Lagatar24 Desk
Mumbai, Feb 24: Bitcoin has struggled to maintain consistency this month, hitting new highs on some days and losing ground on others.
On Thursday, February 24, Bitcoin commenced trading at $39,150 (approximately Rs. 29 lakh) on the Indian market CoinSwitch Kuber, down 2.05 percent. BTC suffered similar losses of roughly 2% on overseas markets, it appears. Bitcoin is down 2.36 percent according to Binance and Coinbase. On international markets, the world’s most valuable cryptocurrency is currently trading at $36,663 (approximately Rs. 27.5 lakh).
Ether is currently in a loss-making condition, similar to Bitcoin. ETH commenced trading at $2,624 after losses of nearly 5.30 percent (roughly Rs. 2 lakh).
Ether, the second-most valuable cryptocurrency, is currently selling on India’s CoinDCX market for $2,620 (approximately Rs. 1.95 lakh). The price of bitcoin is hovering around $2,485 on international platforms like Coinbase (roughly Rs. 1.80 lakh).
The continuing tensions between Russia and Ukraine are exacerbating the already volatile nature of cryptocurrencies. The financial sector is experiencing increases in profitable assets like gold as the likelihood of Russia launching a war on Ukraine grows, and the US teams up with Russia to defend Ukraine. Stocks and cryptocurrencies, which are considered high-risk assets, are currently subject to rapid changes.
The majority of altcoins, including BTC and ETH, started the day with losses. Binance Coin, Ripple, Cardano, and Polkadot are just a few examples. Shiba Inu and Dogecoin both dropped 4.5 percent and 6%, respectively.
On today’s red-dominated price charts, just a handful cryptocurrencies witnessed advances.
Tether and USD Coin, both stablecoins, saw gains, which is not surprising.
Stablecoins are crypto assets that are backed by reserve assets such as gold or fiat currencies, allowing them to enjoy gains even when the crypto market is down due to the performance of the underlying asset.
Terra and Cosmos both made slight gains as well.
Since the beginning of this year, the crypto market has been experiencing volatility, which became more extreme in February.
