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Bitcoin Rally Closes As Price Drops Below $57,000, Ether Leads Altcoin Struggle

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Bitcoin and its bullish rally over the past week may have bumped the momentum to set a new all-time high of over $65,000 (roughly Rs.48,93,817) as the world’s most popular cryptocurrency gained more than 1.65 percent on Tuesday. ended with a decline. At a five-month high of $59,800 (approximately Rs 44,77,977) on CoinSwitch on Tuesday morning, bitcoin, at the time of writing, was trading at $58,640 (approximately Rs 44,19,655) with a valuation on Binance. CoinMarketCap is pretty low. While this looks like the end of a massive rally for the cryptocurrency, with valuations up 94 percent year-on-year, it shouldn’t take long before we see a positive bounce.

Meanwhile, Ether and other altcoins seem to have outperformed the middle of the week, although Tuesday’s trading turned bleak for most crypto assets. Gadgets 360’s cryptocurrency price tracker shows that Ether closed down 1.47 per cent but has almost recovered since Wednesday morning, trading at Rs. 2,76,741 (approximately $3,672) on Coinswitch Kuber on Wednesday. The second most valuable cryptocurrency has not been as stable as Bitcoin, but the Ethereum-based asset has had a positive start to the day.

Altcoins, Cardano, Tether, Ripple, and Polkadot fell a few percentage points on average, reducing pecking orders. Dogecoin fell 3.27 per cent to start Wednesday’s trading on the rupee. 18 (about $0.24). SHIB fans didn’t have a good day either, with prices dropping by 9.89 percent.

JPMorgan Chase CEO Jamie Dimon said at a recent conference that cryptocurrencies will sooner or later be regulated by governments and that he personally thinks bitcoin is “useless”. That said, the CEO of America’s largest bank has assured that they no longer have a problem providing investment options to their bitcoin-hungry customers due to the high interest in cryptocurrencies. JPMorgan began providing access to crypto assets to its wealth management clients earlier this year.

Dimon, who has been a vocal critic of the digital currency for some time now, didn’t have an immediate effect on bitcoin trading prices, but the cryptocurrency saw a mood-dumping dip at the end of the day.

In related news, it appears that the NFT rage has turned to chess, as Grandmaster Magnus Carlsen became the first person to be awarded the NFT trophy for winning an international chess tournament.


Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.

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