Bitcoin Trades Low Despite Improvement in Overall Crypto Market, India

Bitcoin, Ether Drop in Value, Usher Majority Cryptocurrencies into Losses

 

Maintaining its streak of more losses and lesser gains, Bitcoin rang in Tuesday, December 14 with an overall fall of 3.43 percent in its value. On Indian exchange CoinSwitch Kuber, the world’s oldest cryptocurrency is trading at $50,553 (roughly Rs. 38 lakh). On international exchanges like CoinMarketCap, Bitcoin value is hovering around $47,235 (roughly Rs. 35 lakh). This is the fourth consecutive week that Bitcoin has failed to rally closer to its all-time high of $68,327.99 (roughly Rs. 50.5 lakh).

As Bitcoin struggles to recover in value, Ether has also remained quiet in terms of its ups and downs in recent days.

Registering a loss of 5.45 percent, the world’s second-most valued cryptocurrency is presently trading at $4,050 (roughly Rs. 3 lakh) per token, as per the Gadgets 360 crypto price tracker.

Cardano, Ripple, Polkadot, Dogecoin, and Shiba Inu also found their places on the list of cryptocurrencies whose prices bounced for a bit but eventually settled with losses.

On the other hand, only Tether, USD Coin, and SushiSwap emerged as gainers with only minor changes in their values.

Ahead of Christmas, industry experts predict the crypto market volatility to remain active in the coming days.

“The two largest cryptocurrencies by market cap, Bitcoin and Ether, continued to hover around their inflection points. Although Ether dropped below the crucial support at $4000 (roughly Rs. 3 lakh) at one point, Bitcoin remained fairly range-bound. With the ‘cryptocurrency fear and greed’ index showing fear in the market, we can expect the coming few days to remain volatile,” Edul Patel, CEO and Co-Founder of crypto investment firm Mudrex told Gadgets 360.

Meanwhile, crypto adoption remains a matter of discussion in a bunch of nations.

Recently, a Nigerian minister advised the government there to keep an open approach towards crypto adoption.

Indian Prime Minister Narendra Modi has also recently said that cryptocurrencies should be used to empower democracy, not undermine it. His statements came at a time Indian policymakers fear that unregulated transactions in digital currencies could hurt macroeconomic and financial stability.

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