Bitcoin’s price crash over the weekend reverberated throughout the crypto market, with major cryptocurrencies continuing to suffer heavy losses throughout the week. The world’s most valuable cryptocurrency has since seen a steady rally, hitting over $38,000 (around Rs 30 lakh) on Wednesday, January 26, but BTC failed to sustain the upward momentum until to Thursday, falling more than 4%. Friday, however, started on a more positive note. The value of Bitcoin is currently at $40,451 (roughly Rs. 30 lakh), up 3.81% in the last 24 hours on Indian exchange CoinSwitch Kuber.
Meanwhile, on global exchanges, the price of the most popular cryptocurrency soared above $37,000 (roughly Rs. 30 lakh), marking a slight recovery over the past two days. According to CoinMarketCap, BTC is valued at $37,266 (roughly Rs. 30 lakh) up 3.71% in the last 24 hours.
Ether, the second-largest cryptocurrency by market cap, also performed poorly through Thursday, losing more than 5% in value, reversing the positive momentum built up on Tuesday and Wednesday. But as with Bitcoin, Friday’s trade started higher for the Ethereum-based cryptocurrency. At press time, Ether is valued at $2,648 (roughly Rs. 2 lakh) on CoinSwitch Kuber while values on global exchanges see the value of the crypto hover around $2,400 (roughly Rs. 2 lakh) at $2,435 (roughly Rs. 2 lakh), where the coin has risen by 1.40% in the last 24 hours. According to CoinGecko, the value of Ether has fallen over 19% since the crash last weekend.
Gadgets 360’s cryptocurrency price tracker shows that the most popular altcoins also got off to a positive start on Friday. Polygon, Binance Coin, Solana, Avalanche and Elrond were among the biggest gainers, alongside metaverse tokens Decentraland (MANA), The Sandbox (SAND) and Enjin Coin (ENJ). Among popular altcoins, Terra was one of the only crypto assets to lose value, losing more than 6%.
Meme parts haven’t had a great week since the crash, especially Shiba Inu, but the last 24 hours have been better for SHIB and DOGE. Dogecoin is currently valued at $0.15 (approx. 11.5 rupees) after rising 0.23% in the last 24 hours, while Shiba Inu is valued at $0.000023 (approx. 0.002 rupees), rising 2.58% over the past 24 hours.
“Bitcoin gained slightly, trading at $37,000 (roughly Rs. 27 lakh) in the past 24 hours after witnessing declines for two consecutive days. By market cap, Ether and other altcoins also gained more than the previous day.BTC’s uptrend remained limited given the medium-term downtrend.BTC hit resistance below $40,000 (roughly Rs. 30 lakh) and support levels remained at $33,000 (roughly Rs. 25 lakh) While Bitcoin’s dominance is currently at 42%, buyers can hold support between $30,000 (roughly Rs. 22 lakh) and 37. $000, then the market might stabilize a bit,” says Edul Patel, CEO and co-founder of crypto investment firm Mudrex speaking to Gadgets 360.
As Bitcoin struggles to find stability, an annual study by blockchain forensics firm Chainalysis finds that money laundering in the crypto sector has risen from $6.6 billion (approximately 49,600 crores of rupees) to $8.6 billion (approximately 64,640 crore rupees) between 2020 and 2021. The summary of this year’s report shows that while the total amount of money laundered has increased by 30%, only a fraction of all the transactions originated from illicit activities. Although this is a relatively high percentage increase year over year, the figure still shows a significant deviation from 2019.
Cryptocurrency has been the subject of intense discussion in Russia in recent days. In a recent meeting, Russian President Vladimir Putin noted that the country has advantages when it comes to cryptocurrency mining. In order to mine or generate cryptocurrency, complex proof work algorithms must be solved on advanced computers. The process is energy-intensive because these advanced computing machines need to be plugged in at all times.
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.