Recent days have been particularly difficult for the crypto sector, as most cryptocurrencies have lost steam following the collapse of Terra. According to Indian exchange CoinSwitch Kuber, bitcoin opened with a drop of 1.21 percent on Wednesday, May 18. The trading value of BTC in India is currently close to $31,359 (approximately Rs 24 lakh). The oldest cryptocurrency also failed to see growth on international exchanges. For example, Binance and Coinbase showed that BTC is down by about 1.95 percent. With this, the trading price of BTC becomes around $29,831 (approximately Rs 23 lakh) globally.
While Ether is also dealing with losses, its decline is less than that of BTC. According to Gadgets 360’s crypto price tracker, ETH is currently trading at $2,156 (approximately Rs 1.65 lakh). Currently, ETH is far away from its previous high of $4,811 (approximately Rs.3.75 lakh) that it had set last year.
At this point, over 99% of all popular cryptocurrencies are facing the fallout of Terra’s collapse. The trust factor on cryptocurrencies has taken a big hit with this incident.
Binance Coin, Cardano, Solana and Polkadot have also moved down the price ladder. Polygon and Chainlink are also low for now.
Dogecoin and Shiba Inu are also affected by market volatility.
Industry insiders agree that market volatility has happened before and investors need to look at where they believe the market may be, and what happened in the past. Is.
“Investors are generally moving away from riskier assets such as cryptocurrencies as US policymakers tighten the monetary supply. This has driven equities as well as crypto prices down. Then there are crypto-specific issues that continue to grow. are contributing to the decline, such as the Tera USD (UST) losing its $1 (about Rs 77) peg and the Luna debacle. While volatility is a part of life in crypto markets, the real thing is that crypto markets need to be recognized. are here to stay,” Akshay Bhargava, president of UK-based fintech firm BridgeWave and former CEO of wealth and investment management at Barclays, told Gadgets 360.
Meanwhile, some stablecoins and altcoins halted greens on the price charts, allaying fears of an impending ‘crypto winter’ in the industry.
Tether, USD Coin, Tron, Litecoin and Uniswap saw modest gains along with some other underdog cryptocurrencies.
According to CoinMarketCap, the crypto sector currently has a market cap of $1.28 trillion (approximately Rs 99,62,118 crore).
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.