Bitcoin has had a strong recovery week so far but inflation concerns in the US appears to a hindrance to BTC’s break above the $45,500-mark (roughly Rs. 35 lakh) as the crypto asset saw sharp sell-off yet again to be pegged down to $43,000 (roughly Rs. 30 lakh). The world’s most valuable cryptocurrency had a strong 3.35 percent surge in price through Thursday, February 10, but Friday’s trade hasn’t begun on a very strong note. Bitcoin’s value currently stands at $45,597 (roughly Rs. 34.5 lakh), down by 1.13 percent over the past 24 hours on Indian exchange CoinSwitch Kuber.
Meanwhile, on global exchanges, the price of the most popular cryptocurrency stood at $43,199 (roughly Rs. 32.5 lakh) down by 1.13 percent over the past 24 hours. As per CoinGecko data, Bitcoin’s value has surged close to 16.5 percent over the past week, after a dismal showing through January.
Ether, the second-largest cryptocurrency by market capitalisation, has also had a strong week but Thursday night’s sell-off meant that the crypto-asset is currently in the red. At the time of publishing, Ether is valued at $3,240 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto’s value hover around the $3,100-mark (roughly Rs. 2 lakh) at $3,069 (roughly Rs. 2.5 lakh), where the coin dipped by 2.74 percent over the past 24 hours. Compared to the price of Ether a week ago, CoinGecko data reveals that the cryptocurrency’s value has surged by 14.3 percent.
Gadgets 360’s cryptocurrency price tracker reveals that most of the popular altcoins have seen a dip in value following a wider sell-off amongst investors on early Friday. Cardano, Solana, Polygon, Terra, Binance Coin, Cosmos, Polkadot, and Chainlink all saw significant dip in values. Barring stablecoins like Tether, Avalanche is the only crypto-asset to buck the trend to stand in the green.
Meme coins haven’t had the best ends to the week either, although Shiba Inu still enjoys a 46 percent rise over the past week. Dogecoin, meanwhile, is currently valued at $0.16 (roughly Rs. 12) after dipping by 3.05 percent over the last 24 hours, while, Shiba Inu is valued at $0.000032 (roughly Rs. 0.002), down by 5.89 percent over the past 24 hours.
“The global crypto market cap dipped by 3 percent, while trading volume rose by nearly 49 percent in the past 24 hours. Bitcoin and Ethereum dropped a bit after reaching their highest on Thursday. BTC is close to the overbought levels. In such a case, pullbacks can stabilise between $40,000 and $43,000 (roughly Rs. 30 lakh and Rs. 32 lakh). The dip in BTC can be related to the fall of US stocks following hawkish remarks by the Federal Reserve,” says Edul Patel, CEO and co-founder of crypto investment firm Mudrex speaking to 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.