BTC, ETH Price Drops, Overall Crypto Market Value Falling

Bitcoin on Friday opened trading with a loss of 1.51 percent. The oldest cryptocurrency, on national and international exchanges, has been hovering around $16,911 (roughly Rs. 13.7 lakh). According to Binance, CoinMarketCap, and Coinbase as well, BTC entered the trading arena with a small loss of about 1.35 percent. Plagued by job cuts, the crypto sector is going through tough times despite the festive holiday season right around the corner. On the crypto price chart, which is very red today, many altcoins settled with losses.

Ether followed Bitcoin to register losses. ETH, as per the Gadgets 360 crypto price tracker, is currently trading at $1,272 (roughly Rs. 1.03 lakh) after experiencing a dip of 1.12 percent.

These include Binance Coin, Cardano, Polygon, Polkadot, Litecoin, and Tron.

Stablecoins like USD Coin and Binance USD are also recording losses.

The overall valuation of the crypto market decreased by 1.40 percent in the last 24 hours.

Currently, the crypto market cap stands at $850 billion (approximately Rs. 68,93,509 crore), CoinMarketCap data display.

“The Fed’s expected continuation of its rate hike cycle has provided much-needed relief to ‘risky’ asset prices, with equity markets still reeling. Closer to home, Indian indices are now trading at record highs. It was a highlight week for DOGE, with the token price increasing by almost 25 percent during the week and entering the list of top 5 market coins,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Meanwhile, not even a handful of altcoins saw a profit today. Included are Tether, Chainlink, Monero, Near Protocol, and Zcash.

“CRE8, the Indian Rupee Virtual Digital Asset (crypto) index has increased by 2.12 percent in the last 7 days. The Index value stands at Rs. 2427.07 at 8 AM, December 02, 2022. BTC and ETH continue to be the top performing assets in the markets,” added Chaturvedi.

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

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