In the past 24 hours, the value of Bitcoin has decreased by $1,540 (approximately Rs. 1.28 lakh).
This entire week, Bitcoin and Ether continued to trade under a loss-spell. On Friday, January 19, Bitcoin showed a loss of 3.77 percent on Gadgets 360’s crypto price tracker. Its value, at the time of writing, stood at $41,005 (roughly Rs. 34.09 lakh). This is Bitcoin’s lowest value in the recent weeks. Over the last 24 hours, the value of Bitcoin has reduced by $1,540 (roughly Rs. 1.28 lakh). Market analysts have also acknowledged that the crypto market is witnessing an unexpected downward trend.
“Bitcoin faces selling pressure due to heavy outflows from Exchange Traded Products (ETPs) to new spot ETF issuers. For example, Blackrock’s Bitcoin ETF has accumulated a billion-dollar worth of Bitcoin in just one week, which means there is a heavy outflow of Bitcoin to such regulated ETFs. We can expect the Bitcoin price to rise once this transition cools down and investors are done with profit booking,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Ether registered a value drop of 2.95 percent on Friday. At the time of writing, Ether was trading at the price point of $2,456 (roughly Rs. 2.04 lakh). In the last 24 hours, the value of ETH dropped by $66 (roughly Rs. 5,487).
Solana, Ripple, Uniswap, Tether, and Cardano — all emerged on the loss-making side of the crypto chart.
Avalanche, Dogecoin, Tron, and Polkadot alongside USD Coin, Leo, Near Protocol, and Iota also registered losses.
“The top 30 cryptos by market cap are currently trading in the red. We can expect some volatility in BTC’s price for some time. However, the ETF inflows and Assets under Management (AUM) continue to see healthy numbers.
The overall market capitalization of the cryptocurrency sector has declined by 3.25 percent in the last 24 hours. As of Friday, the sector’s valuation is $1.62 trillion (approximately Rs. 1,34,68,056 crore), according to CoinMarketCap. Despite this decline, a few cryptocurrencies, including Iota, Braintrust, Binance USD, and Dogefi, managed to record small gains on Friday. In a significant development in the decentralized finance (DeFi) sector, CoinMarketCap data indicates that dYdX (-8.5 percent) has recently surpassed Uniswap’s markets to become the largest decentralized exchange (DEX) by daily trading volume. dYdX, which recently migrated from Ethereum to Cosmos, reported a volume of $757 million (approximately Rs. 6,293 crore) over 24 hours.
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