Bitcoin, Ether Suffer Small Losses as Fears of Recession Loom Large Over Global Economy

While BTC values are hovering around $42,083 (roughly Rs. 32 lakh) on foreign exchanges, ETH prices stay close to $3,368 (roughly Rs. 2.5 lakh).

By Radhika Parashar | Updated: 11 April 2022 11:33 IST

Bitcoin, Ether Suffer Small Losses as Fears of Recession Loom Large Over Global Economy

Photo Credit: Pixabay/ WorldSpectrum

The total market cap of the crypto sector has fallen to $1.94 trillion (roughly Rs. 1,47,80,580 crore)

Highlights

Solana and Polygon saw losses
DOGE, SHIB continue to lay low on crypto charts
Underdog altcoins Floki Inu, Flex saw gains

Most cryptocurrencies incurred losses as they entered into the mid of April. Bitcoin opened with a loss of 0.89 percent on Monday, April 11, which brought its trading value to $44,674 (roughly Rs. 34 lakh) as per Indian exchange CoinSwitch Kuber. The first ever cryptocurrency to have ever existed, BTC registered losses on international exchanges as well today. On Binance and CoinMarketCap for instance, BTC values dropped by around 1.60 percent. The cryptocurrency opened trading at around $42,083 (roughly Rs. 32 lakh) on foreign exchanges.

Following Bitcoin's trajectory, Ether prices also took a tumble. With a loss of 1.84 percent, ETH is trading at $3,368 (roughly Rs. 2.5 lakh) as per Gadgets 360's crypto price tracker.

The two most valued cryptocurrencies have recently shown improvement despite the overall cloudy economic climate around the world. With Ukraine and Russia being at war, and the fourth wave of COVID-19 locking down parts of China already — the global financial systems have taken a substantial hit.

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Crypto experts predict that investors will not lose interest in the crypto asset category.

“Despite mounting fears of a looming recession triggered by the outlook of the global market, confidence in the crypto market continues to rally strong. Institutional and regulatory inroads into the digital asset sector continue to boost its acceptance. As economic uncertainty persists, Bank of America strategists have also anticipated that the lull in traditional markets will serve as a boon for crypto,” the research team at CoinDCX told Gadgets 360.

Altcoins such as Binance Coin, Ripple, Solana, Cardano, Polkadot, and Polygon also dropped in values.

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Meme coins Shiba Inu and Dogecoin also failed to reel-in any gains.

Only a few altcoins, majorly stablecoins, opened with gains today. These include Tether, USD Coin, and Binance USD.

Recently recognised as a payment mode by the UK, stablecoins are crypto assets that are pegged to reserve assets such as gold or fiat currencies. Market volatility have lesser impacts on stablecoins because they manage to maintain their values based on the value of its underlaying asset.

Other underdog cryptocurrencies such as DOGEFI, Flex, and Floki Inu also brought back greens to the crypto price charts with tiny profits.

Industry experts, meanwhile, continue to trust that as more nations adopt regulatory frameworks around cryptocurrencies, the sector rise above the existing element of volatility.

“The crypto market may witness a stronger performance with the growing regulatory backing encouraging greater trust and credibility in crypto. The assets are expected to mirror safe-haven characteristics in the lacklustre traditional market,” the CoinDCX team added.

The New York Senate has become the latest regulatory body to authorise the development of new assessments and charges on crypto companies in a move towards regulation.

New York state's Department of Financial Services (NYDFS) has been given the responsibility of increasing its oversight on virtual currencies—on par with its regulated traditional finance counterparts.

The total market cap of the crypto sector has fallen to $1.94 trillion (roughly Rs. 1,47,80,580 crore) as per CoinMarketCap. The figure was higher on April 6, when the crypto market cap stood at $2.08 trillion (roughly Rs. 15,753,937 crore).

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrencies, Bitcoin, Ether, Binance Coin, Ripple, Cardano, Solana, Polkadot, Polygon, Shiba Inu, Dogecoin, Tether, USD Coin, Binance USD, Dogefi, Flex, Floki Inu, Stablecoins

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