BTC, ETH Record Losses as Most Cryptocurrencies Tumble in Shaky Market

The crypto price chart showed losses next to most cryptocurrencies on Friday. Bitcoin, the world’s most popular cryptocurrency, saw its value fall by around 2.15 percent on national as well as international exchanges. The value of BTC, at the time of writing, stood at $23,963 (roughly Rs. 19.8 lakh). In the last 24 hours, the cryptocurrency’s value tumbled substantially by $482 (roughly Rs. 39,875). In 2023, Bitcoin’s value has surged by 40 percent. The immediate support level for the world’s oldest cryptocurrency is $23,800 (roughly Rs. 19.6 lakh), while resistance is $24,200 (roughly Rs. 20 lakh).

Ether dropped by 1.35 percent, following Bitcoin’s trajectory. The value of ETH is hovering around the mark of $1,648 (roughly Rs. 1.36 lakh), as per Gadgets 360’s crypto price tracker. In the last 24 hours, the value of ETH dropped by $21 (roughly Rs. 1,737).

“Most cryptocurrencies traded sideways as investors monitored the US monetary policy and jobs data. The price of Ethereum remains relatively stable. The broader cryptocurrency market shows similar trends as investors await further developments in the global economic and financial landscape,” Edul Patel, the CEO and Co-Founder of Mudrex told Gadgets 360.

From stablecoins like Tether, USD Coin, Ripple, and Binance USD to popular altcoins like Binance Coin, Cardano, Polygon, and Solana recorded dips on Friday.

These were further joined by Polkadot, Litecoin, Tron, Avalanche, and Uniswap which also saw their values fall.

The overall crypto market valuation decreased by 1.53 percent and currently stands at $1.09 trillion (roughly Rs. 90,56,097 crore), data by CoinMarketCap shows.

On the other hand, Chainlink, Leo, Bitcoin Cash, SushiSwap, and Ardor managed to register profits.

Circuits of Value, BurgerCities, Flex, Floki Inu, Gas, and Kishu Inu also recorded small gains on Friday.

“Crypto markets traded slightly lower, even as broader ‘risk on’ assets falter. Macro uncertainties started weighing in on the ‘New Year’ rally across asset classes as markets witnessed a healthy correction last week. Bond markets are waking up to the risk that the Fed hikes rates higher and holds them there for longer. The yield curve between two- and 10-year Treasuries inverted further to its most extreme levels since the early 1980s,” Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch told Gadgets 360.

“In token-specific action, Stacks’ STX continued its price surge, rising over 150 percent, as Ordinal NFTs on the Bitcoin network continues to gain traction. Tezos’ XTZ token saw a sharp >20 percent jump in prices, as Google Cloud announced it would become a validator on the network. Klaytan network’s KLAY token saw a surge of >30 percent as new tokenomics changes would result in the burning of a major chunk of its supply,” Chaturvedi added.

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.