Bitcoin logged a loss of 1.06 percent on Wednesday, January 24. At the time of writing, the oldest asset of the crypto sector was trading at the price point of $39,650 (roughly Rs. 32.9 lakh). In the last 24 hours, Bitcoin has slipped by $170 (roughly Rs. 14,134). As per market analysts, the crypto market continues to witness selling pressure as Bitcoin ETFs have made entry and exit into the investment vehicle very easy.
Ether dropped by 5.38 percent in the last 24 hours. The asset is currently trading at $2,213 (roughly Rs. 1.84 lakh).
“Users may have liquidated their positions to book profits and created new positions anticipating the next rally. Bitcoin and Ether registered notable drops today, which resulted in a drop in the overall crypto market cap. The next market mover can be the rate cut announcement by the US Fed which it signalled at the end of 2023,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Just like the market trend has shown so far this week, most cryptocurrencies are trading in the reds on Wednesday.
Binance Coin, Cardano, Solana, Ripple, Avalanche, Tron, Polkadot — all of these cryptocurrencies saw losses.
Chainlink, Polygon, Shiba Inu, Litecoin, and Bitcoin Cash also succumbed to the market pressure and tumbled.
The overall crypto market cap reduced by 1.92 percent and currently stands at $1.55 trillion (roughly Rs. 1,28,87,885 crore), as per CoinMarketCap.
A small number of cryptocurrencies, however, did manage to log profits. These include USD Coin, Leo, Bitcoin SV, Iota, and Augur.
“While investors are turning fearful for the Bitcoin support to not hold with more than 300 million dollars’ worth liquidations in the last 24 hours as per the data from Coinglass, a U-shaped recovery to take Bitcoin back to nearing $50,000 (roughly Rs. 41.5 lakh) is still a possibility,” the CoinSwitch Markets Desk told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a 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 any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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