Bitcoin drops to $32,000, cryptocurrency market conditions are not improving

Bitcoin drops to ,000, cryptocurrency market conditions are not improving
Written by Arindam
Bitcoin drops to ,000, cryptocurrency market conditions are not improving

The overall crypto market which has hit a four-month low this week has shown no signs of recovery in the last 24 hours. On Tuesday, the world’s most popular cryptocurrency bitcoin opened with a significant decline of 7.73 percent. According to the Indian exchange CoinSwitch Kuber, BTC is currently priced at $32,839 (approximately Rs.25 lakh). There has also been a sharp drop in the price of bitcoin on the international crypto exchanges. The value of BTC has reached $30,698 (approximately Rs 23 lakh) on exchanges like Binance, CoinMarketCap and Coinbase, registering a decline of up to 8.80 percent.

Ether, the world’s second most popular cryptocurrency, is also looking far from profitable. Gadgets 360’s crypto price tracker shows that after a loss of 4.80 percent, its price has come down to around $2,473 (about Rs 1.90 lakh).

Investment in digital assets is declining due to the global economic slowdown. At the same time, the crypto community expects digital assets to be effective in hedging against inflation. Despite this, the perception of risk and volatility around the cryptocurrency remains intact.

Currently, most cryptocurrencies are in losses. These also include Solana, Polkadot and Polygon. Shiba Inu and Dodgecoin popularly known as Mime Coins have also not been able to register any gains. Tether and USD coins have gained marginally, but stable coins such as Binance USD have posted losses.

Stablecoins have suffered despite the US focusing on regulating daily payments. Stable currencies, which are pegged to the US dollar, have been included in US financial systems, according to a new trust act.

Industry experts are predicting a better future for digital assets, given Web3 adoption trends around the world. Recently Mark Zuckerberg has announced that Instagram is testing the NFT integration from this week. The world’s largest tech company Google has also recently launched its Web3 team to capitalize on the growing popularity of crypto.

On the other hand, the total market cap of cryptocurrencies has come down to $1.43 trillion (about Rs 1,10,68,934 crore), which is a huge drop. According to CoinMarketCap, the crypto market cap stood at $1.66 trillion as of May 6. On March 31, it had reached the level of $ 2.14 trillion.

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