Bitcoin and several other cryptocurrencies saw a reduction in their prices last week, owing to a number of changes in the cryptocurrency market, including the announcement that crypto-friendly bank Silvergate was suspending its crypto payment network. As trading patterns were refreshed across the market, Bitcoin on Monday recorded a microscopic hike of 0.08 percent. The most widely used and expensive cryptocurrency, over the weekend, retained its price of $22,375 (roughly Rs. 18.3 lakh). BTC has remained close to this price mark on both, national as well as international exchanges.
“Most cryptocurrencies remained in [the] red over the weekend as market participants try to digest the uncertainties surrounding Silvergate. BTC has been trading below its established support levels for a few days. Despite this, traders and investors are hoping for favourable economic data from China that will be released this week. Such positive news might encourage them to re-enter the market,” Edul Patel, the CEO and co-founder of Mudrex told Gadgets 360.
Ether, the second most-expensive cryptocurrency after Bitcoin, saw its price fall on Monday. Its value, at the time of writing, stands at $1,561 (roughly Rs. 1.27 lakh) with a fall of 0.38 percent.
In the last 24 hours, the overall crypto market valuation dipped by 0.58 percent. As per CoinMarketCap, the global crypto market cap stands at $1.02 trillion (roughly Rs. 83,70,510 crore).
Last week, troubled crypto-friendly bank Silvergate announced the suspension of its crypto payment network. The bank reportedly lost crypto deposits worth over $8 billion (roughly Rs. 65,450 crore) as several members of the community withdrew their investments owing to a low-risk appetite.
The California, US-based bank is now reviewing its books with auditors in order to find a way out of the financial crisis. The unfolding of the Silvergate turmoil resembles the fate of the now bankrupt FTX crypto exchange, that has triggered the risks of financial unstability for crypto holders, leading to the ongoing market slowdown.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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