Most cryptocurrencies suffered losses when they entered into mid-April. Bitcoin opened on Monday, April 11 with a loss of 0.89 percent, bringing its trading value to $ 44,674 (about Rs. 34 lakh) according to the Indian exchange CoinSwitch Kuber. The first cryptocurrency to ever exist, BTC today also recorded losses on international exchanges. On Binance and CoinMarketCap, for example, BTC values fell by about 1.60 percent. The crypto-currency traded at about $ 42,083 (about Rs. 32 lakh) on foreign exchange.
Following Bitcoin’s trajectory, Ether prices also took a tumble. With a 1.84 percent loss, ETH trades at $ 3,368 (about Rs. 2.5 lakh) according to Gadgets 360’s crypto-price follower.
The two most valued cryptocurrencies have recently shown improvement despite the overall cloudy economic climate around the world. With Ukraine and Russia at war, and the fourth wave of COVID-19 already closing parts of China, global financial systems have taken a significant hit.
Crypto-experts predict that investors will not lose interest in the crypto-asset category.
“Despite growing fears of a looming recession caused by the prospects of the global market, confidence in the crypto market continues to rise sharply. Institutional and regulatory breaches in the digital asset sector continue to increase its acceptance. As economic uncertainty continues, Bank of America strategists also expected the silence in traditional markets to serve as a blessing for crypto, ”the research team at CoinDCX told Gadgets 360.
Altcoins like Binance Coin, Ripple, Solana, Cardano, Polkadot and Polygon also dropped in values.
Meme coins Shiba Inu and Dogecoin also could not pull in any profits.
Only a few altcoins, mainly stable coins, opened with gains today. These include Tether, USD Coin and Binance USD.
Stablecoins, recently recognized by the UK as a payment mode, are cryptocurrencies linked to reserve assets such as gold or fiat currencies. Market volatility has less impact on stable currencies because they manage to maintain their values based on the value of its underlying asset.
Other cryptocurrencies such as DOGEFI, Flex and Floki Inu have also brought newcomers back to the small-profit crypto-price charts.
In the meantime, industry experts remain confident that as more nations adopt regulatory frameworks around cryptocurrencies, the sector will rise above the existing element of volatility.
“The crypto market can see a stronger performance with the growing regulatory support encouraging greater confidence and credibility in crypto. The assets are expected to reflect secure port characteristics in the weak traditional market,” the CoinDCX team added.
The New York Senate has become the latest regulatory body to authorize the development of new onslaughts and levies on crypto companies in a move toward regulation.
The New York State Department of Financial Services (NYDFS) has been given the responsibility to increase its oversight of virtual currencies – on a par with its regulated traditional financial counterparts.
The total market capitalization of the crypto sector has dropped to $ 1.94 trillion (approximately Rs. 1,47,80,580 crore) according to CoinMarketCap. The figure was higher on April 6, when the crypto-market capitalization stood at $ 2.08 trillion (about Rs. 15,753,937 crore).
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