Closing this week in December, the crypto market witnessed a general slowdown. The value of Bitcoin dropped by one percent and brought the token’s trade value to $ 52,118 (roughly Rs. 39 lakh), according to Indian exchange CoinSwitch Kuber. On international exchanges, including Binance and CoinMarketCap, the world’s oldest cryptocurrency is trading at around $ 48,348 (roughly Rs. 36.6 lakh) per token. After Bitcoin, the second most valued cryptocurrency in the world by capitalization, Ether and other currencies also posted losses.
With a 3.41 percent drop in value, Ether opened trading at $ 4,479 (roughly Rs. 3.3 lakh) on Friday, December 10. With marginal fluctuations in values throughout the week, Ether prices held above $ 4,300 (roughly Rs. 3.2 lakh).
According to crypto price tracker Gadgets 360, Cardano, Polkadot, Dogecoin, Shiba Inu, and Polygon also fell in terms of trading values. While the price swings in these altcoins were minimal, they certainly contributed to the crypto chart turning red.
Fighting off the otherwise difficult day, Tether, USD Coin, and Ripple emerged as winners ahead of the weekend.
“We saw quite a bit of profit booking across the spectrum for cryptocurrencies. With trading volumes falling ahead of the weekend, the next 24 hours are likely to remain in range. The key levels to watch out for would be $ 46,000 (roughly Rs. 35 lakh) in Bitcoin and $ 4000 (roughly Rs. 3 lakh) in Ethereum, ”Edul Patel, CEO and co-founder of cryptocurrency investment firm Mudrex told Gadgets 360.
The cryptocurrency space is rife with mixed feelings from different parts of the world.
While the trade in Bitcoin and other altcoins is reaching Colombian banks, Thailand’s financial regulator has advised banks to refrain from directly participating in the cryptocurrency market.
Meanwhile, India continues to push forward the announcement of its stance on cryptocurrencies. In the words of Duvvuri Subbarao, former governor of the Reserve Bank of India, legalizing cryptocurrencies could strip the central bank of its control over the money supply and inflation management.
The crypto bill drafted by the Indian Ministry of Finance is still awaiting cabinet approval before reaching parliament.
Cryptocurrency is an unregulated digital currency, it is not legal tender and is subject to market risks. The information provided in the article is not intended to be nor does it constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.