Bitcoin recorded a 1.62 percent drop in value on Tuesday, amid ongoing volatility in the crypto market. The current trading value of BTC, the world’s most well-known digital currency, stands at $27,342 (roughly Rs. 22.3 lakh) on national as well as international exchanges. In the last 24 hours, the value of Bitcoin slipped by $385 (roughly Rs. 31,535). The crypto market has seen a slump over the past week, shortly after Bitcoin and Ethereum touched their highest price points since 2022.
Ether recorded a fall of 2.06 percent to trade at $1,833 (roughly Rs. 1.50 lakh) on Tuesday. As per data from Gadgets 360’s crypto price tracker, ETH saw a $20 (roughly Rs. 1,638) drop in value in the last 24 hours. In the last seven days, Ethereum has fallen from a high of $2,000 (roughly Rs. 1.6 lakh) to its current price.
After Ethereum completed the Shanghai upgrade, the blockchain witnessed a remarkable influx of 571,950 ETH deposits, worth over $1 billion (roughly Rs. 8,194 crore) for staking. This has been the largest weekly token inflow for ETH to date, according to a CoinDesk report. This surge has been attributed to institutional staking service providers and investors who reinvested their rewards following withdrawals.
“Both Bitcoin and Ether are down. Ether is in a more stable position, with record-breaking staker inflows following the Shanghai upgrade. This signals market resilience—liquidations mostly from short positions, hinting at potential market movement. Crypto markets cautiously await mixed tech earnings, potentially impacting prices—regional markets open flat with limited activity in both crypto and traditional finance (TradFi),” Rajagopal Menon, Vice President, WazirX told Gadgets 360.
Tether, Binance Coin, Ripple, Solana, and Polkadot all recorded losses on Tuesday.
Both memecoins DOGE and SHIB were impacted by market pressures and neither managed to see an increase in value on Tuesday. Other digital currencies that saw their prices fall included Avalanche, Tron, and Chainlink.
The overall market cap of the crypto sector tumbled by 1.23 percent on Tuesday, reducing the sector’s valuation to $1.15 trillion (roughly Rs. 94,50,204 crore), as per data from CoinMarketCap. However, relatively unknown altcoins managed to beat the market slowdown to record gains. These include Zilliqa, NEM, Cartesi, and Braintrust.
“Crypto markets have mostly traded flat in the last 24 hours. Crypto fear and greed index sustained its score of 53 from yesterday. As per a new report by Standard Chartered Bank, BTC has the potential to reach $100,000 (roughly Rs. 81.9 lakh) by year-end. It underlines that it could be driven by a number of factors, including the recent banking-sector crisis, and a run-up to the next Bitcoin halving event, which is scheduled for next year,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.
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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