Most cryptocurrencies, for the second day in a row, reflected losses on the price charts on Friday, February 10. Bitcoin value dipped by around 2.70 percent on both, Indian exchanges such as CoinSwitch Kuber, as well as international ones like Binance and CoinMarketCap among others. The price of the oldest crypto currency is hovering over the point of $21,869 (roughly Rs. 18 lakh). In the last 24 hours, BTC slipped price-wise by $641 (roughly Rs. 52,954), marking a significant decline.
Ether witnessed even greater losses than Bitcoin on Friday. The second-most expensive cryptocurrency tumbled by 4.14 percent to trade at $1,545 (roughly Rs. 1.27 lakh), showed the crypto price tracker by Gadgets 360. For ETH, the last 24 hours have seen its price to fall by $71 (roughly Rs. 5,865).
“After a good run over the past few weeks, the markets were jittery over the past 24 hours. It was an expected movement, considering the macroeconomic disaster surrounding Turkey. We can expect the crypto market to remain volatile over the coming couple of days. And this is why trading crypto is not an ideal strategy for the retail participants,” Edul Patel, the CEO and co-founder of Mudrex crypto investment firm told Gadgets 360.
Most cryptocurrencies have been impacted by losses that struck BTC and ETH.
Stablecoins such as Tether, USD Coin, and Binance USD alongside memecoins such as Dogecoin and Shiba Inu — all have recorded losses.
Other popular cryptocurrencies including Solana, Polkadot, Litecion, Tron, Avalanche, and Uniswap — also settled with value dips.
Meanwhile, some cryptocurrencies did see profits, small but significant.
These include Polygon, Chainlink, Leo, EOS Coin, Neo Coin, and NEM.
The overall crypto market cap dropped by 3.66 percent in the last 24 hours to see its valuation at $1.02 trillion (roughly Rs. 1,01,555 crore) as per CoinMarketCap.
“Macro conditions remain murky with strong US job numbers suggesting that the economy is still operating close to capacity and reversal in inflation trajectory might not yet be confirmed. Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index, was down 2.48 percent in the past seven days. The Index value stood at Rs. 2,858.93 at 8 AM, February 10, 2023,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.
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