Cryptocurrencies are struggling to move up the price charts, after the ongoing slowed-down economic climate pulled the markets down in the start of this week. On Thursday, May 12, BTC price stood at $31,119 (roughly Rs. 24 lakh) after incurring a significant loss of 6 percent, as per Indian exchange CoinSwitch Kuber. The world’s oldest cryptocurrency met with even bigger losses on international exchanges. On Binance and Coinbase for instance, BTC lost value by 7.80 percent. The price of each BTC, on a global level, currently hovers around $28,625 (roughly Rs. 22 lakh).
Losses came larger for Ether as the month of May began to transcend towards its mid-point. ETH saw losses of 13.87 percent as it opened trading at $2,163 (roughly Rs. 1.65 lakh), shows Gadgets 360’s crypto price tracker.
While small bunch of stablecoins such as Tether, USD Coin, and Binance USD managed to show some minor recoveries, majority other altcoins remained weak on the price charts.
Dips have affected Binance Coin, Ripple, Solana, Cardano, and Polkadot among others.
Memecoins Dogecoin and Shiba Inu also saw big losses. While SHIB has fallen by over 30 percent, DOGE also slipped by over 27 percent.
Currently, the global crypto market valuation stands at $1.17 trillion (roughly Rs. 91,01,968 crore), as per CoinMarketCap.
Despite the current market plunge, industry insiders continue to remain hopeful for a bounce-back.
“Conducive regulatory environments not only serve to protect users but also ensure the growth of nascent industries and emerging technologies such as Web3, injecting greater credibility and bolstering the future of finance,” the CoinDCX research team told Gadgets 360, while rooting for more nations to adopt regulations around crypto.
Meanwhile, crypto-related firms continue to garner fundings for service expansions. KuCoin, for instance, recently raised $150 million (roughly Rs. 1,158 crore) from Circle Ventures and Jump Crypto among others.
Web3 platform Dapper Labs has also unveiled a $725 million (roughly Rs. 5,600 crore) ecosystem fund to invest in applications and growth for its layer-1 blockchain ecosystem named Flow.
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.