Sunday, December 4, 2022

Bitcoin struggling at $20,000, Ether also saw a decline

Rising inflation and interest rates are spoiling the world economy. The crypto market is also going through a period of volatility at this time. The price of bitcoin is seeing a decline again. The world’s largest cryptocurrency by market value costs around $19,900 on global exchanges. The value of bitcoin on the Indian exchange Coinswitch Kuber is $21,468, down 2.71 percent in the last 24 hours.

The world’s second most popular cryptocurrency, ethereum, has also seen a significant decline. At the time of writing this, Ether is valued at $1,216 on CoinSwitch Kuber, while it is valued at $1,154 on global exchanges. The price of Ether has decreased by 2.85 percent in the last 24 hours.

Most of the major altcoins have suffered a lot compared to the previous day. Global crypto market capitalization has also gone down by 3 per cent in the last 24 hours. Major currencies such as BNB, polkadot, solana and cardano were among the losers, while Polygon was the only altcoin that did not see a significant drop in prices.

Must Read: Crypto Tax: Who Will Pay 1% TDS From 1st July

Popular Shiba Inu and Dodgecoin have also seen a big drop in the form of Meme Coins. Dodgecoin is currently valued at $0.07, while the Shiba Inu is valued at $0.00001, after losing over 6.39 percent in the last 24 hours.

CoinDCX’s research team reported that the US Federal Reserve has increased rates further to counter the fears of a recession. The re-emergence of uncertainties has affected all cryptocurrencies. However, bitcoin has recently been recognized as a commodity in the US and could potentially be a safe haven for investors to avoid uncertainties. However, at the moment this seems unlikely and most cryptocurrencies are struggling to maintain their prices in every chart.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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