After two days of most cryptocurrencies opening with profits, the price chart reflected losses next to majority altcoins on Wednesday, January 25. Bitcoin managed to retain its recently spiked price despite encountering a small loss of 2.10 percent. The value of BTC, at the time of writing, stood at $22,621 (roughly Rs. 18.4 lakh). The oldest cryptocurrency is trading around the same price point on international exchanges like Binance and Coinbase as well. In terms of numbers, BTC dropped in price by $450 (roughly Rs. 36,694) in the last 24 hours.
Ether on Wednesday broke its profit streak and recorded a loss of 5.80 percent. Ether opened trading at the price of $1,545 (roughly Rs. 1.26 lakh), showed the crypto price tracker by Gadgets 360.
Binance Coin, Cardano, Solana, Polygon, Polkadot, and Litecoin witnessed value dips.
Both memecoins Shiba Inu and Dogecoin also opened with losses.
“In the past 24 hours, most cryptocurrencies have seen a slight decrease as the markets prepare for the release of US GDP figures on Thursday and consumer sentiment data on Friday,” Edul Patel, CEO and Co-Founder of Mudrex crypto investment firm told Gadgets 360.
The overall crypto market valuation tumbled by 3.26 percent in the last 24 hours. As per CoinMarketCap, the current global crypto market cap stands at $1.02 trillion (roughly Rs. 83,49,684 crore).
Only a small number of altcoins recorded profits. These include Leo, Qtum, and Flex.
Despite the volatility plaguing the crypto assets sector, investors continue to show support for cryptocurrencies.
“Whales holding 1,000 to 10,000 BTCs have collectively accumulated 64,638 BTC totalling around $1.5 billion (roughly Rs. 12,230 crore) in the past 15 days. On the adoption front, Indian based Polygon partnered with BitGo, a crypto custody provider enabling MATIC holders to earn rewards by staking their coins, providing wallet and custody facilities,” the CoinDCX research team told Gadgets 360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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