Bitcoin, the world’s largest cryptocurrency by market capitalisation, has begun a steep drop, one that sees its value drop further along the lines of its June 2022 lows as investors burrow deeper into risk-off mode. The value of Bitcoin has witnessed a considerable dip of over 5 percent in the last 24 hours with its price now hovering below the $19,000 (roughly Rs. 15.20 lakh) mark across global exchanges while Indian exchanges like CoinSwitch and CoinDCX value BTC at $20,582 (roughly Rs. 16.50 lakh), 1.5 percent lower than yesterday.
On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $18,704 (roughly Rs. 14.90 lakh) while CoinGecko data shows that BTC’s value is currently 5.3 percent lower than where it stood last Wednesday.
Heading into the week of the much-awaited ‘Merge’, Ether has surprisingly looked bearish following BTC’s price trend despite the Bellatrix upgrade.
As things stand, Ether is valued at $1,647 (roughly Rs. 1.30 lakh) across Indian exchanges while values on global exchanges see the crypto’s value at $1,508 (roughly Rs. 1.20 lakh), where the cryptocurrency’s value has lost a heavy 8.16 percent over the past 24 hours.
Ether’s showing over the latter stages of last week sees the cryptocurrency’s value again move a lot higher than where it was last week. CoinGecko data suggests that the world’s second-largest crypto asset has moved up 9.5 percent in value week-on-week.
Gadgets 360’s cryptocurrency price tracker reveals that most major altcoins had a bad day of steep losses over the past 24 hours. The global crypto market capitalisation also witnessed an eye-watering 5.43 percent dip through late Tuesday and early Wednesday.
Memecoins Shiba Inu and Dogecoin also followed most altcoins with big drops in value. Dogecoin is currently valued at $0.06 (roughly Rs. 4.68) after losing 7.69 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000012 (roughly Rs. 0.000960), down 5.37 percent over the past day.
A lot of the current crypto downturn can be attributed to macroeconomic factors. Bitcoin price fell as the dollar showed renewed strength. The dollar jumped to a 20-year high while the Bloomberg Dollar Spot Index experienced record highs. Similarly, the US 10-year treasury bills have shown strength in anticipation of the Fed’s quantitative tightening.
The traditional market fell as well in response to the dollar’s strength. The S&P 500 fell by 0.4 percent while the NASDAQ 100 fell by 0.7 percent. Gold prices also fell in response to the dollar’s strength.
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