Bitcoin Drops to $29,000 Territory Even Though Stock Markets See Signs of Minor Recovery

Losses in the global crypto market have multiplied as investors continue to move away from assets that are considered riskier options. The losses in the market affected the performance of the majority of currencies and Bitcoin is no exception. The price of the largest cryptocurrency by market cap saw another drop on Thursday and is on track to decline for eight consecutive weeks for the first time in history. In terms of numbers, BTC continues to hover around the $29,000 mark (approximately 22.5 lakh) across global exchanges while Indian exchange CoinSwitch Kuber values ​​BTC at $30.736 (approximately Rs 24 lakh), down 1.82 percent in the past 24 hours.

On global exchanges such as CoinMarketCap, Coinbase and Binance, the bitcoin price is at $28,918 (about Rs 22.5 lakh), down 2.78 percent in value over the past 24 hours. According to CoinGecko data, the value of BTC has fallen below the point it was at last week, down 5.1% week by day.

While Bitcoin continues to consolidate, Ether has fared much worse this week. At the time of publication, Ether is valued at $1,855 (approximately 1.4 lakh) on CoinSwitch Kuber while values ​​on global exchanges see the cryptocurrency at $1,748 (approximately Rs. 9.01 percent in the past 24 hours.

The drop in the value of Ether over the past 24 hours means that the value of the cryptocurrency is now down 14.3 percent over the course of the week, according to CoinGecko data.

Gadgets 360’s crypto price tracker reveals that the downward winds have had a major impact on altcoin prices as the global cryptocurrency market cap fell by 5.55 percent over the past day. BNB, Polkadot, TRON, Polygon and Chainlink all suffered declines, while Solana, Cardano and Avalanche all fell the most.

Memecoins Shiba Inu and Dogecoin both joined the majority, experiencing significant drops in value. Dogecoin is currently valued at $0.08 (~Rs 6.5) after a 4.02 percent loss in value over the past 24 hours, while Shiba Inu is valued at $0.00011 (~Rs 0.000851, down 9.28 percent over the past day).

“Amidst the uncertainty in the market, US Federal Reserve Vice Chairman Lail Brainard has revitalized confidence in cryptocurrencies, seeing the necessity of a central bank digital currency for the US dollar and its location to coexist with stablecoins.” — The overall timeframe for launching the digital dollar, Brainard explains. The importance of embracing digital currency and the risks of not dealing with the future digital financial system. Despite the bearish crypto market, support and belief in the value and relevance of digital assets attests to the world’s largest economy the central role that cryptocurrencies will continue to play in the future of finance,” the team said. Search CoinDCX for Gadgets 360.

Cryptocurrency is an unregulated digital currency that is not legal tender and is subject to market risk. The information in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind provided or approved by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendation, forecast or any other information contained in the article.

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