Market Fluctuations Drag Down Prices of Majority of Cryptos: Details Here

Inching closer to the end of 2021, the crypto market performance has been full of mixed signals. Bitcoin, for instance, dropped in value by 2.03 percent on Wednesday, December 29. On the Indian exchange CoinSwitch Kuber, each crypto token of Bitcoin is trading at $51,794 (roughly Rs. 38.6 lakh). In the past few days, Bitcoin prices had been hovering around $53,000 (roughly Rs. 39.5 lakh) in India, a value that has clearly dipped. On international exchanges such as Binance and CoinMarketCap, Bitcoin is trading at $50,212 (roughly Rs. 37.5 lakh) today.

Ether also followed Bitcoin on a weak trail by registering a loss of 2.32 percent. Each Ether token is presently trading at $4,108 (roughly Rs. 3,07,000), according to Gadgets 360’s crypto price tracker. This is the first time in days that Ether values dipped below the mark of $4,200 (roughly Rs. 3,13,666), impacted by the year-ender market movement.

Cardano, Ripple, Polkadot, Dogecoin, as well as Shiba Inu among a majority of other popular cryptocurrencies stepped into the third last day of 2021 bearing losses.

Only a few cryptocurrencies including Tether, USD Coin, Polygon, and Uniswap managed to move upwards with marginal value changes.

The global crypto market has been hit by a rough patch around the year-end. The total market capitalisation has also decreased by seven percent, taking it to $2.25 trillion (roughly Rs. 1,68,42,950 crore) in the last 24 hours, as per CoinMarketCap.

Industry analysts have predicted a range-bound movement of majority cryptocurrencies for the days to come.

Meanwhile, the crypto space maintains its popularity in India. A recent report, CoinSwitch Kuber said that out of its growing user base of over 14 million Indians, most users are young and 15 percent are women.

With the global expansion of the crypto culture, several nations are taking measures to tighten the noose around crypto-related cyber-crimes.

UAE has passed reformed laws, entailing prison time of up to five years as well as a penalty up to AED 1 million (roughly Rs. 2 crore) for crypto scammers.

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.