Lagatar24 Desk
Mumbai, Jan 24: The crypto market as a whole is suffering from significant back-to-back lows. Several cryptocurrencies, including Bitcoin, collapsed last week.
On Monday, January 24, Bitcoin trading opened at $39,496 (approximately Rs. 30 lakh) on Indian market CoinSwitch Kuber, up 0.50 percent. The cryptocurrency saw tiny gains on international markets as well, with gains of less than 1%.
On platforms like CoinMarketCap and Binance, bitcoin is currently trading for over $35,000 (around Rs. 25 lakh). So far in 2022, this is the lowest Bitcoin price.
Along with Bitcoin, Ether has seen slight price increases. According to Gadgets 360’s crypto price tracker, Ether is currently trading at $2,747 (approximately Rs. 2 lakh), up 0.90 percent.
On the price chart, Binance Coin, Ripple, Avalanche, Cosmos, Litecoin, and Chainlink all saw gains.
The meme-based cryptocurrency Dogecoin has finally broken its loss loop after weeks of losses, which is good news for Dogecoin investors. The Elon Musk-backed altcoin saw a small increase of 0.90 percent to $0.16. (Roughly Rs. 10).
Shiba Inu, a Doge competitor, joined Tether, USD Coin, Cardano, Solana, and Polkadot on the dip-list.
The crypto market is currently in a state of chaos. Several cryptocurrencies, including Bitcoin, plummeted on Friday, January 21.
The fundamental cause of the market meltdown, according to reports, is the Russian Central Bank’s intention to ban cryptocurrencies.
According to reports, Russia’s central bank indicated last week that the use and mining of cryptocurrencies could jeopardise the country’s financial stability while also jeopardising the central bank’s monetary policy authority.
Russian President Vladimir Putin had previously expressed his disapproval of the cryptocurrency sector, calling it “extremely hazardous.”
The crypto market is still a long way from fully recovering from its recent slump.
