The majority of cryptocurrencies opened with a small loss on Monday, Feb. 6. Bitcoin recorded a loss of 1.79% when it opened at $22,860 (approximately Rs 18.8 lakh) . International exchanges like Binance and Coinbase also reflected declines on a similar scale. The cryptocurrency saw a significant loss in value over the weekend. From February 3 to today, BTC has dropped by $687 (approximately Rs 56,147), but has managed to retain its recently gained value.
ether tail Bitcoin to record a loss. The second most expensive cryptocurrency dropped 1.77% in value on Monday. The price of ETH, at the time of writing, stands at $1,626 (about Rs 1.34), indicating Cryptocurrency price tracker by Gadgets 360.
“This drop in prices reflects a drop in US equities due to a surprise job increase on Friday. This has led to concerns about the ability to raise interest rates to moderate the economy and manage inflation,” Edul Patel, CEO and Co-Founder of crypto investment platform Mudrex told Gadgets. 360.
Stablecoins are pegged to the US dollar like fastener, Binance US Dollar, USDAnd Ripple witness the loss.
Other popular altcoins that have dropped in price include Cardano, polygon, solana, polka dotsAnd Litecoin next to avalanche, Tron, UniswapAnd universe.
Total crypto market valuation has dropped 1.17% in the past 24 hours. like destiny CoinMarketCapThe crypto market cap currently stands at $1.06 trillion (approximately Rs 87,77,613).
Meanwhile, only a small number of cryptocurrencies are opened with profit.
Including Lion, Bitcoin SV, electronic moneyAnd NEM.
Astronomer, diameterAnd Value circuit also reeling in profits.
In the midst of this volatility that greatly affects the cryptocurrency sector, one JP Morgan’s research recently said that institutional investors are fearful about experimenting with crypto assets.
JP Morgan surveyed 835 traders from 60 international locations from January 3 to January 23 this year. Research shows that 72% of institutional crypto traders are currently skeptical about testing crypto by 2023.
In the coming days, the Wall Street bank forecast, cryptocurrency will merge with traditional finance. This will happen as more countries come up with rules to govern the digital asset sector.
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 for 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.
