Bitcoin Slumps 4 Percent Dragging Ether, Majority Crypto Coins Along With It

Despite the everyday ups and downs of the “maturing” crypto market, industry experts foresee a healthy future for the sector.

By Radhika Parashar | Updated: 27 January 2022 11:12 IST

Bitcoin Slumps 4 Percent Dragging Ether, Majority Crypto Coins Along With It

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With Bitcoin and Ether, majority cryptocurrencies opened trading with losses on January 27

Highlights

Binance Coin, Dogecoin, and Shiba Inu registered dips
Tether and USD Coin see gains
Industry experts hopeful about crypto future

Crypto market that recently crashed after the Russian Central Bank proposed a ban has been struggling to recover for a while. As January 2022 draws to a close, Bitcoin remains affected by market volatility, which is also impacting the gains of altcoins. With a loss of 4.50 percent, Bitcoin's trading value is $35,840 (roughly Rs. 25 lakh) on Indian exchange CoinSwitch Kuber. The reigning king of the crypto kingdom, Bitcoin has registered losses on international exchanges as well. As per Binance and CoinMarketCap, each BTC token is trading at around $35,951 (roughly Rs. 25 lakh) with losses of around 3.35 percent.

Along with Bitcoin, Ether also slumped by 3 percent on Thursday, January 27. Ether is trading at $2,595 (roughly Rs. 2 lakh) as per Gadgets 360's crypto price tracker.

More dips in the prices of the two most valued cryptocurrencies spelled an overall loss for the crypto market.

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Binance Coin, Cardano, Solana, Ripple, Polygon, and Polkadot also tumbled down the price ladders.

Meme-based Dogecoin and Shiba Inu have shown no signs of recovery since the beginning of this year as they continue to see losses day after day.

Only a few altcoins managed to add some values to their prices despite the otherwise rough start for the crypto market today.

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Tether, USD Coin, and Binance USD made the list of gainers with value hikes of 0.33 percent, 0.25 percent, and 0.26 percent, respectively.

Despite the everyday ups and downs of the “maturing” crypto market, industry experts foresee a healthy future for the sector.

“Despite some initial recovery in the crypto market, BTC and ETH stopped short of their early gains, following the US Federal Reserves' committed stance to reduce the size of its balance sheet. BTC and ETH's drop pulled other cryptocurrencies along, dragging the rest of the crypto market into the reds. Even with the crypto market's muted performance in January 2022, the sector is still attracting institutional investors and sovereign wealth funds,” the research team of CoinDCX told Gadgets 360.

Most recently, crypto exchange FTX US drew funds from SoftBank and Temasek in a Series A funding round. It has raised its valuation to $8 billion (roughly Rs. 60,160 crore).

“This is an affirming sign of the industry's long-term staying power,” CoinDCX added.

Earlier this month, Shark Tank investor Mark Cuban had revealed that apart from his picks from the entrepreneurial reality TV show, 80 percent of his new investments are around the crypto sector.

He compared the current sceptical sentiment around the crypto space to how the Internet looked like back in 1995.

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: Cryptocurrency market, Bitcoin, Ether, Altcoins, Binance Coin, Cardano, Solana, Ripple, Polygon, Polkadot, Shiba Inu, Dogecoin, Tether, USD Coin, Binance USD

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