Bitcoin price fell to $55,160 (roughly Rs. 46 lakh) on international exchanges such as CoinMarketCap on Monday, months after hitting an all-time high of $73,750 (roughly Rs. 61.5 lakh). On foreign exchanges, BTC has fallen by 4.09 percent in its price in the last 24 hours, while on Indian exchanges like BuyUCoin, CoinDCX and WazirX, the value of BTC is currently volatile and ranges between $55,000 (approx. 45 lakh rupees) to $61,740 (roughly Rs. 51 lakh). The sector has experienced some upheaval after months of stagnation, given the prices of digital currencies.
The price of Ether also fell on Monday — as did the world’s most popular digital asset — due to continued market pressure. It was trading at USD 3,448 (Rs 2.87 lakh approx) last week and now stands at USD 2,911 (Rs 2.4 lakh approx) on international exchanges. In India, ETH is trading at $2,879 (roughly 2 lakh rupees). The property value fell by around four percent on both the national and internal stock exchanges.
“This decline is largely attributed to selling pressure due to seized BTC sales by the German and US governments, as well as refunds to Mt. Gox users,” CoinSwitch’s market desk told Gadgets360. “In the past week, Bitcoin has already fallen below its 200-day moving average. Analysts warn of possible further downside, but also point to potential buying opportunities.”
Prices of most cryptocurrencies fell on Monday, opening up buying opportunities for potential buyers. Solana, Ripple, Dogecoin, Cardano and Avalanche reflected losses alongside BTC and ETH.
Shiba Inu, Polkadot, Chainlink, Leo and Polygon also fell on Monday.
The total value of the crypto market fell by 4.63 percent in the last 24 hours. The market capitalization of the crypto sector stood at $2.02 trillion (roughly Rs. 1,68,58,374 crores) at the time of writing, according to CoinMarketCap.
On the other hand, some cryptocurrencies saw their prices rise on Monday. These include Tether, USD Coin, Tron and Status.
Analysts are pinning their hopes on the expected approval of crypto ETFs in the US, which could add more value to these losing cryptocurrencies. Solana is also expected to experience significant price fluctuations given that VanEck has applied for the Solana ETF in the US and the chances of its approval remain slim.
“Despite the recent market downturn, there are signs of recovery, with investors accumulating Bitcoin through exchange-traded funds. Similarly, Solana is also showing signs of a potential recovery, with the RSI pointing to a possible reduction in selling pressure. A break above the 20-day EMA could trigger a rally towards the 50-day SMA,” Avinash Shekhar, co-founder and CEO of Pi42 told Gadgets360.
