Slow start to the weekend for Cryptocurrency: Price chart of Bitcoin, Ether and more in red color

The weekend started off bearish for the cryptocurrency market. Most of the tokens opened on a downtrend on Friday and most of the price charts appeared to be painted red. Bitcoin, the world’s oldest cryptocurrency, started the day trading with a fall of 6.67 percent. According to the Indian exchange Coinswitch Kuber, the current price of bitcoin is $38,630 (approximately Rs 29 lakh). Its global value has declined significantly. The cryptocurrency fell 7.69 percent on global exchanges like Binance and CoinMarketCap and reached $36,465 (approximately Rs 28 lakh) in value.

There has also been a slight but significant decline in Ether. Ether opened with a loss of 4.88 percent. The world’s second largest cryptocurrency is currently trading at $2,916 (approximately Rs 2.25 lakh). The Gadgets 360 Cryptocurrency Price Tracker shows that popular altcoins such as Binance Coin, Solana, Ripple, Cardano and Avalanche appeared in the red today. The only gainers were the US Dollar backed stable coin. Among them, Tether gained marginally by 0.8 percent and at the time of writing the news it was trading at Rs 81.29 in terms of Indian currency.

USD Coin was also among the gainers. It registered a marginal gain of 0.78 percent and its price remains at Rs 81.33. In addition, Binance USD also managed to take the lead among stablecoins. It increased by about 1 percent. At the time of writing the news, this token was trading at Rs 76.90.

At the same time, when it comes to Mime cryptocurrencies, Dogecoin and Shiba Inu have also declined. Dodgecoin has lost 4.39 percent. Dodgecoin price in India is currently trading at Rs.10.34. Dodgecoin’s biggest rival, the Shiba Inu, was also not untouched by the crypto meltdown and declined 5 percent. At the time of writing this news, the price of Shiba Inu in India stood at Rs.0.001632.

The global crypto market has lost 8 percent in value in the last 24 hours. The US Federal Reserve is revisiting its economic structure as the clouds of recession loom in the country. Since cryptocurrencies fall under the high risk category in terms of investment, investors are currently pulling out of crypto. There is a possibility that this period of recession may continue for a few days.