Crypto price chart looks down as bitcoin, ether and the majority of altcoins are losing

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The year 2022 seems to have started difficult for cryptocurrencies, as the majority of coins have shown losses since the beginning. On Tuesday, January 4th, Bitcoin opened with a loss of 0.61 percent. On the Indian exchange CoinSwitch Kuber, each Bitcoin token is traded for 49,922 USD (approximately 37 lakh). Around Christmas a few days ago, Bitcoin value hit the USD 52,000 mark (around Rs. 38.7 lakh.) On several exchanges, but shortly afterwards it fell again. On international exchanges such as Binance and CoinMarketCap, the world’s oldest cryptocurrency is trading at $ 46,299 (approximately Rs 34.5 lakh).

Ether followed Bitcoin and registered another drop in prices today. The world’s second largest cryptocurrency by market valuation is currently trading at $ 4,037 (roughly Rs 3 lakh) after posting a 0.83 percent loss, according to Gadgets 360’s crypto price tracker.

Tether, Cardano, Ripple, Dogecoin, and Shiba Inu are among the other altcoins that posted losses.

Only a handful of cryptocurrencies have managed to register pumps, including USD Coin, Polkadot, and Chainlink.

Given the current sectoral movement in majority coins, industry experts have forecast that something good will happen in the crypto space.

“The cryptocurrency market has been in a sector-specific consolidation for some time. The technical indicators suggest that the market could prepare for some good move in the coming days, ”Edul Patel, CEO and co-founder of investment firm Mudrex, told Gadgets 360.

In the meantime, the crypto space is facing contrasting voices that question its future in the times to come.

Ray Dalio, the billionaire and founder of the world’s largest hedge fund Bridgewater Associates, recently warned crypto investors around the world that boycotting Bitcoin on a global scale is a possibility.

The crypto situation in India has also become more sensitive.

After the massive tax evasion of GST by the cryptocurrency service provider WazirX, the general management of GST Intelligence stepped heavily into the cryptocurrency exchanges operating in the country.

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 is not responsible for losses that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

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