The volatility element of the crypto sector seems to be flaring up as the month of August is coming close to its end. Bitcoin on Tuesday, opened trading with a small price slip of 0.68 percent. As per Indian exchange CoinSwitch Kuber, Bitcoin is presently trading at $21,292 (roughly Rs. 17 lakh). The oldest cryptocurrency followed a similar price trajectory on international exchanges as well. As per Binance and Coinbase for instance, BTC prices are hovering around the mark of $21,295 (roughly Rs. 17 lakh), after incurring miniscule dips of around 0.70 percent.
Ether, in an unconventional movement, did not tail behind BTC to see losses. Rather, Ether rose by 1.39 percent to trade at $1,620 (roughly Rs. 1.30 lakh) as per Gadgets 360’s crypto price tracker.
It is noteworthy that both the top two cryptocurrencies have seen big slips from their recently attained value hikes. As of August 17, Bitcoin and Ether were trading at $24,011 (roughly Rs. 19 lakh) and $2,064 (roughly Rs. 1.65 lakh) after having recovered from the recent market slump.
As per industry experts, this price drop was triggered by excessive selling pressure from the Bitcoin miners selling around 6,000 BTC in order to pay for operating expenses.
Coming back to the altcoins today, Tether, USD Coin, Binance Coin, Cardano, and Solana saw losses.
Both memecoins Dogecoin and Shiba Inu also saw losses.
Minor gains were roped-in by a handful of altcoins, including Binance USD, Ripple, Polkadot, Polygon, and Avalanche.
The global crypto market cap stands at $1.02 trillion (roughly Rs. 81,46,372 crore) with a 0.08 percent rise over the last day, as per CoinMarketCap.
Meanwhile, security researcher who goes by the game of ‘Serpent’ on social media, has advised crypto community members to refrain from engaging with strangers on crypto-related schemes. The crypto community is under attack from scammers on Twitter, the researcher recently alerted.
Scammers have adopted sophisticated tactics, and have begun using copycat websites, hacked verified accounts, as well as promises of fake projects and airdrops to lure unsuspecting victims into their traps via Twitter, the researcher has warned.
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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