Crypto charts reflect large swings such as bitcoin and ether register losses; Few see profits

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The development of the crypto market was drawing closer in late 2021 and was full of mixed signals. Bitcoin, for example, lost 2.03 percent of its value on Wednesday, December 29th. On the Indian exchange CoinSwitch Kuber, every crypto token of Bitcoin is traded for 51,794 US dollars (approx. 38.6 lakh Rs.). In the past few days, Bitcoin prices in India had hovered around $ 53,000 (approximately 39.5 lakhs), a value that has fallen significantly. Bitcoin is now trading at $ 50,212 (approximately 37.5 lakh) on international exchanges such as Binance and CoinMarketCap.

Ether also followed Bitcoin on a weak path, recording a loss of 2.32 percent. Each Ether token is currently trading for $ 4,108 (approximately Rs 3.07,000), according to Gadgets 360’s crypto price tracker. This is the first time in days that Ether values ​​fell below the $ 4,200 mark (roughly 3.13,666 rupees), impacted by year-end market action.

Cardano, Ripple, Polkadot, Dogecoin and Shiba Inu among most of the other popular cryptocurrencies entered the third to last day of 2021 with losses.

Only a few cryptocurrencies, including Tether, USD Coin, Polygon and Uniswap, were able to move upwards with marginal changes in value.

The global crypto market was hit by a difficult period towards the end of the year. Total market capitalization has also declined seven percent in the past 24 hours to $ 2.25 trillion (about 1.68.42.950 billion rupees), according to CoinMarketCap.

Industry analysts have predicted area-bound movement in the majority of cryptocurrencies in the coming days.

Meanwhile, the crypto space maintains its popularity in India. A recent report by CoinSwitch Kuber said that of its growing user base of over 14 million Indians, most users are young and 15 percent are women.

With the global expansion of crypto culture, several nations are taking steps to tighten the noose around crypto-related cybercrime.

The UAE has passed reformed laws that lead to a prison sentence of up to five years and a fine of up to AED 1 million (approximately Rs.2 billion) for crypto scammers.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended as financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for losses that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

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