Lagatar24 Desk
Mumbai, Jan 4: The year 2022 appears to have started out on a sour note for cryptocurrencies, with the bulk of coins experiencing losses since the year began.
On Tuesday, January 4th, Bitcoin began the day with a 0.61 percent drop. Each Bitcoin token is currently trading at $49,922 on the Indian exchange CoinSwitch Kuber (roughly Rs. 37 lakh).
Bitcoin’s value reached $52,000 (approximately Rs. 38.7 lakh) around Christmas a few days ago on multiple platforms, but it quickly dropped again. The world’s oldest cryptocurrency is currently selling at $46,299 on major markets like Binance and CoinMarketCap (roughly Rs. 34.5 lakh).
Ether, like Bitcoin, has experienced another price drop today. According to Gadgets 360’s crypto price tracker, the world’s second largest crypto by market capitalization is currently trading at $4,037 (approximately Rs. 3 lakh) after losing 0.83 percent.
Other altcoins that suffered losses include Tether, Cardano, Ripple, Dogecoin, and Shiba Inu.
Only a few cryptocurrencies, such as USD Coin, Polkadot, and Chainlink, were able to register pumps.
Meanwhile, opposing voices in the crypto realm are raising concerns about the future of the industry.
Ray Dalio, the billionaire founder of Bridgewater Associates, the world’s largest hedge fund, recently cautioned crypto investors throughout the world that a global boycott of Bitcoin is a possibility.
India’s crypto situation has also become more delicate.
Following the enormous tax fraud by bitcoin service provider WazirX, the Directorate General of GST Intelligence has slammed the cryptocurrency exchanges in the country.
