Lagatar24 Desk
Mumbai, Jan 14: Bitcoin and the larger cryptocurrency market had a rather good week up until Thursday, when investors decided to alter their thoughts about a prospective rise and began to withdraw capital, substantially influencing the market atmosphere.
After a few days of advances, Bitcoin fell 1.92 percent on Thursday and is now trading at $46,221 (approximately Rs. 34.24 lakh) on Indian platforms like CoinSwitch Kuber, down 1.83 percent in the last 24 hours. Meanwhile, the most popular cryptocurrency’s price is $42,769 (approximately Rs. 31.68 lakh) on global exchanges, down 1.96 percent in the last 24 hours.
Ether’s situation worsened after the Ethereum-based cryptocurrency dropped 2.73 percent throughout the day and is now valued at $3,544 (roughly Rs. 2.63 lakh) on CoinSwitch Kuber, compared to $3,277 (roughly Rs. 2.43 lakh) on global exchanges, where the coin has dropped 2.05 percent in the last 24 hours. Despite a shaky start to 2022, Ether’s strong performance this week has helped the second-largest cryptocurrency by market capitalization trim its losses to just over 4% in the last week.
The decrease in Bitcoin and Ether on Thursday didn’t bode good for the rest of the market. With the exception of a few outliers, Gadgets 360’s cryptocurrency price tracker shows a red showing across the board. The value of Ripple, Cardano, Polygon, Uniswap, Chainlink, and Litecoin all dropped. Apart from stablecoins like Tether and USDC, Polkadot and Monero were the only coins that managed to make gains.
Meme coins, on the other hand, have a different story to tell. While Shiba Inu fell by 5.78 percent to $0.000034 (approximately Rs. 0.002511) on Thursday, Dogecoin has soared by 8.22 percent in the last 24 hours, boosted by news that Tesla is testing DOGE as a payment option. SHIB’s value, on the other hand, has increased by 1.2 percent in the last week, while Dogecoin’s has increased by 19 percent.
In related news, former Twitter CEO and Block CEO Jack Dorsey has recommended the establishment of a legal defence fund to assist Bitcoin developers in dealing with rising litigation. The Bitcoin Legal Defense Fund’s services would be available to developers for free if they choose to use them. Initially, cases would be assisted by volunteers and part-time lawyers, and the fund’s board would be in charge of deciding which cases and defendants to aid. In an email to the Bitcoin-dev mailing group, Dorsey highlighted the proposal’s main points.
