Bitcoin, Ether Prices Escalate in Fluctuating Market Movement; Losses Hit Several Popular Altcoins

Last week, the crypto market crashed after the Central Bank of Russia proposed a ban on cryptocurrencies.

By Radhika Parashar | Updated: 24 January 2022 11:31 IST

Bitcoin, Ether Prices Escalate in Fluctuating Market Movement; Losses Hit Several Popular Altcoins

Photo Credit: Unsplash/ Executium

Bitcoin is trading at $35,000 (roughly Rs. 25 lakh), its lowest price so far in 2022

Highlights

Dogecoin registered minor gain after weeks
Shiba Inu, Tether, and USD Coin dipped
Cosmos and Chainlink registered gains

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.

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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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Cryptocurrency Prices across Indian exchanges

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Further reading: Bitcoin, Ether, Binance, Ripple, Litecoin, Solana, Cardano, Pokadot, Dogecoin, Shiba Inu, Tether, Chainlink

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