Bitcoin prices continued to fall on Wednesday, as they have for more than four weeks. The price of bitcoin fell 0.53 percent to $29,185 (roughly Rs 2.43 lakh). BTC has lost $20 (roughly Rs. 1,665) in value over the past two days. Industry experts say the market may have reached a point where BTC dominance (50.48%) has risen sharply. This should mean that altcoins will continue to underperform compared to Bitcoin.
Ether followed bitcoin lower on Wednesday. The value of ETH hovered above $1,826 (~Rs 1.52 lakh), down 0.79%.
“Recent CPI data showing slightly higher inflation than before led to risk aversion among retail investors and led to a massive exit from the market. However, the market still sees BTC and ETH as safe havens,” said Shubham, senior manager at CoinSwitch Markets Desk Hudda told Gadgets 360.
Stablecoins Tether, Binance Coin, Ripple and memecoins Shiba Inu and Dogecoin continued to lose money along with BTC and ETH.
Other altcoins trading on the losing side of the cryptocurrency price chart include Binance Coin, Cardano, Solana, Tron, Polygon, Polkadot and Litecoin.
“Key losers over the past 24 hours include PEPE (ten percent), MATIC (six percent) and DOGE (five percent). Recent CPI data showing slightly higher inflation than before led retail investors to Risk aversion emerged and resulted in a large amount of money exiting the market. However, the market still regards BTC and ETH as safe havens,” Hudda added.
The overall valuation of the cryptocurrency market has dropped by 1.10% in the past 24 hours, with a market capitalization of $1.16 trillion (roughly Rs. 96,58,334 crore), according to data from Crypto Market. coin market cap.
The Crypto Fear and Greed Index also fell by one percentage point and is now in neutral territory with a score of 52/100.
Binance USD, Elrond, Qtum, Dogefi and Bitcoin Hedge were all up slightly.
In other news, Europe launched its long-awaited spot bitcoin ETF yesterday in Amsterdam, enabling institutions to gain bitcoin exposure through well-established regulated channels.
“While the U.S. ETF is currently expected to launch in 2024, these developments could act as short-term bullish catalysts for BTC’s positive price action,” Hudda noted.
Cryptocurrency is an unregulated digital currency, not legal tender, and there are market risks. The information presented herein 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 losses arising from any investment based on any perceived advice, forecast or any other information contained in the article.
Svlook
