Bitcoin Price Falls as Foreign Exchange Reserves Hit Three-Year Low; Ether Value Rises Alongside Some Altcoins

Bitcoin the price fell by 1.22% in the last 24 hours, while the values ​​of several other cryptocurrencies were also affected on Thursday. As a result, the price of Bitcoin fell to $65,255 (approximately Rs. 54.4 lakh) on international exchanges and $70,540 (approximately Rs. 58.8 lakh) on domestic exchanges. Market analysts believe that if the price of BTC continues to fall in the same manner, it could eventually fall as low as $60,000 (around Rs. 50 lakh).

“BTC consolidated in a very tight range yesterday, with altcoins showing some strength after days of choppy markets. This comes as Bitcoin exchange reserves hit a three-year low, meaning there could be a supply shock with unprecedented demand for Bitcoin ETFs,” the Bureau of Securities and Exchange Commission said on Thursday. markets from CoinSwitch to Gadgets360.

Ether, on the other hand, has performed quite well as its value has increased by 1.35% over the past day. With this, the price of ETH is now $3,576 (approximately Rs. 2.98 lakh) on foreign exchanges. According to Gadgets360 cryptocurrency price trackingETH price in India is currently set at $3,130 (approximately Rs. 2.60 lakh).

Prices of most altcoins fall

Popular altcoins also saw their prices fall on Thursday, as did Bitcoin. These include Binance Coin, Solana, Ripple, DogecoinAnd Cardano.

Shiba Inu, avalanche, PeasAnd Leo also posted losses on Thursday.

The overall crypto market cap fell by 0.17% in the last 24 hours. The total crypto market valuation, at the time of writing, stood at $2.38 trillion (approximately Rs. 1,98,55,804 crore), shows CoinMarketCap.

Relatively unknown cryptocurrencies that managed to perform better than their popular counterparts on Thursday include Tron, Chain link, Uniswap, Polygon, Close protocol, LitecoinAnd Stellar profits recorded.

Cosmos, Kronos, Neo pieceAnd EOS Coin also saw a slight increase in its value.

“Ethereum-based tokens, including Ethereum Name Service (ENS) and Lido DAO (LDO), are also gaining strength, suggesting the potential for significant upside in the near future,” said WazirX Vice President Rajagopal Menon, in a statement to Gadgets 360.

Cryptocurrency is an unregulated digital currency that is not legal tender and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss resulting from an investment based on any recommendation, forecast or other perceived information contained in the article.

Affiliate links may be automatically generated – check out our ethics statement for more details.

Fuente