The overall crypto market is struggling with massive back-to-back lows. Last week, several cryptocurrencies crashed, including Bitcoin. With a marginal gain of 0.50 percent, Bitcoin trading opened at $39,496 (roughly Rs. 30 lakh) on Monday, January 24, on Indian exchange CoinSwitch Kuber. On international exchanges as well, the cryptocurrency registered small gains, lesser than one percent. Bitcoin is trading at around $35,000 (roughly Rs. 25 lakh) on exchanges like CoinMarketCap and Binance, among others. This is the lowest Bitcoin price so far in 2022.
Tagging along with Bitcoin, Ether also bagged minor price hikes. With a price rise of 0.90 percent, Ether is currently trading at $2,747 (roughly Rs. 2 lakh) as per Gadgets 360's crypto price tracker.
Binance Coin, Ripple, Avalanche, Cosmos, Litecoin, and Chainlink emerged as gainers on the price chart.
In a good news for Dogecoin investors, the meme-based cryptocurrency finally managed to break its loss loop after weeks. The Elon Musk–backed altcoin witnessed a minor gain of 0.90 percent to trade at $0.16 (roughly Rs. 10).
Meanwhile, Doge rival Shiba Inu, along with Tether, USD Coin, Cardano, Solana, and Polkadot made it on the dip-list.
Overall, the crypto market is haywire right now. On Friday, January 21, several cryptocurrencies including the Bitcoin, crashed.
The main reason for this market crash is reportedly being pegged to be the proposal of banning cryptocurrencies by the Russian Central Bank.
Last week, Russia's apex lender said the use and mining of cryptocurrencies could pose threats to the financial stability of the nation while also jeopardising the monetary policy sovereignty of the central bank, as per reports.
Earlier also, Russian President Vladimir Putin had expressed criticism of the crypto space calling the market highly risky.
As of now, the crypto market is far from having recovered from the recent crash substantially.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
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