Bitcoin Slumps 4 Percent Dragging Ether, Majority Crypto Coins Along With It
Crypto market that recently crashed after the Russian Central Bank proposed a ban has been struggling to recover for a while. As January 2022 draws to a close, Bitcoin remains affected by market volatility, which is also impacting the gains of altcoins. With a loss of 4.50 percent, Bitcoin’s trading value is $35,840 (roughly Rs. 25 lakh) on Indian exchange CoinSwitch Kuber. The reigning king of the crypto kingdom, Bitcoin has registered losses on international exchanges as well. As per Binance and CoinMarketCap, each BTC token is trading at around $35,951 (roughly Rs. 25 lakh) with losses of around 3.35 percent.
Along with Bitcoin, Ether also slumped by 3 percent on Thursday, January 27. Ether is trading at $2,595 (roughly Rs. 2 lakh) as per Gadgets 360’s crypto price tracker.
More dips in the prices of the two most valued cryptocurrencies spelled an overall loss for the crypto market.
Binance Coin, Cardano, Solana, Ripple, Polygon, and Polkadot also tumbled down the price ladders.
Meme-based Dogecoin and Shiba Inu have shown no signs of recovery since the beginning of this year as they continue to see losses day after day.
Only a few altcoins managed to add some values to their prices despite the otherwise rough start for the crypto market today.
Tether, USD Coin, and Binance USD made the list of gainers with value hikes of 0.33 percent, 0.25 percent, and 0.26 percent, respectively.
Despite the everyday ups and downs of the “maturing” crypto market, industry experts foresee a healthy future for the sector.
“Despite some initial recovery in the crypto market, BTC and ETH stopped short of their early gains, following the US Federal Reserves’ committed stance to reduce the size of its balance sheet. BTC and ETH’s drop pulled other cryptocurrencies along, dragging the rest of the crypto market into the reds. Even with the crypto market’s muted performance in January 2022, the sector is still attracting institutional investors and sovereign wealth funds,” the research team of CoinDCX told Gadgets 360.
Most recently, crypto exchange FTX US drew funds from SoftBank and Temasek in a Series A funding round. It has raised its valuation to $8 billion (roughly Rs. 60,160 crore).
“This is an affirming sign of the industry’s long-term staying power,” CoinDCX added.
Earlier this month, Shark Tank investor Mark Cuban had revealed that apart from his picks from the entrepreneurial reality TV show, 80 percent of his new investments are around the crypto sector.
He compared the current sceptical sentiment around the crypto space to how the Internet looked like back in 1995.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
