Bitcoin, Ether Decline as Crypto Market Sees Loss, Most Altcoins See Dips

The global crypto market suffered a shake-up last week in the backdrop of the macroeconomic disaster that hit Turkey and parts of Syria. Bitcoin, that was being estimated to soon breach the mark of $25,000 (roughly Rs. 20 lakh), sunk to the level of $21,000 (roughly Rs. 17.3 lakh) over the weekend. On Monday, February 13, BTC prices fell by nearly a percent on both national as well as international exchanges. At the time of writing, BTC value stood at $21,672 (roughly Rs. 17.9 lakh).

Ether followed Bitcoin straight into losses. With a drop of 1.60 percent in its value, ETH price stands at $1,506 (roughly Rs. 1.24 lakh), as per Gadgets 360’s cryto price tracker.

“The values of BTC and ETH dropped following the announcement that Kraken, a US-based crypto exchange, had suspended its staking service and paid a $30 million fine to the SEC for failing to register the service. Bitcoin appears to be in a bearish state. If the trend continues, it could experience a decline. However, at this time, Bitcoin has not yet demonstrated enough strength to make a mid-term price reversal,” Edul Patel, the Co-Founder and CEO of Mudrex crypto exchange told Gadgets 360.

Losses impacted majority altcoins on Monday, including Binance Coin, Cardano, Polygon, Solana, and Polkadot.

Memecoins DOGE and SHIB also traded lowly with losses alongside Litecoin, Avalanche, Uniswap, Cosmos, and Chainlink.

Only a small number of cryptocurrencies recorded profits today. These include stablecoins such as Tether, Binance Coin, USD Coin, and Binance USD, as well as Tron, Wrapped Bitcoin, Monero, and Zcash, among others.

Circuits of Value, Dogefi, Bitcoin Hedge, Underdog, Flex, and Gas also recorded small gains.

The overall crypto market dipped by 0.39 percent in the last 24 hours. As per CoinMarketCap, the crypto market valuation stands at $1.01 trillion (roughly Rs. 83,83,720 crore).

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