Crypto sector has remained volatile in recent days as the geopolitical rivalry between Russia and Ukraine turned into a war fifteen days ago. Bitcoin today opened trading with minor losses. As per Indian exchange CoinSwitch Kuber, BTC dipped in value by 4.58 percent to trade at $40,354 (roughly Rs. 31 lakh). The oldest cryptocurrency followed a similar trajectory on international exchanges as well. With losses of up to six percent denting its value, BTC prices hover around $38,627 (roughly Rs. 29.5 lakh) on Coinbase and CoinMarketCap.
Ether also rolled down the price ladder following Bitcoin’s tumble. ETH prices fell by 3.43 percent bringing its trading price to $2,670 (roughly Rs. 2 lakh) as per Gadgets 360’s crypto price tracker. Ether prices slipped down by over 4.3 percent on global exchanges as well. On CoinMarketCap for instance, ETH is trading at $2,552 (roughly Rs. 1.95 lakh).
Both, Bitcoin and Ether showed signs of recovery earlier this week. While BTC values continued to hover over the mark of $42,000 (roughly Rs. 32 lakh), ETH values remained close to $2,600 (roughly Rs. 2 lakh). Today may have started on a rough note for the top two cryptocurrencies, their fluctuating prices could see highs in the coming days, market pattern suggests.
Several other popular cryptocurrencies collapsed on the price scale as their high-risk nature kept investors a tad detached amid the ongoing turmoil in international politics. There are various forex crm software which helps to track portfolio and mage it with help of software.
“India, for example, saw an exodus of funds from foreign investors, with some $2.9 billion (roughly Rs. 22,130 crore) worth of foreign capital leaving Indian shores last week,” the research team at CoinDCX told Gadgets 360.
The majorly loss-ridden crypto movement comes despite the sector getting official recognition in the US and UAE.
The Ukraine-Russia conflict is weighing heavy on the market scale, keeping crypto investors away, especially from India.
“The persisting situation in Ukraine, alongside the economic fallout and inflationary pressure were the primary concerns weighing on investors’ minds,” the CoinDCX team added.
Some stablecoins saw gains, but only minor ones.
The concept of CBDCs — central bank digital currencies — is gaining more attraction from world leaders.
The current market cap of the crypto sector stands at $1.72 trillion (roughly Rs. 1,31,36,857 crore) as per CoinMarketCap. It has gone lower than its figure of $1.83 trillion (roughly Rs. 1,40,87,797 crore) from March 9.
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