Big fall in Bitcoin, Ether, all popular Altcoins fall except Tether

The price of bitcoin is continuously declining. Such a situation was seen earlier in the month of September, during which China had banned all types of crypto trade and mining. Bitcoin is currently trading at $65,885 (approximately Rs 49 lakh) on the Indian exchange CoinSwitch Kuber, while it is priced at $59,321 (approximately Rs 44.2 lakh) on global exchanges such as CoinMarketCap and Binance. The day before writing the news, bitcoin saw a drop of over 5.42 percent. When bitcoin fell below the $60,000 mark (about Rs 44.7 lakh) for the first time since the end of October.

Bitcoin is not the only participant in the steep decline for most altcoins. Ether has also suffered a major loss. Ether also fell over 6 per cent yesterday and was priced at $4,617 (approximately Rs.3.43 lakh). After seeing a positive growth in the past few weeks, it is now its lowest level in November. Gadgets 360’s cryptocurrency price tracker shows that the Ethereum-based cryptocurrency is undervalued at $4,209 (about Rs 3.1 lakh) on global exchanges such as CoinMarketCap. This is a major drop for the second most popular cryptocurrency, which reached a new all-time low just a week ago.

“The last 24 hours have been extremely volatile for the cryptocurrency market, most of the top cryptos remained under bearish pressure. We saw a large number of short positions opening which drove the market down. The coming 24 hours will be crucial for the crypto spectrum as $57,000 In form of [लगभग 42.4 लाख रुपये] This is an important support level for BTC,” said Edul Patel, CEO and co-founder of crypto investment platform Mudrex.

The market tracker with Cardano, Ripple, and Polkadot everywhere seems to be colored in red, as the global crypto market capitalization has seen a drop of over 2.3%.
Tether was the only popular coin to register a 2.49 percent increase in its value. There were also some other coins whose price increased. These include IOTA, Augur and Underdog.

Two big digital coins based on meme were also not untouched by this slowdown in the market. Dodgecoin and Shiba Inu both saw declines. Dogecoin and Shiba Inu are both down around 7% and 9% respectively.

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