The cryptocurrency market has seen a notable decline in the value of key assets like Bitcoin (BTC) and Ether (ETH) in the last 24 hours. Bitcoin, which began the week trading at a high of $69,535 (approximately Rs. 58 lakh), has experienced a significant drop. The asset’s value fell by over two percent on international platforms like CoinMarketCap, bringing its price down to $65,625.38 (roughly Rs. 54.9 lakh). On Indian exchanges, Bitcoin saw a similar downward trend, with prices dropping by around one percent, placing its value between $66,090 (approximately Rs. 55.3 lakh) and $70,230 (roughly Rs 58.8 lakh).
The recent downturn in Bitcoin’s value can be attributed to actions taken by the US government. The government has reportedly moved Bitcoin tokens worth $2 billion (roughly Rs. 16,746 crore), linked to the Silk Road, the notorious defunct dark web marketplace. This movement has put additional pressure on BTC, contributing to its recent price decline.
Edul Patel, CEO of Mudrex, commented on the situation, stating, “BTC is under pressure after the US government moved Bitcoin tokens linked to Silk Road. A decisive move above the $66,500 (roughly Rs. 55.6 lakh) resistance could drive the price higher in the coming sessions. However, if Bitcoin fails to break past this resistance, it may decline further.” This suggests that while there is potential for Bitcoin to recover, it is currently facing significant resistance.
Ether (ETH), the second-largest cryptocurrency by market capitalization, has also faced a price dip. ETH’s value dropped by 1.28 percent in the last 24 hours, trading at $3,272 (approximately Rs. 2.73 lakh) on international exchanges. In India, the price of ETH stands at $3,482 (roughly Rs 2.91 lakh). The recent outflows from Grayscale’s ETF, which amounted to a net $120 million (roughly Rs. 1,004 crore), have also contributed to ETH’s downward trend, pushing its value below the $3,300 (approximately Rs. 2.76 lakh) mark.
According to the CoinSwitch markets desk, “Ethereum has a major support around the $2,800 (roughly Rs. 2.34 lakh) mark even if the downtrend continues,” indicating that while the asset is currently experiencing a decline, there are significant support levels that could prevent further losses.
Other major cryptocurrencies, including Tether, USD Coin, Dogecoin, Cardano, Shiba Inu, and Polkadot, also reflected losses during this period. However, some digital assets, such as Binance Coin, Solana, Ripple, Chainlink, Near Protocol, Litecoin, and Leo, managed to make modest gains.
The overall cryptocurrency market capitalization has dipped by nearly one percent in the last 24 hours, standing at $2.37 trillion (roughly Rs. 1,94,27,517 crore) as of the latest data from CoinMarketCap. This decline reflects the broader uncertainty and volatility currently facing the crypto market, driven by external factors such as government actions and market sentiment.
As the market continues to react to these developments, investors are advised to stay informed and consider potential risks before making any decisions. The coming days will likely be crucial in determining the direction of both Bitcoin and Ether, as well as the broader cryptocurrency market.