Bitcoin, ETH open with loss, most alt coins tagged
In the last 24 hours while India celebrates Diwali, one of its biggest annual festivals, Rishi Sunak has become Prime Minister of the United Kingdom. Amid the festivities and upheaval in the global political scenario, the crypto market seems to have lost more than it gained on Tuesday, October 25. Bitcoin, the world’s most expensive cryptocurrency, has opened its doors. with a 0.40% drop on Tuesday. According to the Gadgets 360 cryptocurrency price tracker, the current value of BTC is hovering above the $19,300 mark (approximately Rs. 15.96 lakh).
Ether, quite commonly, fell 0.89% down the price ladder. According to Gadgets 360’s Cryptocurrency price trackerETH is currently priced at $1,340 (about Rs. 1.10 lakh).
Binance Coin, Ripple, Solana, Polygon, avalanche, Uniswapand Litecoin also saw a decrease.
Both memecoins DOGE and SHIB also decrease in value.
The global crypto market cap has dropped 0.13% in the past 24 hours, according to CoinMarketCap. Its current valuation is $932.20 billion (approximately Rs 77,10,769).
Meanwhile, some cryptocurrencies have managed to make small profits despite the market volatility.
Including, Tether, Money USD, Binance USD, Cardano, Polkadotand Stellar.
In recent findings, a Google Trends report discovered that the prolonged bear market situation in the crypto market, seems to have affected the level of people’s interest in cryptocurrencies.
For example, the keyword Bitcoin has recorded its lowest search volume ever in the past year.
The upheavals in the cryptocurrency industry have caused problems for many businesses in the sector.
Freewaya cryptocurrency staking platform, for example, has temporarily shut down some of its services citing market volatility.
In an effort to keep its business afloat, Freeway has stopped buying and withdrawing services on its platform. The company is working to draft newer strategies that can make its operations against the volatile nature of crypto assets.
BTC and ETH made all-time highs last year in November. Currently, the market situation does not show any signs of repeating last year’s market movements and the rise in industry-wide valuations. .
Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.