Bitcoin Price Sinks to $21,670 Amid Volatile Market Sentiment, Most Altcoins See Dips

Loss-stricken ETH is currently trading at $1,506 (roughly Rs. 1.24 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 13 February 2023 11:10 IST

Bitcoin Price Sinks to $21,670 Amid Volatile Market Sentiment, Most Altcoins See Dips

Photo Credit: Unsplash/ Art Rachen

The crypto market valuation currently stands at $1.01 trillion

Highlights

Memecoins like DOGE, SHIB also saw losses
Polygon, Solana reeled-in dips
Flex, Gas reeled-in profits

The global crypto market suffered a shake-up last week in the backdrop of the macroeconomic disaster that hit Turkey and parts of Syria. Bitcoin, that was being estimated to soon breach the mark of $25,000 (roughly Rs. 20 lakh), sunk to the level of $21,000 (roughly Rs. 17.3 lakh) over the weekend. On Monday, February 13, BTC prices fell by nearly a percent on both national as well as international exchanges. At the time of writing, BTC value stood at $21,672 (roughly Rs. 17.9 lakh).

Ether followed Bitcoin straight into losses. With a drop of 1.60 percent in its value, ETH price stands at $1,506 (roughly Rs. 1.24 lakh), as per Gadgets 360's cryto price tracker.

“The values of BTC and ETH dropped following the announcement that Kraken, a US-based crypto exchange, had suspended its staking service and paid a $30 million fine to the SEC for failing to register the service. Bitcoin appears to be in a bearish state. If the trend continues, it could experience a decline. However, at this time, Bitcoin has not yet demonstrated enough strength to make a mid-term price reversal,” Edul Patel, the Co-Founder and CEO of Mudrex crypto exchange told Gadgets 360.

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Losses impacted majority altcoins on Monday, including Binance Coin, Cardano, Polygon, Solana, and Polkadot.

Memecoins DOGE and SHIB also traded lowly with losses alongside Litecoin, Avalanche, Uniswap, Cosmos, and Chainlink.

Only a small number of cryptocurrencies recorded profits today. These include stablecoins such as Tether, Binance Coin, USD Coin, and Binance USD, as well as Tron, Wrapped Bitcoin, Monero, and Zcash, among others.

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Circuits of Value, Dogefi, Bitcoin Hedge, Underdog, Flex, and Gas also recorded small gains.

The overall crypto market dipped by 0.39 percent in the last 24 hours. As per CoinMarketCap, the crypto market valuation stands at $1.01 trillion (roughly Rs. 83,83,720 crore).

Samsung's Galaxy S23 series of smartphones was launched earlier this week and the South Korean firm's high-end handsets have seen a few upgrades across all three models. What about the increase in pricing? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Avalanche, Uniswap, Cosmos, Chainlink, Tether, Monoero, Zcash, Circuits of Value, Dogefi, Bitcoin Hedge, Flex, Gas

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More