Bitcoin price saw a drop on Wednesday as the value of the world’s most widely used cryptocurrency fell after two days of recording significant price hikes. Having incurred a loss of 1.35 percent, Bitcoin is trading at $24,340 (roughly Rs. 20 lakh) on both, national as well as international exchanges. Over the last 24 hours, Bitcoin’s value dropped by $400 (roughly Rs. 33,100). Amid the strong headwinds swaying the markets, crypto experts predict BTC could witness notable price fluctuations before it manages to cross the mark of $25,000 (roughly Rs. 20 lakh).
Ether dropped in value by 2.95 percent to trade at $1,643 (roughly Rs. 1.35 lakh). Over the past 24 hours, ETH price decreased by $60 (roughly Rs. 4,965). Most cryptocurrencies followed a similar path, as per the crypto price tracker by Gadgets 360.
The overall crypto market cap slipped by 3.40 percent. As per CoinMarketCap statistics, the valuation of the crypto sector stands at $1.06 trillion (roughly Rs. 87,95,800 crore).
“With the stocks of major banks going down, the effect seems to have touched crypto on the surface. While the last few days have been a great example of investor confidence in virtual digital assets as compared to traditional finance, crypto and S&P correlation continues at some level. It will be a while before Bitcoin operates as a separate entity,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.
While the crypto industry seems to be making inroads into several countries, a new study by decentralised gaming portal — Crypto Betting has claimed that El Salvador is among nations where inclination towards Bitcoin has sustained over time despite ups and downs.
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