Bitcoin, Ether Trade Low as Crypto Market Struggles to Recover from Recent Downfall

While BTC prices hover around $28,625 (roughly Rs. 22 lakh), ETH values stand at $2,163 (roughly Rs. 1.65 lakh) at the time of writing.

By Radhika Parashar | Updated: 12 May 2022 10:35 IST

Bitcoin, Ether Trade Low as Crypto Market Struggles to Recover from Recent Downfall

Photo Credit: Unsplash/ Quantitatives.io

The global crypto market valuation stands at $1.17 trillion (roughly Rs. 91,01,968 crore)

Highlights

USD Coin and Binance USD saw profits
DOGE fell by 27 percent
SHIB dipped by over 30 percent

Cryptocurrencies are struggling to move up the price charts, after the ongoing slowed-down economic climate pulled the markets down in the start of this week. On Thursday, May 12, BTC price stood at $31,119 (roughly Rs. 24 lakh) after incurring a significant loss of 6 percent, as per Indian exchange CoinSwitch Kuber. The world's oldest cryptocurrency met with even bigger losses on international exchanges. On Binance and Coinbase for instance, BTC lost value by 7.80 percent. The price of each BTC, on a global level, currently hovers around $28,625 (roughly Rs. 22 lakh).

Losses came larger for Ether as the month of May began to transcend towards its mid-point. ETH saw losses of 13.87 percent as it opened trading at $2,163 (roughly Rs. 1.65 lakh), shows Gadgets 360's crypto price tracker.

While small bunch of stablecoins such as Tether, USD Coin, and Binance USD managed to show some minor recoveries, majority other altcoins remained weak on the price charts.

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Dips have affected Binance Coin, Ripple, Solana, Cardano, and Polkadot among others.

Memecoins Dogecoin and Shiba Inu also saw big losses. While SHIB has fallen by over 30 percent, DOGE also slipped by over 27 percent.

Currently, the global crypto market valuation stands at $1.17 trillion (roughly Rs. 91,01,968 crore), as per CoinMarketCap.

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Despite the current market plunge, industry insiders continue to remain hopeful for a bounce-back.

“Conducive regulatory environments not only serve to protect users but also ensure the growth of nascent industries and emerging technologies such as Web3, injecting greater credibility and bolstering the future of finance,” the CoinDCX research team told Gadgets 360, while rooting for more nations to adopt regulations around crypto.

Meanwhile, crypto-related firms continue to garner fundings for service expansions. KuCoin, for instance, recently raised $150 million (roughly Rs. 1,158 crore) from Circle Ventures and Jump Crypto among others.

Web3 platform Dapper Labs has also unveiled a $725 million (roughly Rs. 5,600 crore) ecosystem fund to invest in applications and growth for its layer-1 blockchain ecosystem named Flow.

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.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Ripple, Solana, Cardano, Polkadot

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