The value of Bitcoin, the largest cryptocurrency in the world by market capitalization, has started a sharp decline that will likely take it closer to the lows it reached in June 2022 as investors shift even more firmly into a risk-off mindset. Bitcoin's value has decreased significantly over 5 percent in the past day, with prices currently circling around the $19,000 (approximately Rs. 15.20 lakh) mark on international exchanges while falling by 1.5 percent to $20,582 (about Rs. 16.50 lakh) on Indian platforms like CoinSwitch and CoinDCX.
Bitcoin is presently trading at $18,704 on major exchanges like CoinMarketCap, Coinbase, and Binance (approximately Rs. 14.90 lakh), down 5.3 percent from last Wednesday, according to CoinGecko data.
Despite the Bellatrix update, Ether's price has strangely followed BTC's price trend as we enter the eagerly anticipated "Merge" week.
Currently, Ether is valued at $1,647 (approximately Rs. 1.30 lakh) on Indian markets, while its value is $1,508 (about Rs. 1.20 lakh) on international platforms. Ether's value has fallen significantly over the last 24 hours, by 8.16 percent.
The performance of Ether throughout the last days of last week has caused the cryptocurrency's value to rise significantly from where it was. According to CoinGecko data, the value of the second-largest cryptocurrency in the world has increased by 9.5 percent week over week.
The cryptocurrency price tracker from Gadgets 360 suggests that the majority of the top cryptocurrencies had a rough day with significant losses over the previous 24 hours. A startling 5.43 percent decline in the market capitalization of all cryptocurrencies was also seen between late Tuesday and early Wednesday.
Over the past 24 hours, prices have fallen significantly for Polkadot, Uniswap, Cosmos, Solana, Monero, Cosmos, Avalanche, Cardano, Polygon, TRON, and BNB.
Memecoins Like the majority of altcoins, Shiba Inu and Dogecoin experienced significant price reductions. Shiba Inu is currently worth $0.000012 (about Rs. 0.000960), down 5.37 percent over the past day, while Dogecoin is currently priced at $0.06 (around Rs. 4.68) after losing 7.69 percent of its value over the past 24 hours.
Macroeconomic issues are to blame for a large portion of the recent crypto decline. The value of bitcoin decreased as the currency regained strength. The Bloomberg Dollar Spot Index reached record highs while the dollar soared to a 20-year high. Similar to this, US 10-year treasury bonds have performed well ahead of the Fed's planned quantitative tightening.
The strong dollar also caused the conventional market to decline. The NASDAQ 100 plummeted by 0.7 percent while the S&P 500 dropped by 0.4%. Gold prices decreased as a result of the strong dollar.
