BTC Value Stays as Low as $32,000, Crypto Price Chart Remains Dominated by Red

Owing to a global economic slowdown, investments in the digital assets sector are dwindling leading to the value dips for many cryptocurrencies.

By Radhika Parashar | Updated: 10 May 2022 11:19 IST

BTC Value Stays as Low as $32,000, Crypto Price Chart Remains Dominated by Red

Photo Credit: Pixabay/ WorldSpectrum

The cryptocurrency market is currently facing a four month-low

Highlights

BTC is priced $32,839 (roughly Rs. 25 lakh) in India
Most altcoins have lost significant values
Crypto market valuation has fallen to $1.43 trillion

The overall crypto market, that slipped to a four-month low this week, has shown little or no signs of recovery in the last 24 hours. On Tuesday, May 10, Bitcoin opened with a significant dip of 7.73 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently priced $32,839 (roughly Rs. 25 lakh). Bitcoin has also fallen adversely on international crypto exchanges. Registering a dip of up to 8.80 percent, BTC values have dropped to $30,698 (roughly Rs. 23 lakh) on exchanges such as Binance, CoinMarketCap, and Coinbase.

Profits currently look far from Ether also at the point. ETH values hover around $2,473 (roughly Rs. 1.90 lakh) after registering a loss of 4.80 percent, the crypto price tracker from Gadgets 360 shows.

Owing to a global economic slowdown, investments in the digital assets sector are dwindling. While the crypto community hopes that digital assets might offer a hedge against inflation, these assets continue to remain high-risk and subject to volatility.

Samsung Wins Patent for a Tri-Fold Smartphone With Specialised Barrier Layer for Improved Durability

Currently, majority cryptocurrencies are hit by losses. These include Solana, Polkadot, and Polygon among others.

Even Dogecoin and Shiba Inu failed to bring-in any gains.

Stablecoins showed sketchy movements with some reeling-in gains while the others left affected by losses.

Utah Passes Bill to Create Blockchain and Digital Innovation Task Force

While Tether and USD Coin saw very small gains, other stablecoins such as Binance USD saw losses.

Losses came head-on for stablecoins despite the US shifting focus on regulating them for daily payments. Those stablecoins that are pegged to the US dollar, have been included in US' financial systems, as per a new TRUST Act.

Industry experts are pinning their predictions of the future growth of digital assets on the rapid Web3 adoption that is happening around the world.

“Meta's Mark Zuckerberg announced that Instagram is testing NFT integrations from this week, joining the likes of Google that recently launched its Web3 team to capitalise on the booming popularity of crypto. Yet as tech giants make inroads into the digital asset sector, crypto innovators may have a slight head start here given that they have been there from the start and understand the ins and outs of the industry,” the research team at CoinDCX told Gadgets 360.

Experts believe that the success of the Web3 sector hinges on a necessary symbiotic relationship between big tech giants and crypto innovators.

Currently, the overall market cap of cryptocurrencies has witnessed a major drop to stand at $1.43 trillion (roughly Rs. 1,10,68,934 crore), as per CoinMarketCap.

The crypto market cap was $1.66 trillion (roughly Rs. 1,28,06,601 crore) as of May 6.

After March, the value of the crypto market valuation has continued to depreciate. As of March 31, the market cap of the crypto sector had risen to $2.14 trillion (roughly Rs. 1,62,77,490 crore).

How is Alexa faring in India? We discuss this 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.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptocurrency, Bitcoin, Ether, Solana, Polkadot, Polygon, Dogecoin, Shiba Inu, Tether, USD, Binance USD

Radhika Parashar

Email Radhika

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