Bitcoin and Ether fail to post major gains despite strong trade through Thursday


Bitcoin, along with other cryptocurrencies, had a strong trading day on Thursday, but in the case of the world’s largest cryptocurrency by market cap, things haven’t gone too far despite the positive intention. Bitcoin’s valuation has fallen 0.16% in the past 24 hours after rising 1.67% through Thursday. Bitcoin is currently valued at $ 50,695 (around Rs. 38.64 lakh) on India’s CoinSwitch Kuber exchange, while global exchanges like CoinMarketCap have painted a similar picture with the price of Bitcoin down 1.77 percent , for a value of $ 47,913 (approximately Rs. 36.52 lakh). ).

According to CoinGecko, Bitcoin’s valuation has changed very little over the past week and has failed to break through the $ 50,000 mark (around Rs.38.11 lakh) despite several attempts by the BTC bulls.

Ether, meanwhile, continued to have a pretty bad week, losing 4.4% in value over the past week. That said, the second-most valued cryptocurrency has risen 0.86% in the past 24 hours after a sharp 7.7% rise in its valuation through Thursday. At the time of publication, Ether was valued at $ 4,214 (approx Rs. 3.21 lakh) on CoinSwitch Kuber while stocks on global exchanges saw the second largest crypto by market cap pegged at $ 3,978 (approx. Rs. 3.03 lakh), where the coin has fallen in value by 0.76% in the last 24 hours.

Gadgets 360’s cryptocurrency price tracker shows that the start of the day has been quite poor in local trading, although some coins have done well.

Cardano, Polkadot, Litecoin, and Uniswap all lost value, while Tether, Polygon, and Ripple were the only popular altcoins to show gains in the past 24 hours.

Elsewhere, Dogecoin, despite a strong rally earlier in the week, has fallen significantly in recent days. DOGE is currently valued at $ 0.18 (around Rs.14.29), while Shiba Inu is down 3.24% to be valued at $ 0.000033 (around 0.002508).

“The rally we have seen across the cryptocurrency spectrum over the past 24 hours has been short-lived. However, despite the sell-off, the spectrum has managed to hold steady at support levels causing a related move. at the beach over the past 24 hours. Such consolidations are always a positive sign for the market, “said Edul Patel, CEO and co-founder of algorithm-based crypto investment platform, Mudrex.

Meanwhile, the UK’s Advertising Standards Authority (ASA) has decided to ban seven cryptocurrency advertisements on the grounds that they are misleading and “irresponsibly take advantage of consumers’ inexperience and so as not to illustrate the risk of the investment ”. The banned ads include those of the popular pizza chain Papa John’s Pizza, as well as a host of reputable crypto exchanges at Coinbase, Kraken, Etoro and Luno.

Dogecoin’s strong run in the first few days of the week also resulted in a significant increase in whale activity following the announcement that automaker Tesla would accept cryptocurrency as a form of payment for certain commodities. According to data on the channel, the original memes-based coin saw a 148% increase in “large transactions”, which are transfers exceeding a value of $ 100,000 (around Rs. 76.11 lakh).

The spike in whale activity comes at a time when Dogecoin’s valuation on global stock exchanges rose 40% in a single day on Tuesday, December 14.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple podcasts, Google podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss resulting from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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