Bitcoin price did not see any notable changes over the weekend. At the time of writing, the most expensive asset on the crypto chart was trading at $63,200 (roughly Rs. 52.8 lakh) on foreign exchanges like CoinMarketCap after registering a 0.26 percent decline. Meanwhile, on Indian exchanges, BTC’s value is slightly higher at $68,540 (roughly Rs. 57.2 lakh). Despite BTC’s continued lackluster performance on the price chart, the asset has recently garnered appreciation from billionaires like Jack Dorsey and Michael Dell, the founder, chairman, and CEO of Dell Technologies.
Ether plunged by 1.12 percent on Monday, leaving the price of Ether at $3,171 (roughly Rs. 2.65 lakh), as per Gadgets360’s crypto price chart. ETH, the second most valuable crypto asset after BTC, is currently trading at $3,423 (roughly Rs. 2.86 lakh) on international exchanges.
Currently, the dominance of BTC and ETH in the overall market is 54.1 percent and 18.2 percent, respectively, according to CoinMarketCap.
“According to media reports, the US Commodity Futures Trading Commission (CFTC) is investigating Jump Crypto and it remains to be seen whether the CFTC will file charges against the company. The negative news had an immediate impact on the crypto market as BTC and ETH prices plummeted,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
Most cryptocurrencies recorded losses on Monday. These include Binance Coin, Solana, Dogecoin, Cardano, Shiba Inu and Avalanche.
Price drops also affected Polkadot, Chainlink, Near Protocol, Polygon, Litecoin, Cosmos, Stellar and Cronos, among others.
“Due to uncertain macroeconomic factors, the market is expected to remain choppy in the coming weeks,” Thakral added.
The overall crypto market valuation has fallen by 2.06 percent in the last 24 hours. According to CoinMarketCap, the sector’s market capitalization currently stands at $2.3 trillion (approximately Rs. 1,921,513,100,000).
Only a small number of cryptocurrencies recorded gains. These include Tron, Uniswap, Leo, Iota and Braintrust.
However, market experts believe that the stagnating prices of cryptocurrencies will not last long.
“In a significant development, Standard Chartered, a major global bank, is setting up a spot trading desk for Bitcoin and Ethereum. This move reflects the growing institutional adoption of digital assets, with major financial institutions expanding their crypto offerings to meet increasing demand,” the CoinSwitch Markets Desk told Gadgets360.
Cryptocurrencies are unregulated digital currencies, not legal tender, and are subject to market risks. The information provided in this article is not intended to be, and does not constitute, financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any supposed recommendation, forecast, or other information contained in this article.
