Two major cryptocurrency events drove the value of Bitcoin to a three-month low as the entire market experienced a back-to-back crash. At the time of writing, Bitcoin is worth $43,168 (approximately Rs 32.1 lakh), down more than 7 percent in the past 24 hours on global exchanges. On Indian exchanges like CoinSwitch Kuber, the most popular cryptocurrency is worth Rs. 34.92 lakh, down 6.17 percent over the past 24 hours.
The Great Recession occurred as the US Federal Reserve indicated that it may raise its rate hike schedule to mid-March. The US Federal Reserve will essentially stop printing money and make it more expensive to borrow in order to stabilize the economy and keep high inflation under control. Meanwhile, Kazakhstan, a country that accounts for 18 percent of the Bitcoin network’s hash activity, has seen a nationwide shutdown of the internet, sending its BTC hash rate down 13.4 percent — reflecting a sharp drop in value.
Ether, the second largest cryptocurrency by market capitalization, also experienced a significant decline. The Ethereum-based cryptocurrency has seen a 8.3 percent drop in the past 24 hours after a healthy start to the year. At the time of publication, Ether is valued at $3,759 (approx. 2.79 lakh) on CoinSwitch Kuber, while values on global exchanges point to a drop in the cryptocurrency at $3,446 (approximately Rs 2.56 lakh), where the coin saw a sharp drop of 9.73. percent in the past 24 hours. The decline indicates that Ether has slightly improved but is still down by 6.8 percent in value terms over the past week.
Gadgets 360 crypto price tracker reveals a bad day for the entire market as stablecoin appears to be the only crypto asset that has gained in value. Ripple, Cardano, Polygon, Litecoin, Chainlink and Polkadot all saw a decrease in value, while Tether and USDC rose in value.
Meme coins haven’t been saved from crashing either. Dogecoin fell 6.86 percent in 24 hours to $0.17 (about Rs 12.67). Meanwhile, Shiba Inu’s stock fell 7.61 percent to $0.000032 (about Rs.0.002417). The value of SHIB fell 10.2 percent in the past week, while the value of Dogecoin fell by 6.9 percent.
According to CoinGecko, the value of Bitcoin has fallen more than 7 percent over the past week, despite the cryptocurrency gaining more than 26 percent year-over-year.
Meanwhile, a member of India’s Monetary Policy Committee (MPC) has given Indian crypto investors some relief from rumors that the crypto sector could be banned entirely in the country. Ashima Goyal, in a recent interview with the Press Trust of India, reportedly said that a blanket ban on crypto-related activities is difficult to implement. The main reason why no cryptocurrency is legalized as legal tender, according to Goyal, is the potential for it to be misused for illegal activities.
Cryptocurrency is an unregulated digital currency that is not legal tender and is subject to market risk. The information 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 provided or approved by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendation, forecast or any other information contained in the article.
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