On national and international exchanges, the price of one bitcoin on Tuesday was $26,985 (approximately Rs. 22 lakh), and it appeared that the digital currency was gradually beginning to recover. The cost of the most expensive cryptocurrency in the world dropped from $27,180 (approximately Rs. 22.3 lakh) to $195 (about Rs. 16,032) over the course of the last day, representing a loss of 0.70 percent. Similar to Bitcoin, Ether too saw losses. According to the Gadgets 360 cryptocurrency price tracker, ETH on Tuesday had a loss of 1.37 percent. At $1,809, Ether has decreased by $16 (or nearly Rs. 1,315) in the past 24 hours.
According to a media house, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures stated, “BTC and ETH have been range bound. However, BTC’s value is holding relatively well and is currently above its 200-week average. In parallel, Lido (LDO) upgraded to its second version on Ethereum last evening, resulting in a >7 percent price rally over the last 24 hours. Bullish sentiments seem to be gradually restoring as the crypto fear and greed index stands at 54, up four points from yesterday. The crypto-cautious investors, however, continue to observe from the sidelines.”
Shiba Inu and Dogecoin, both memecoins, also saw a decline in value.
“Market makers have retreated from US crypto trading due to liquidity and regulatory concerns. Analysts await the debt ceiling talks to assess if investors perceive Bitcoin as a safe-haven asset amidst regulatory uncertainty,” Rajagopal Menon, Vice President, WazirX stated.
According to CoinMarketCap, the market value of the cryptocurrency industry was $1.13 trillion (approximately Rs. 92,68,725 crore) on Tuesday.Tether, USD Coin, and Binance USD all experienced price increases during this time. The value of Bitcoin Cash, NEO Coin, Iota, and Zilliqa, which also joined these stablecoins, also increased.Despite the recent fall in the cryptocurrency industry, analysts think there is still engagement growing around cryptocurrencies.
“One notable indicator of potential upward momentum for Bitcoin, for instance, is the decline in the Stablecoin Supply Ratio (SSR), which has dropped approximately 11 percent in the past 11 days. The SSR is a key metric used to gauge buying pressure in the market, with lower values suggesting increased buying power. These developments bode well for Bitcoin’s price trajectory, potentially pushing it higher in the near term,” the research team at CoinDCX stated.
Another positive development for Bitcoin is that there are now more than one million wallet addresses that contain at least one whole bitcoin. This sharp increase in the number reveals a growing number of people who have acquired enough Bitcoin to own at least one whole unit.“The rise in the number of such addresses, with approximately 190,000 added since early February 2022, coincided with a decline in Bitcoin’s price,” the CoinDCX team continued.