The cryptocurrency industry, at this point, is falling prey to volatility due to the slowdown in economic activities around the world. On Thursday, May 26, Bitcoin opened with most other cryptocurrencies with losses. BTC fell 0.86 percent, bringing its trading value to $31,461 (nearly 24,000 rupees) on Indian exchange CoinSwitch Kuber. The world’s oldest cryptocurrency has also not been able to make gains on international exchanges. Bitcoin price is hovering near $29,848 (about 23 thousand rupees) on exchanges such as Binance and CoinMarketCap.
Ether saw bigger losses than Bitcoin today. When recording a tumble of 3.28 percent, ETH values dropped to $2,048 (approximately Rs 1.5 lakh), crypto price tracker by Gadgets 360 shows.
Among other popular cryptocurrencies, Binance Coin, Cardano, Solana, Polkadot and Avalanche have found themselves in a low position on the price ladder.
Dogecoin and Shiba Inu also suffered significant losses.
Speaking to Gadgets 360, the research team at CoinDCX crypto exchange said that the global economic climate is acting as a major factor in bringing red more than green to cryptocurrency price charts.
“The recent openness of the US to being smart when it comes to economic policies has sent stock markets higher this morning even though the cryptocurrency remains constrained with significant range. The lack of economic catalysts and persistent inflation has led many to believe a recession is within reach,” the CoinDCX team said. parentheses or lower, with caution and discretion in the use of funds for additional capital.
Experts also note that not all market corrections and fluctuations may always be negative.
“that they [market fluctuations] It can also be useful in resetting market valuations and investor expectations in the context of long-term market progress,” the CoinDCX research team added.
The gains marginally affected a small number of altcoins, including Tether, USD Coin, Tron, Monero and Decentraland.
The current total market capitalization of the crypto sector is $1.26 trillion (about Rs 97,98,871 crore), according to CoinMarketCap.
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.