Bitcoin Sits at Lowest Price in Weeks: Crypto Market Watch
Volatility weighing on the crypto sector appears to have increased in recent days as the US plans to raise its debt ceiling to fight inflation. On Thursday, May 25, Bitcoin reflected a loss of 2.15% on the crypto price tracker. At the time of writing, the trading value of Bitcoin stands at the price of $26,077 (roughly Rs. 21.5 lakh). Over the past 24 hours, Bitcoin has fallen $1,068 (around Rs 88,358) on both domestic and international price charts.
Ether joined Bitcoin in losses on Thursday. After suffering a 2.52% drop, the value of ETH slipped to $1,775 (around Rs. 1.46 lakh) – marking the lowest value for ETH in at least two weeks. The second most popular cryptocurrency after BTC, Ether has lost $71 (about Rs 5,873) against its price over the past day.
According to crypto price tracker Gadgets 360, the majority of cryptocurrencies are trading in the reds, indicating losses today.
These include Tether, Binance Coin, Ripple, Cardano, Polygon, Solana, Tron, and Polkadot, among others.
Dogecoin and Shiba Inu as well as Avalanche, Leo, Chainlink, Uniswap and Monero also failed to make a profit.
“Crypto markets have seen strong selling pressure over the past 24 hours. Along with Bitcoin and Ether, the top ten cryptos by market capitalization are currently trading in the red due to macro uncertainty surrounding ongoing discussions. on the US debt ceiling.Investors are also pricing in the latest Federal Reserve meeting minutes were released yesterday.Meanwhile, BTC’s correlation to the NASDAQ index fell to an all-time low. in 17 months, according to K33 Research,” Parth Chaturvedi, chief investment officer, CoinSwitch Ventures, told Gadgets 360.
Meanwhile, Cosmos, Braintrust, and Floki Inu made minor profits amid mostly loss-making altcoins.
“Lack of regulation continues to loom in the crypto ecosystem. China is planning to make a prominent presence in Crypto amid its growing positive stance and growing patronage of blockchain technology. This could potentially impact the existing market as more crypto firms seek to exit the United States. Not to mention that the number of new users that could be onboarded would make the adoption rate dramatically high,” Rajagopal Menon, VP of WazirX, told Gadgets 360.
In other news, Ava Labs, the company behind Avalanche (AVAX), has launched a no-code Web3 launchpad called AvaCloud. The platform is intended to enable companies to bring Web3 products to market faster and at lower cost.
The crypto market, however, is eyeing more fluctuations in the coming times. Like the United States, in the coming days, the United Kingdom should also announce an increase in its interest rates.
“The UK’s Consumer Price Index (CPI) core rate beat expectations, hitting 6.8%, the highest since 1992. This persistent spike in core prices is causing concern as the Bank of England is likely to face increasing pressure to continue raising interest rates in the coming month,” the CoinDCX research team told Gadgets 360.
“In terms of digital asset investment products, there has been a consistent outflow totaling $232 million (about Rs 1,919 crore) over five consecutive weeks. Interestingly, the Bitcoin network has now become the second largest platform for non-fungible token (NFT) transactions, demonstrating its growing presence in this market. In the last month alone, Bitcoin accounted for around $167.47 million (around Rs. 1,385 crore) in NFT sales, significantly outpacing rivals like Solana and Muthos Chain, which saw sales of $55.8 million. dollars (about Rs 461 crore) and $35.4 million. (approximately Rs. 292 crore), respectively, during the same period,” the CoinDCX team added.
Cryptocurrency is an unregulated digital currency, which is not legal tender and is subject to market risk. The information provided 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 offered or endorsed by NDTV. NDTV shall not be liable for any loss resulting from any investment based on any perceived recommendation, forecast or any other information contained in the article.
#Bitcoin #Sits #Lowest #Price #Weeks #Crypto #Market #Watch #crypto