Bitcoin’s price didn’t show any notable changes over the weekend. At the time of writing, the most expensive asset on the cryptocurrency chart was trading at $63,200 (roughly Rs. 52.8 lakh) on foreign exchanges like CoinMarketCap, after a decline of 0.26 percent. On Indian exchanges, meanwhile, BTC’s value is marginally higher at $68,540 (roughly Rs. 57.2 lakh). Despite BTC’s continued lackluster performance on the price chart, the asset has recently received appreciation from billionaires like Jack Dorsey and Michael Dell, the founder, chairman and CEO of Dell Technologies.
Ether fell by 1.12 percent on Monday, taking the price of Ether to $3,171 (roughly Rs. 2.65 lakh), as seen on Gadgets360’s crypto price chart. ETH, the second-most valued crypto asset after BTC, is currently trading at $3,423 (roughly Rs. 2.86 lakh) on international exchanges.
Currently, BTC and ETH’s dominance of the total market stands at 54.1 percent and 18.2 percent respectively, it turns out MintMarketCap.
“According to media reports, the US Commodity Futures Trading Commission (CFTC) is investigating Jump Crypto and it remains to be seen whether the CFTC will consider charges against the company. The negative news had an immediate impact on the crypto market as BTC and ETH prices plummeted,” BuyUcoin CEO Shivam Thakral told Gadgets360.
Most cryptocurrencies suffered losses on Monday. These include Binance Coin, Solana, Dogecoin, Cardano, Shiba Inu and Avalanche.
Polkadot, Chainlink, Near Protocol, Polygon, Litecoin, Cosmos, Stellar and Cronos, among others, also suffered pressure due to price drops.
“The market is expected to remain volatile in the coming weeks due to uncertain macroeconomic factors,” Thakral added.
The overall crypto market valuation fell by 2.06 percent in the past 24 hours. The market capitalization of the sector currently stands at $2.3 trillion (approximately Rs. 1,92,15,131 crore), according to CoinMarketCap.
Only a small number of cryptocurrencies managed to make a profit. These include Tron, Uniswap, Leo, Iota and Braintrust.
However, market experts are confident that the stagnation in cryptocurrency prices will not last long.
“In a significant development, Standard Chartered, a major global bank, is establishing a spot trading desk for Bitcoin and Ethereum. The move reflects the growing institutional adoption of digital assets, with major financial institutions expanding their crypto offerings to meet rising demand,” the CoinSwitch Markets Desk told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information contained in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
