Globally oldest cryptocurrency, Bitcoin, is continuing a dip on the market graphs; the weekly trading began at $54,553 (Approximately Rs. 41 lakh), making the assessed value loss of the particular cryptocurrency at 0.28 per cent, as stated by Indian Exchange Coinswitch Kuber officials.
The International Exchanges have, however, recorded the value of Bitcoin hovering at around $ 49,000 (Approximately Rs. 37 Lakh) with amounting to marginal losses as claimed by officials from CoinMarketCap & Binance.
While Bitcoin has been downvalued, Ether, on the other hand, has scored a minor value addition amounting to 0.94 per cent. Ether is recently traded at $4,652 ( Approximately Rs. 3.4 Lakh) as per agency officials of Gadgets 360 Crypto Price Tracker’s categorical statement.
Many major & popular altcoins are dipping on the Market Graph; however, a small group of cryptocurrencies has managed to add value for their product, like USD Coin & Polygon are some of the few ones who have scored a marginal value gain along with Ether.
A number of cryptocurrencies have not reached the expected mark of increased value addition, much to the dismay of their investors this week. These cryptocurrencies include Tether, Cardano, Ripple, Polkadot, Dogecoin & Shiba Inu, to name a few.
Industry Experts have placed an opinion that the movement of the financial market is prone to quick changes as both the gains & losses faced by the cryptocurrencies are of a very marginal value increase & decrease.
CoinDcx officials have placed their opinion to the Gadgets 360 team that both Bitcoin & Altcoins have borne the brunt of being sold out by investors, also adding that this was the highest record of selling out in a single day since May 2020.
The CoinDCX officials are also of the opinion that by the next week, the traders can expect another volatile session & if the prices fail to reach the original prices again, the financial market could enter into a cyclical bear Market situational scenario.
The US Securities & Exchange Commission (SEC) had not accepted the second Spot Bitcoin Exchange-Traded Fund ( ETF) proposal from the team of Wisdom Tree, this became the main factor in influencing the market fluctuations of cryptocurrencies which became a volatile situation in last week session of trading in the Financial Market.
This present dip of cryptocurrencies has arrived right in time of a scheduled meeting of crypto players with the US Government to discuss ways of proper regulations needed in the booming space.