Affected by various macroeconomic market factors, coupled with the continued volatility of cryptocurrency prices, the price of Bitcoin is currently at a two-month low. Bitcoin was trading at $26,035 (roughly Rs 2.16 lakh) on Tuesday, down 0.21%. In the past 45 hours, the value of Bitcoin has dropped by $58 (roughly Rs. 4,820). Currently, the broader market sentiment looks bearish, with most cryptocurrencies reflecting price drops.
Ether fell 0.77% on Tuesday. As of writing, ETH is trading at $1,663 (roughly Rs 1.38 lakh). In the last day, the ether price dropped by $15 (roughly Rs. 1,245).
“According to Bloomberg ReportThere are signs that the U.S. Securities and Exchange Commission (SEC) will approve an ethereum futures exchange-traded fund (ETF) in the coming months. This development could lead to a fresh rally in ETH, which has been on the softer side of price action so far this year. ’” the CoinDCX research team told Gadgets 360, predicting better days for the industry.
Currently, losing cryptocurrencies include Binance Coin, Ripple, USDcoin, Cardano, Dogecoin, and Solana.
Tron, Polkadot, Polygon, Shiba Inu, Avalanche and Stellar also found themselves suffering losses.
The global cryptocurrency market cap fell 0.55%, reflecting a valuation of $1.05 trillion (approximately Rs 87,23,032 crore) coin market cap.
Additionally, the Crypto Greed and Fear Index continues to remain in the fear zone with a score of 37/100.
“While the larger market sentiment looks pessimistic at the moment, one can take the pulse of the market by looking at how LTC has performed following the recent halving. It was up almost 2.7% yesterday,” Shubham Hudda, Senior Manager of Markets at CoinSwitch told Gadgets 360 , which highlights that the cryptocurrency market bulls may not have lost all.
Among the few altcoins that did post modest gains, Litecoin, Monero, Zcash, Baby Doge Coin, Braintrust and Augur all stood out.
Despite the volatility in the market, developments in the blockchain space continue.
“A very interesting offering on Coinbase Layer 2 BASE called friend.tech has so far generated close to $1 million (roughly Rs. The largest and most valuable dApp. The app allows Twitter or X.com users to create an exclusive community where they can buy “keys” to famous celebrities, giving them exclusive access to chat with those celebrities,” 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.
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