Bitcoin saw a 4.22 percent price decline over the past 24 hours on Indian exchanges on Wednesday, August 28. At the time of writing, BTC was trading at $63,385 (roughly Rs. 53 lakh) on Indian exchanges like CoinSwitch. Meanwhile, on international exchanges, BTC’s value has fallen below the $60,000 (roughly Rs. 50.3 lakh) mark for the first time in weeks. Data from CoinMarketCap showed that BTC was trading at $59,613 (roughly Rs. 50 lakh) on foreign exchanges.
Speaking to Gadgets360, Mudrex CEO Edul Patel said that investors were liquidating their assets, leading to market chaos. Patel further noted that the coming days could bring more volatility as several tech companies would report their quarterly results.
“Nvidia, CrowdStrike, Salesforce and HP are scheduled to report earnings today, and Autodesk is scheduled to report tomorrow. Market participants will be closely monitoring these earnings reports as they can influence broader market sentiment and potentially impact Bitcoin’s price movement,” Patel said.
Ether joined BTC on the losing side of the cryptocurrency chart on Wednesday. Currently, ETH is trading at $2,394 (roughly Rs. 2.01 lakh) after a one percent price drop, as shown on Gadgets360’s crypto price tracker.
“A wave of liquidations totaling over $300 million (approximately Rs. 2,518 crore), triggered by investor uncertainty and a general market collapse, was the main cause of this overall market decline,” said Shivam Thakral, CEO of BuyUcoin.
In addition to BTC and ETH, USD Coin, Ripple, Dogecoin, Cardano and Avalanche also suffered losses.
Shiba Inu, Chainlink, Polkadot, Bitcoin Cash, Polygon, Litecoin and Uniswap also saw price drops on Wednesday.
“The cryptocurrency market saw a significant decline, led by a drop in Bitcoin. This triggered a wave of liquidations, affecting over 87,000 traders and resulting in losses of over $320 million (approximately Rs. 2,686 crore). While August is usually a relatively quiet period for cryptocurrencies, the market has been exceptionally volatile this year,” Avinash Shekhar, co-founder and CEO of Pi42, told Gadgets360.
The total market capitalization of the crypto sector has declined by 5.27 percent in the past 24 hours, taking the sector’s valuation to $2.09 trillion (approximately Rs. 1,75,46,041 crore), which MintMarketCap.
Meanwhile, cryptocurrencies making gains include Binance Coin, Solana, Leo, Near Protocol, and Qtum.
“The charts were already technically bearish, which contributed to the weakness in tokens. Most altcoins have fallen in response to Bitcoin’s decline, but the AI category is showing strength and is currently outperforming the market,” the CoinDCX team told Gadgets360.
