Bitcoin price dropped to $55,160 (roughly Rs. 46 lakh) on international exchanges like CoinMarketCap on Monday, months after it hit an all-time high of $73,750 (roughly Rs. 61.5 lakh). On foreign exchanges, BTC slipped by 4.09 percent in its price in the last 24 hours, while on Indian exchanges like BuyUCoin, CoinDCX and WazirX, the value of BTC is currently volatile and ranging between $55,000 (roughly Rs. 45 lakh) to $61,740 (roughly Rs. 51 lakh). The sector has seen some upheaval after months of stagnation, with regard to the prices of digital currencies.
The price of Ether also fell on Monday — like the world’s most popular digital asset — due to the ongoing market pressure. It was trading at $3,448 (roughly Rs. 2.87 lakh) last week, and now stands at $2,911 (roughly Rs. 2.4 lakh) on international exchanges. In India, ETH is trading at $2,879 (roughly Rs. 2 lakh). The value of the asset has dropped by around four percent on both national and internal exchanges.
“This decline is largely attributed to selling pressure from seized BTC sales by the German and U.S. governments, as well as refunds to Mt. Gox users,” the CoinSwitch market desk told Gadgets360. “In the past week, Bitcoin has already fallen below its 200-day moving average. Analysts are warning of potential further downside but also point at the potential opportunities for buying.”
The prices of most cryptocurrencies were down on Monday, opening purchase opportunities for potential buyers. Solana, Ripple, Dogecoin, Cardano, and Avalanche reflected losses alongside BTC and ETH.
Shiba Inu, Polkadot, Chainlink, Leo, and Polygon also dropped in value on Monday.
The overall valuation of the crypto market tumbled by 4.63 percent over the last 24 hours. The market cap of the crypto sector stood at $2.02 trillion (roughly Rs. 1,68,58,374 crore) at the time of writing, according to CoinMarketCap.
On the other hand, some cryptocurrencies saw their prices rise on Monday. These include Tether, USD Coin, Tron, and Status.
Analysts are pinning their hopes on the anticipated approval of crypto ETFs in the US, that could add more value to these loss-ridden cryptocurrencies. Solana is also expected to see some notable price fluctuations given that VanEck has filed for a Solana ETF in the US and the chances of its approval remain dicey.
“Despite a recent dip in the market, there are signs of recovery, with investors accumulating Bitcoin through exchange-traded funds. Similarly, Solana is also showing signs of potential recovery, with the RSI indicating a possible decrease in selling pressure. A breakout above the 20-day EMA could trigger a rally towards the 50-day SMA,” Avinash Shekhar, Co-founder and CEO, Pi42 told Gadgets360.