Bitcoin on Tuesday, December 12 reflected a loss of 1.30 percent on the crypto price chart. With this, the value of the most expensive cryptocurrency has fallen to $41,840 (roughly Rs. 34.8 lakh). This is the second consecutive day that BTC has found itself reeling under losses. In the last 24 hours, the value of BTC has dipped by $186 (roughly Rs. 15, 505). In fact, between today and last week, Bitcoin has fallen from a price point of nearly $44,000 (roughly Rs. 36.6 lakh). Experts from the crypto sector are referring to this slowed down period as ‘correction time’ for Bitcoin and other cryptocurrencies.
“Bitcoin faces mounting liquidation concerns, with $66.29 million (roughly Rs. 552 crore) liquidated in the past 24 hours, a substantial portion — $46.58 million (roughly Rs. 388 crore) — attributed to long liquidations. The 10-day moving averages echo the prior day’s sentiment, leaning toward a ‘Sell.’ Notably, the value of liquidations per percentage point has notably decreased in 2023 compared to 2021, signalling market maturation over the past two years,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Ether found itself behind Bitcoin on the loss-trail on Tuesday. Having incurred a price dip of 0.42 percent today, ETH is trading at $2,229 (roughly Rs. 1.85 lakh). ETH price dunked by $5 (roughly Rs. 415) in the last 24 hours.
“Ether witnessed $34.64 million (roughly Rs. 288 crore) in liquidations over the last 24 hours, with the majority ($34.24 million) stemming from long position liquidations,” Menon added.
Alongside BTC and ETH, several other cryptocurrencies are also trading in losses today. These include Tether, Ripple, USD Coin, Dogecoin, Chainlink, and Polygon.
Shiba Inu, Litecoin, and Bitcoin Cash are among other loss-making cryptocurrencies alongside Stellar, and Uniswap.
The overall crypto market cap tumbled by 0.32 percent in the last 24 hours. The valuation of the crypto sector currently stands at $1.57 trillion (roughly Rs. 130,90,448 crore), as per CoinMarketCap.
“While it initially seemed like a market shakeout, signalling a potential recovery, more confirmations are needed. The ongoing correction might be a bear trap, constituting a healthy adjustment within the broader bullish trend established in recent months. Notably, the announcement of Monthly US CPI data today could introduce additional volatility to the market,” the CoinDCX research team told Gadgets360.
Meanwhile, among a handful of profit-making cryptocurrencies, Binance Coin, Solana, Cardano, and Avalanche made a mark.
“The markets are expected to remain volatile this week ahead of the Fed’s rate hike decision and release of CPI data. Bitcoin witnessed a major fluctuation in its value on Monday which resulted in liquidations worth $200 million (roughly Rs. 1,667 crore) as per data from Coinglass. The current pullback is a healthy one and BTC is well-positioned to touch the $50,000 (roughly Rs. 41 lakh) mark in the first half of 2024. AVAX is currently leading the altcoin surge with double-digit growth in 24 hours,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
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