The crypto price chart looked drenched in red as the market entered the first mid-week of May. Bitcoin on Wednesday, May 4, slipped down on the price ladder by 1.51 percent. As per Indian exchange CoinSwitch Kuber, BTC’s current price in India is $40,345 (roughly Rs. 31 lakh). The world’s oldest cryptocurrency also ended up on the losing scale on international exchanges. With a loss of over 1.70 percent, BTC is trading at $38,029 (roughly Rs. 29 lakh) on exchanges such as Binance and Coinbase.
Ether followed its traditional pattern of following Bitcoin’s trajectory. ETH tumbled down by 2.21 percent to open trading at $2,971 (roughly Rs. 2.30 lakh) as per Gadgets 360’s crypto price tracker.
Well, BTC and ETH were anything but alone on the downtown side of the crypto price charts.
From stablecoins to memecoins and other popular altcoins, all major cryptocurrencies incurred minor, but notable value dips.
These include Tether, USD Coin, Solana, Cardano, Dogecoin, Shiba Inu, and Polkadot among others.
Just a small number of underdog altcoins, including, Monero, Baby Doge Coin, FLEX, Husky, and Nano Dogecoin managed to bring a dash of green to the price chart with minor profits.
The current fluctuations in the crypto sector however, has not dwindled investors’ trust so much.
Andreessen Horowitz (a16z), one of the largest forces in the venture capital industry, for instance, is planning to invest an amount in the ball-park of $500 million (roughly Rs. 3,825 crore) in India’s growing startup ecosystem.
According to Pitchbook data, venture capitalists in India have invested $23.5 billion (roughly Rs. 1,79,815 crore) in 2021, of which $587.16 million (roughly Rs. 4,490 crore) was allocated to crypto and Web 3 companies.
The current volatile period in the crypto industry is resulting from an ongoing economic slowdown phase caused due to lingering COVID-19 wave fears and the ongoing Ukraine-Russia war among other reasons.
The overall market cap of the crypto sector is presently positioned at $1.71 trillion (roughly Rs. 1,71,619 crore). The figure was slightly higher — at $1.75 trillion (roughly Rs. 1,33,96,199 crore) on May 2 as per CoinMarketCap.
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.