BTC, ETH Trade Lowly With Losses, Stablecoins Record Profits Close to November End

BTC, at the time of writing, is trading at $16,111 (roughly Rs. 13 lakh) after incurring losses of 2.37 percent.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 28 November 2022 11:05 IST

BTC, ETH Trade Lowly With Losses, Stablecoins Record Profits Close to November End

Photo Credit: Pixabay/ WorldSpectrum

The global crypto market valuation presently stands at $819.58 billion

Highlights

Polkadot, Litecoin saw gains
While Dogecoin saw losses, Shiba Inu registered gains
Bitcoin Hedge saw gains

More cryptocurrencies saw losses than profits, as the turbulent month of November 2022 inches closer to its end. Bitcoin on Monday, November 28, opened with a value loss of 2.37 percent. BTC, at the time of writing, is trading at $16,111 (roughly Rs. 13 lakh). This is the second consecutive week where the oldest cryptocurrency has failed to break past this price point. On international exchanges like Binance and Coinbase as well, BTC struggled with small losses and traded at a similar price point.

Ether tailed Bitcoin on the loss-trail. ETH, as per Gadgets 360's crypto price tracker, is trading at $1,163 (roughly Rs. 95,150) after recording a loss of four percent.

Binance Coin, Cardano, Polygon, Polkadot, and Litecoin also saw losses.

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Interestingly, rival meme coins Shiba Inu and Dogecoin, unconventionally found themselves on different sides of the crypto charts today.

While Shiba Inu saw a 2.22 percent loss to trade at $0.0000089 (roughly Rs. 0.000730), Dogecoin rose in value by 5.56 percent to hover around the price point of $0.095 (roughly Rs. 7.78).

Stablecoins pegged against the US dollar, including Tether, USD Coin, and Binance USD joined DOGE in seeing profits.

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SushiSwap, Braintrust, Dogefi, and Bitcoin Hedge also saw price hikes.

“A rise in demand can help bulls gain more power to break above the current levels. The broader crypto market came under intense selling pressure the last week due to Genesis dealing with a liquidity crunch,” Edul Patel, CEO and Co-Founder of Mudrex told Gadgets 360.

The global crypto market valuation dropped by 2.47 percent in the last 24 hours and presently stands at $819.58 billion (roughly Rs. 67,02,464 crore), as per CoinMarketCap.

The month of November has been full of ups and downs for the crypto market. The FTX crypto exchange collapsed due to liquidity crunch, and ended up declaring bankruptcy earlier this month.

In the market movements that followed, over $200 billion (roughly Rs. 16,30,024 crore) were wiped off from the market.

Amid the ongoing market slump, the list of crypto firms resorting to slash its work force has been growing longer.

Just last week, Lemon Cash, an Argentina-based crypto exchange laid off 38 percent staff of the crypto exchange, making for around a hundred employees in an attempt to keep its business afloat.

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Further reading: Cryptocurrency, Bitcoin, Ether, Stablecoin, Binance Coin, Cardano, Polygon, Polkadot, Litecoin, Shiba Inu, Dogecoin, Tether, USD Coin, Binance USD, Sushiswap, Braintrust, Dogefi, Bitcoin Hedge

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