Bitcoin Price Drops as US Transfers Silk Road-Related Tokens
Bitcoin, which was trading at $69,535 (approximately Rs. 58 lakh) early this week, has fallen significantly. The asset has suffered a loss of over two percent in the past 24 hours on international exchanges such as CoinMarketCap. As a result, the price of BTC has fallen to as low as $65,625.38 (approximately Rs. 54.9 lakh) on global exchanges. Meanwhile, the BTC value on Indian exchanges has fallen by around one percent, bringing its price within the range of $66,090 (approximately Rs. 55.3 lakh) and $70,230 (approximately Rs. 58.8 lakh).
“BTC is under pressure after the US government moved Bitcoin tokens linked to Silk Road. A decisive move above the $66,500 (approximately Rs. 55.6 lakh) resistance could push the price higher in the coming sessions. However, if Bitcoin fails to break through this resistance, it could fall further,” Mudrex CEO Edul Patel told Gadgets360. The US government has Reportedly moved BTC tokens worth $2 billion (approximately Rs. 16,746 crore) linked to the now-defunct dark web marketplace Silk Road.
Ether has seen a price decline of 1.28 percent in the last 24 hours. On international exchanges, ETH is trading at a price of $3,272 (approximately Rs. 2.73 lakh), while in India, the price of ETH is trading at $3,482 (approximately Rs. 2.91 lakh).
With Grayscale’s ETF recording net outflows of $120 million (around Rs. 1,004 crore) on the day, ETH also traded lower above the $3,300 (around Rs. 2.76 lakh) mark. However, Ethereum holds a major support around the $2,800 (around Rs. 2.34 lakh) mark even if the downtrend continues, markets desk CoinSwitch told Gadgets360.
Tether, USD Coin, Dogecoin, Cardano, Shiba Inu and Polkadot, along with BTC and ETH, showed losses.
Meanwhile, Binance Coin, Solana, Ripple, Chainlink, Near Protocol, Litecoin and Leo made some gains.
The total market capitalization of cryptocurrencies fell by almost one percent over the past 24 hours to hit $2.37 trillion (approximately Rs. 1,94,27,517 crore1,94,27,517 crore), translating to a market cap of $2.37 trillion (approximately Rs. 1,94,27,517 crore). MintMarketCap
“As we navigate through these turbulent times, it is critical that investors stay informed and approach the market with a balanced perspective,” Avinash Shekhar, co-founder of Pi42, 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.
