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Bitcoin reached below Rs 22 lakh after a big drop, 24-30 percent fall in popular altcoins

Bitcoin reached below Rs 22 lakh after a big drop, 24-30 percent fall in popular altcoins
Written by Arindam
Bitcoin reached below Rs 22 lakh after a big drop, 24-30 percent fall in popular altcoins

Things got worse for Bitcoin as Wednesday came to an end. With the ongoing recession in the cryptocurrency market, the falling price of the world’s largest cryptocurrency broke a one-year record. By the time of closing of trading, bitcoin has fallen below $30,000 (approximately Rs 23.2 lakh) to reach $28,228 (approximately Rs 21.8 lakh). This fall in price pushed the price of the world’s oldest cryptocurrency back by a year and reached the same level as it was on January 4, 2021.

On Wednesday, at 8:50 pm (UST), the price of bitcoin fell from $ 29000 (about Rs 22.4 lakh) to $ 28,228 (about Rs 21.8 lakh). Continuing the downward trend on Thursday, Bitcoin opened a trade at Rs 23.9 lakh, which is a decline of 8 percent in the last 24 hours. At the time of writing the news, the price of bitcoin on Indian exchange Coin Switch Kuber was at $30,948 (approximately Rs 23.94 lakh). Global exchanges like Coinbase, CoinMarketCap, Binance also saw a significant drop in its price today. Bitcoin is down 8.71 percent on Coinbase. This percentage of decline on CoinMarketCap was 8.34 and on Binance, the world’s largest cryptocurrency fell 8.06 percent.

There is no good news for bitcoin as well as other cryptocurrencies. Ethereum has registered a bigger drop than Bitcoin. The percentage figure for Ether’s decline has doubled from the percentage decline in Bitcoin. Ether was priced at Rs 1.69 lakh on Indian exchange CoinSwitch Kuber at the time of writing the news, which is a decline of 14 per cent in the last 24 hours. Barring stable coins, all other altcoins have seen a huge drop today.

Avalanche token was the biggest loser, down 32 percent in the last 24 hours. Apart from this, there has also been a big decline of 28 percent in Solana. The Gadgets 360 Crypto Price Tracker shows that all popular altcoins are in the red and almost all are down 23-28 percent. DodgeCoin lost 24 percent in price and the Shiba Inu lost 28.4 percent. Dodgecoin price in India was trading at ₹6.93 at the time of writing this news. This huge drop in the crypto market has once again exposed the risks associated with the market.

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Arindam

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