BTC, ETH Prices Fall, Overall Crypto Market Valuation Drops 1.4% During Crypto Winter

Bitcoin on Friday opened trading with a loss of 1.51%. The oldest cryptocurrency, on domestic and international exchanges, has hovered around $16,911 (about Rs 13.7 lakh). According to Binance, CoinMarketCap, and Coinbase, BTC entered the trading arena with a small loss of around 1.35%. Affected by job cuts, the crypto sector is going through a tough time despite the happy holiday season approaching. On the cryptocurrency price chart, today is mostly red, most altcoins are losing.

ether followed Bitcoin to record a loss. ETH, according to Gadgets 360’s Cryptocurrency price trackeris currently trading at $1,272 (about Rs 1.03 lakh) after suffering a 1.12% drop.

Including Binance Coins, Cardano, polygon, polka dots, Litecoinand Tron.

Stablecoins like USD and Binance US Dollar also recorded a loss.

The overall valuation of the crypto market has dropped 1.40% in the past 24 hours.

Currently, the crypto market cap stands at $850 billion (approximately Rs 68.93,509), CoinMarketCap data shows.

“Continued expectations that the Fed will slow down in the rate hike cycle have provided much-needed relief to ‘risky’ asset prices, with equity markets remaining buoyant. Closer to home, Indian indices are currently trading at record highs. It was DOGE’s week to shine, with the token price up ~25% for the week and making it to the top 5 market cap list,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Meanwhile, not even some altcoins are profitable today. Those who did, including fastener, Chain link, coin, Proximity protocoland Zcash.

“CRE8, the Indian Rupee Virtual Digital Asset (cryptocurrency) index has increased by 2.12% in the past 7 days. The Stat Value stands at Rs. 2427.07 at 8 a.m., December 2, 2022. BTC and ETH continue to be the top assets by market capitalization,” added Chaturvedi.

Cryptocurrency is an unregulated digital currency that is not legal tender and 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.

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