As investors worry about the US central bank's prolonged hawkish monetary policy, which is at least partially attributed to a record low unemployment rate, bitcoin has been struggling to hold a psychologically significant level. The value of Bitcoin has decreased slightly over the past day by 0.62 percent, with prices remaining roughly above $20,000 (roughly Rs. 16 lakh) on international exchanges. However, the Indian exchange CoinSwitch Kuber has increased its valuation of BTC by 1% to $20,190 (roughly Rs. 16.10 lakh) today.
Bitcoin is presently valued at $20,244 on international exchanges like CoinMarketCap, Coinbase, and Binance (or around Rs. 16,20 lakh), down 5.8% from last Wednesday, according to CoinGecko data.
Ether, on the other hand, hasn't experienced the midweek slump as badly, managing to add more value as the date of the Merge event becomes nearer and nearer. Currently, the value of Ether is $1,587 (approximately Rs. 1.30 lakh) on CoinSwitch Kuber, while it is $1,592 (about Rs. 1.30 lakh) on international exchanges, where it has increased in value by 1.04 percent over the last 24 hours.
The value of Ether has increased throughout the course of the week, bringing it back closer to where it was the previous week, while statistics from CoinGecko indicates that there is still more growth to come.
The majority of the main altcoins experienced a mixed day over the previous 24 hours, according to Gadgets 360's cryptocurrency price tracker. Through late Tuesday and early Wednesday, there was a significant 0.59 percent decline in the market capitalization of all cryptocurrencies.
Over the last day, Cardano, Polygon, and TRON all had gains, while Polkadot, Uniswap, Cosmos, Solana, Monero, Cosmos, Avalanche, and BNB all experienced slight declines in value.
Memecoins Along with the majority of altcoins, Shiba Inu and Dogecoin saw brief declines. Shiba Inu is currently at $0.000012 (about Rs. 0.001000), up 5.99 percent over the previous day, while Dogecoin is currently valued at $0.06 (around Rs. 5) after dropping two percent in value over the past 24 hours.
Although there are indications that we may be nearing a bottom, things don't appear to be getting much better for traders right now.
On Tuesday, non-fungible tokens (NFTs) were a hot topic in the crypto news because Meta had just revealed that users would soon be able to cross-post NFTs on Facebook and Instagram. The Federal Bureau of Investigation (FBI) has, in the meantime, released a new warning on assaults on decentralised finance (DeFi) platforms, alleging that hackers are exploiting weaknesses in the smart contracts that govern these platforms.
