Bitcoin, Ether See Losses, Tether, and USD Coin Gather Greens on Otherwise Red Crypto Price Chart


After a month in 2022, the majority of cryptocurrencies, including Bitcoin, opened with losses on January 31. The most valuable crypto asset is trading at $40,193 (roughly Rs. 30.15 lakh) with a loss of 1.84% on Indian exchange CoinSwitch Kuber. Also on international exchanges, Bitcoin recorded losses of up to 2.7%. According to CoinMarketCap, Binance, and Coinbase, Bitcoin prices are hovering around $39,926 (roughly Rs. 28 lakh). All this month, Bitcoin’s performance remained impacted by market volatility which ended up affecting the overall gains of the crypto sector.

Ether followed Bitcoin by tumbling lower in the price ladder. With a loss of 1.66%, Ether is trading at $2,730 (roughly Rs. 2 lakh) according to crypto price tracker from Gadgets360.

While the two major cryptocurrencies struggled to garner gains, the majority altcoins also found themselves riddled with losses.

Binance Coin, Cardano, Solana, Ripple, and Polygon among several other cryptocurrencies have seen significant price declines.

Meme-based Dogecoin and Shiba Inu also failed to add value to their existing prices.

Amid such a tight market move, only Tether, USD Coin, and Chainlink managed to post marginal gains on the crypto price charts.

Several reasons have lined up in recent days that have contributed to the pressure on the crypto market, leading to significant overall losses.

Threats from the country’s central bank to ban crypto in Russia was one of the reasons why cryptocurrencies recorded no profit towards the end of January 2022. Currently, Russia is exploring a roadmap for regulate digital assets instead of having to impose a blanket ban like China. did last year.

Also in India, crypto investors are awaiting the annual budget hearing scheduled for February 1. It is currently unclear whether Finance Minister Nirmala Sitharaman plans to address the crypto sector in her budget speech, but the topic is supposed to come during the budget session of Parliament.

In November last year, the Ministry of Finance put its crypto regulation bill on the parliamentary agenda. The Bill which proposed a ban on private cryptocurrencies did not reach Parliament in the last session and was awaiting Cabinet approval.

Meanwhile, industry experts believe that smart rules are a must to protect crypto investors from market risks.

“As the crypto industry matures, smart regulations are important to protect users and businesses while continuing to encourage industry innovation – this is especially needed as our future becomes increasingly entrenched. in digital,” the CoinDCX research team told Gadgets360.

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 at Apple podcast, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, which is not legal tender and is 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 shall 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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