Bitcoin, Ether Record Losses as Overall Crypto Market Valuation Drops 1.12 Percent

A day after most cryptocurrencies posted gains and the valuation of the crypto market rose by more than three percent, the price charts for cryptocurrencies were again hit by volatility. Bitcoin opened Thursday with a loss of nearly one percent. At the time of writing, BTC was trading at $17,716 (approximately Rs. 14.6 lakh). The world’s most popular cryptocurrency also saw small price drops on international exchanges. According to Binance and CoinMarketCap, BTC is trading at the price of $17,734 (approximately Rs. 14.4 lakh).

Ether recorded slightly larger losses than Bitcoin. Dropping 2.35 percent, ETH is now trading at $1,291 (approximately Rs. 1.06 lakh), Gadgets 360’s crypto price tracker showed.

Along with altcoins, stablecoins pegged to the US dollar were also netted with losses.

Tether, USD Coin, Binance Coin, Ripple, Cardano, Polygon, Polkadot and Litecoin – all witnessed price drops.

Dogecoin and Shiba Inu also broke out of their profit spell to see their value fall Thursday.

The overall valuation of the crypto market fell 1.12 percent in the past 24 hours. The current crypto market cap stands at $861.07 billion, according to CoinMarketCap.

These include Solana, Tron, Zcash and Flex.

After the collapse of crypto exchange FTX exchange, a large part of the global investor community has withdrawn from the crypto sector.

A recent report, the Organization for Economic Co-operation and Development (OECD) explains why the crypto market cap has not shown a recovery. The OECD has said that institutional investors exited the crypto market faster than retail investors during the slump.

Last year around the December holiday season, the crypto market gained as more people indulged in giving crypto gifts, especially in the US. This year, the holiday spirit has yet to achieve the same effect on the crypto sector.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information in the article is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss resulting from an investment based on any observed recommendations, forecasts or other information contained in the article.

Affiliate links may be generated automatically – see our ethics statement for details.