Continuing the slump, Bitcoin’s value fell another 0.38 percent on Tuesday, January 11th. The oldest cryptocurrency in the world is currently trading at $ 45,884 (approximately 33.9 lakh) on the CoinSwitch Kuber Indian exchange. On international exchanges like CoinMarketCap and Binance, the losing price of Bitcoin dropped to around $ 42,000 (about 31.2 lakh). This is the fifth day of Bitcoin trading below the $ 45,000 (approximately Rs. 33.2 lakh) mark on a global scale.
Together with Bitcoin, ether also showed no recovery from the loss in value. Shedding 2.39 percent, each Ether token is currently trading at $ 3,388 (roughly Rs 2.5 lakh), according to Gadgets 360’s crypto price tracker
On January 6, the entire crypto market collapsed after the US Federal Reserve indicated it could bring its rate hike schedule forward and implement it around mid-March. Since then, Bitcoin and Ether, which are down 9 percent and 8.3 percent respectively, have shown little or no price improvement.
A majority of other altcoins, including Tether, USD Coin, Cardano, Ripple, Dogecoin, and Shiba Inu, also remain affected by losses.
Polygon, along with some comparatively lesser-known cryptocurrencies like Iota, Cosmos, Dash, and Augur, managed to add a touch of green to the price chart with marginal profits.
Industry experts have described the next few days as crucial for the crypto market.
“The recent decline in Bitcoin price is due to sharp sell-offs secured with the US Federal Reserve’s rate hike. This leads investors to bonds and other conservative assets. The coming days are crucial as market participants wonder when this collapse will end, ”Edul Patel, CEO and co-founder of the crypto investment firm Mudrex, told Gadgets 360.
At a time when the market is already coming under pressure, several nations have to stop crypto mining due to a lack of electricity.
Iran, Irkutsk (Russia) and Kosovo are some places that have started cracking down on crypto miners.
This disruption in crypto mining is affecting a number of new coins that come into circulation and adding pressure to the crypto sector.
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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