingly, the indicator has been in practically similar regions in all previous cycles during this period,” noted the CoinDCX research team.
Despite the ongoing crypto slowdown, a number of fintech companies are trying to push crypto adoption for everyday purchases.
Visasfor example, is exploring a way to allow people to make their phone and electricity payments via automatic deductions from self-custodial crypto wallets.
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.
