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| Bitcoin is currently trading at around $42,000 (roughly Rs. 31.2 lakh) on international exchanges |
In continuation of registering dips, the value of Bitcoin further dropped by 0.38 percent on Tuesday, January 11. The world's oldest cryptocurrency is presently trading at $45,884 (roughly Rs. 33.9 lakh) on Indian exchange CoinSwitch Kuber. On international exchanges like CoinMarketCap and Binance, Bitcoin saw its losses-ridden price down to around $42,000 (roughly Rs. 31.2 lakh). This marks the fifth day of Bitcoin trading below the mark of $45,000 (roughly Rs. 33.2 lakh) on a global level.
Along with Bitcoin, Ether also failed to show any recovery from value loss. With a dip of 2.39 percent, each Ether token is currently trading at $3,388 (roughly Rs. 2.5 lakh), as per Multiplex crypto price tracker
On January 6, the overall crypto market plunged after the US Federal Reserve indicated that it could pre-pone its timetable for raising interest rates and implement it somewhere around mid-March. Since then, Bitcoin and Ether that dropped by 9 percent and 8.3 percent, respectively, have shown little or no improvement in price.
A majority of other altcoins including Tether, USD Coin, Cardano, Ripple, Dogecoin, and Shiba Inu also remain affected by losses.
Polygon along with some comparatively lesser-known cryptocurrencies like Iota, Cosmos, Dash, and Augur managed to add a touch of green to the price chart with marginal gains.
Industry experts have called the next few days crucial for the crypto market.
“The latest fall in Bitcoin price is due to sharp sell-offs being ensured with the US central bank hiking the interest rates. This is sending investors to bonds and other conservative assets. The coming days are crucial as the market participants are anxious to wonder when this breakdown ends,” Edul Patel, CEO and Co-Founder of crypto investment firm Mudrex told Multiplex.
At a time the market is already reeling under pressure, several nations are having to shut down crypto mining due to lack of electricity there.
Iran, Irkutsk (Russia), and Kosovo are some places that have begun cracking down on crypto miners.
This disruption in crypto mining is affecting a number of new coins coming into circulation, adding to the pressure on the crypto sector.
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