Bitcoin and Ether lose positive momentum as most altcoins suffer from serious profit bookings – Gadgets 360

Bitcoin has had a tough time over the past 24 hours as Wednesday saw a healthy share of market profit, dragging BTC and a host of other altcoins down substantially. The world’s most valuable cryptocurrency had a pretty good week ahead of Wednesday, stabilizing the ship above $38,000 (roughly Rs. 30 lakh), but Bitcoin’s poor performance over the past day seems to have erased some of the progress made over the past 10 days. The value of Bitcoin currently stands at $39,722 (roughly Rs. 25 lakh), down 3.84% in the last 24 hours on Indian exchange CoinSwitch Kuber.

Meanwhile, on global exchanges, the price of the most popular cryptocurrency stood at $36,948 (roughly Rs. 25 lakh) down 4.01% in the last 24 hours.

Ether, the second-largest cryptocurrency by market capitalization, also had a good week, although Wednesday saw the crypto asset lose some of that bullish momentum. At press time, Ether is valued at $2,866 (roughly Rs. 2 lakh) on CoinSwitch Kuber while values ​​on global exchanges see the value of the crypto hover around $2,700 (roughly Rs. 2 lakh) at $2,666 (roughly Rs. 2 lakh), where the coin has fallen almost 3.48% in the past 24 hours. Comparing it to the price of Ether a week ago, data from CoinGecko reveals that the value of the cryptocurrency still represents a profit of 7.9%.

Gadgets 360 cryptocurrency price tracker reveals more profit booking among altcoins. Cardano, Solana, Avalanche, Polygon, Terra, Binance Coin, Cosmos, Polkadot and Chainlink all fell sharply in value, while metaverse tokens Decentraland (MANA), The Sandbox (SAND) and Enjin Coin (ENJ) also fell. experienced a run in red.

Meme coins also didn’t have a great start to the month, as did most other altcoins, as Wednesday saw declines for SHIB and DOGE – the two most searched meme coins among others. Dogecoin is currently valued at $0.14 (approximately 11 rupees) after losing 3.13% in the last 24 hours, while Shiba Inu is valued at $0.000022 (approximately 0.002 rupees), down 4, 61% in the last 24 hours.

While the broader crypto market is expected to continue to experience volatility, India’s Finance Secretary TV Somanathan told ANI that cryptocurrencies like Bitcoin or Ether will never reach the legal tender status, adding that only the digital rupee issued by the Reserve Bank of India (RBI) would be legal tender.

“The digital rupee will be backed by RBI which will never default. The money will be of RBI but the nature will be digital. The digital rupee issued by RBI will be legal tender. We can buy non-digital assets with the digital rupee like we buy ice cream or other things using our wallet or payments through the UPI platform,” the finance secretary was quoted by ANI as saying.

Meanwhile, Alphabet CEO Sundar Pichai made his first public comments on Web3, saying he was monitoring the blockchain space and examining how Google’s parent company could add value to the development of the adopted technology. by many of his Silicon Valley peers. .

“Anytime there’s innovation, I find it exciting,” Pichai said Tuesday in response to a question about the technology on Alphabet’s earnings call. “I think it’s something we want to support as best we can.”

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, Gadgets 360 Podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get it. your podcasts.

Cryptocurrency is an unregulated digital currency, which is not legal tender and is subject to market risk. The information provided 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 offered or endorsed by NDTV. NDTV shall not be liable for any loss resulting from any investment based on any perceived recommendation, forecast or any other information contained in the article.