Bitcoin and the broader cryptocurrency market had a reasonably decent week through Thursday, when investors decided to change their minds about a potential rally and start withdrawing capital, heavily impacting market sentiment. After a few days of gains, bitcoin was down 1.92 percent as of Thursday and currently stands at $46,221 (about 34.24 lakh), down 1.83 percent over the past 24 hours on Indian exchanges like CoinSwitch Kuber is equivalent to. Meanwhile, the price of the most popular cryptocurrency on global exchanges stands at $42,769 (about 31.68 lakh) and is down 1.96 percent in the past 24 hours.
Ether suffered worse plight after the Ethereum-based cryptocurrency fell 2.73 percent on the day and is currently valued at $3,544 (about 2.63 lakh) on CoinSwitch Kuber, while values on global exchanges saw the Cryptocurrency priced at $3,277 (about 2.63 rupees see 2.43 lakh), where the coin has seen a 2.05 percent drop over the past 24 hours. Despite its dreadful start to 2022, Ether’s strong performance over the week has seen the second largest cryptocurrency by market cap pare its losses to just over 4 percent over the past week.
Bitcoin and Ether’s decline on Thursday didn’t bode well for the rest of the market either. Gadgets 360 cryptocurrency price tracker shows a red indicator across the board apart from a few outliers. Ripple, Cardano, Polygon, Uniswap, Chainlink, and Litecoin all saw dips in valuation. Meanwhile, Polkadot and Monero were the only coins to post gains, aside from stablecoins like Tether and USDC.
However, meme coins have a different story to tell. While Shiba Inu fell a whopping 5.78 percent to $0.000034 (roughly Rs.0.002511) by Thursday, Dogecoin has managed a massive 8.22 percent surge over the past 24 hours, buoyed by the news that that Tesla is testing DOGE as a payment option. However, the value of SHIB is up 1.2 percent over the past week, while Dogecoin is up 19 percent.
“We saw the traded volume increase by almost 20 percent in the last 24 hours. However, the market remained in a consolidated phase as the weekend approached. The coming week could likely remain volatile with good bullish participation. If Bitcoin stays below 40 percent and the market holds its support levels, we could likely see a bullish move across the altcoins,” claims Edul Patel, CEO and co-founder of crypto investment firm Mudrex.
In related news, Block CEO and former Twitter CEO Jack Dorsey has proposed the creation of a legal defense fund that would help Bitcoin developers deal with mounting litigation. Dubbed the Bitcoin Legal Defense Fund, the services would be free for developers if they choose to do so. First, volunteers and part-time attorneys would help with cases, and the fund’s board would be responsible for determining which cases and defendants to help. Dorsey outlined the basics of the proposal in an email to the Bitcoin-dev mailing list.
After El Salvador made bitcoin legal tender in September last year, crypto culture has seen an expansion in several parts of the world. However, the crypto sector in Pakistan could likely face obstacles. The Central Bank of Pakistan is reportedly considering a ban on all cryptocurrencies in the country. The State Bank of Pakistan (SBP) has now presented a document to the Sindh High Court in which it describes cryptocurrencies like Bitcoin as “illegal” and unusable for trading purposes. According to Chainalysis’ Global Crypto Adoption Index, Pakistan ranks third among the top 10 countries with the highest number of crypto adopters.
Interested in Cryptocurrency? We discuss all things 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 wherever 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 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 loss arising from any investment made on an accepted recommendation, forecast or other information contained in this article.
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