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Red color in the crypto market: Bitcoin down 6% Ether 13% SHIB 30% and Dogecoin 27%

Red color in the crypto market: Bitcoin down 6% Ether 13% SHIB 30% and Dogecoin 27%
Written by Arindam
Red color in the crypto market: Bitcoin down 6% Ether 13% SHIB 30% and Dogecoin 27%

Cryptocurrency prices started to slide since the beginning of this week and the coin has been struggling to hold steady gains. Today, i.e. on Thursday, May 12, according to the Indian exchange Coin Switch Kuber, bitcoin has registered a decline of 9 percent. At the time of writing the news, the price of bitcoin in India stood at $31,119 (approximately Rs 23.3 lakh). The world’s oldest cryptocurrency on global exchanges has suffered even more. The price of bitcoin was trading at $28,625 (about Rs 22 lakh) on global platforms like Binance and Coinbase.

Ether has suffered more today. The world’s second largest cryptocurrency lost 13.87 percent in the opening itself. At the time of writing this, the price of Ether was trading at $2,163 (approximately Rs 1.65 Lakh). Stablecoins such as Tether, USD Coin and Binance USD have seen minor gains. Barring these, there was no altcoin that appears in green on the Gadgets 360 crypto price chart. Dogecoin and Shiba Inu have suffered heavy losses today. SHIB has suffered a massive 30 per cent drop and DOGE has a 27 per cent loss.

According to data from CoinMarketCap, the global cryptomarket capitalization currently stands at $1.17 trillion (approximately Rs 91,01,968 crore). In the midst of the ongoing bearish wave, market experts are expecting that the prices will bounce once again.

The CoinDCX research team told Gadgets 360 that conductive regulation not only protects users from danger, but it also ensures the growth of newly created markets like cryptocurrencies. Apart from this, it also plays a similar role for emerging technologies such as Web3. The team said that more countries of the world will adopt crypto regulation now.

Meanwhile, crypto-related firms are constantly raising funds to expand the scope of their services. For example, KuCoin recently raised $150 million (approximately Rs 1,158 crore) in funds from Circle Ventures and Jump Crypto. The firm’s confidence in cryptocurrencies also raises hopes of a rebound in the market.

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Arindam

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