Cryptocurrency is an uncontrolled digital currency that is neither legal tender nor immune to market volatility. The market may suddenly rise or fall due to a single tweet. Remember Bitcoin’s price skyrocketed above $40000 based on Elon Musk’s tweet?
On January 6, the overall crypto market plummeted after the US Federal Reserve said it could push back its interest rate hike timeline and impose it in mid-March.
Bitcoin and Ether, which fell by 9% and 8.3%, respectively, have exhibited little or no rebound in price since then. Ether, like Bitcoin, has shown no signs of recovering from its value fall.
According to Gadgets 360’s crypto price tracker, each Ether token is currently selling for $3,388 (approximately Rs. 2.5 lakh) after a 2.39 percent drop. Dogecoin, Shiba Inu, and Cardano, in addition to Bitcoin and Ether, all incurred a loss on Tuesday. Certain cryptocurrencies, such as Polygon and Iota, have experienced minor gains.
SEE ALSO: Crypto Crash! Price Of Bitcoin And Ether Drop As Cryptocurrency Market Suffers
On Tuesday, January 11, the value of Bitcoin fell by 0.38 percent, continuing its downward trend. On the Indian market CoinSwitch Kuber, the world’s oldest cryptocurrency is currently selling at $45,884 (approximately Rs. 33.9 lakh). Bitcoin’s price has dropped to around $42,000 on international markets including CoinMarketCap and Binance (roughly Rs. 31.2 lakh).
This is the seventh day in a row that Bitcoin has traded below $45,000 (approximately Rs. 33.2 lakh) on a worldwide scale. Several countries are forced to shut down crypto mining due to a lack of electricity at a time when the industry is already under stress.
