Bitcoin lost 1.06 percent on Wednesday, January 24. At the time of writing, the crypto sector's oldest asset was trading at $39,650 (roughly Rs. 32.9 lakh). In the last 24 hours, Bitcoin has fallen by $170 (roughly Rs. 14,134). According to market analysts, the crypto market is under selling pressure as Bitcoin ETFs make it very easy to enter and exit the investment vehicle.
Ether is down 5.38 percent in the last 24 hours. The asset is currently trading at $2,213 (roughly Rs. 1.84 lakh).
“Users can abandon their positions to book profits and create new positions in anticipation of the next rally. Bitcoin and Ether registered significant declines today, resulting in a decline in the overall crypto market cap. The next market mover could be the US Fed's rate cut announcement which it had hinted at by the end of 2023,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
The market has been trending so far this week with most cryptocurrencies trading in the red on Wednesday.
Binance Coin, Cardano, Solana, Ripple, Avalanche, Tron, Polkadot -- all these cryptocurrencies saw losses.
Chainlink, Polygon, Shiba Inu, Litecoin, and Bitcoin Cash also succumbed to market pressure and fell.
The overall crypto market cap fell by 1.92 percent and currently stands at $1.55 trillion (roughly Rs. 1,28,87,885 crore), according to CoinMarketCap.
A small number of cryptocurrencies, however, have managed to log profits. These include USD Coin, Leo, Bitcoin SV, Iota, and Augur.
“While investors fear that Bitcoin support may not last with a liquidation above $300 million, a U-shaped recovery is expected to push Bitcoin closer to $50,000, according to CoinGlass data. 41.5 lakh) is still a possibility," Coinswitch Markets Desk told Gadgets360.
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