Bitcoin, Ether Register Minor Losses, Pull Most Altcoins Down
The crypto price charts opened with more reds than green after Bitcoin witnessed small losses stepping into Wednesday, April 6. With a dip of 2.20 percent, Bitcoin started trading at $47,662 (roughly Rs. 36 lakh), as per Indian exchange CoinSwitch Kuber. BTC, that has a market cap of around $860 billion (roughly Rs. 65 trillion), also suffered losses on international exchanges. On Binance for instance, Bitcoin dropped by 3.29 percent, bringing its trade value to $45,187 (Roughly Rs. 34 lakh).
Ether also fell prey to the market volatility and opened with dips. ETH values fell by 4.72 percent to trade at $3,507 (roughly Rs. 2.65 lakh), as per the crypto price tracker by Gadgets 360.
On international exchanges, Ether mimicked Bitcoin to see comparatively bigger losses. According to Coinbase and CoinMarketCap, ETH values dropped by 5.11 percent and currently stand at $3,324 (roughly Rs. 2.5 lakh)
Majority altcoins followed the two most-valued cryptocurrencies in tumbling down the price ladders.
Binance Coin, Solana, Cardano, Ripple, Avalanche, and Polkadot registered losses.
Despite making it to the list of Bitcoin of America ATMs, Shiba Inu continued to lay low on the price charts.
Dogecoin, on the other hand opened with a gain of 6.97 percent. Dogecoin’s value witnessed a big boost that took it to an almost two-month high after Elon Musk bought a 9.2 percent stake in Twitter. Currently, DOGE is priced at $0.17 (roughly Rs. 12).
Stablecoins such as Tether and USD Coin also managed to reel in small profits.
All seems to be going in favour of stablecoins of late.
In a historic decision, the UK officially recognised stablecoins as an official mode of payments. These crypto assets are pegged to reserve assets like gold or fiat currencies so, even if the crypto market is down, they can still see gains due to the performance of its underlaying asset.
Meanwhile, the European Union (EU) is also racing to ready its CBDC, Digital Euro. European Commission lawmakers believe that the Digital Euro — the EU’s planned Central Bank Digital Currency (CBDC) could facilitate enhanced privacy for small value transactions.
At present, the market cap of the crypto sector stands at $2.08 trillion (roughly Rs. 15,753,937 crore), as per the data by CoinMarketCap.
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