Bitcoin Struggles to Find Momentum While Ether, Altcoins Continue to Drop in Value

Some of the better-performing cryptocurrencies in recent weeks like Avalanche and Binance Coin saw minor dips through Monday's trade.

By Shomik Sen Bhattacharjee | Updated: 8 March 2022 11:58 IST

Bitcoin Struggles to Find Momentum While Ether, Altcoins Continue to Drop in Value

Photo Credit: Unsplash/ Kanchanara

Bitcoin failed to break through to $40,000 (rouhgly Rs. 31 lakh) despite nominal gains

Highlights

Bitcoin's value in global exchanges have dropped below $40,000
Ether values have consistently dropped over the past week
DOGE, SHIB have both dropped by over 10 percent in a week

A mixed trend has been witnessed in the global crypto market over the last 24 hours. This change resulted in bullishness in the case of Bitcoin and some altcoins while others changed course, suffering small losses. The world's most valuable cryptocurrency witnessed a 1.8 percent dip in value through Monday and saw a small turnover early Tuesday, reflecting a 0.71 percent rise in value over the past 24 hours. Bitcoin's value currently stands at $40,037 (roughly Rs. 31 lakh) on Indian exchange CoinSwitch Kuber.

Meanwhile, on global exchanges, the price of the most popular cryptocurrency dropped below the $40,000 (roughly Rs. 31 lakh) mark, at $38,389 (roughly Rs. 29.5 lakh), up by 0.76 percent over the past 24 hours. As per CoinGecko data, Bitcoin is down by over 11 percent in value over the past week, as Russia's invasion of Ukraine continues to imply volatility in the wider crypto market.

Ether, the second-largest cryptocurrency by market capitalisation, has also dried up in value over the past week. At the time of publishing, Ether is valued at $2,630 (roughly Rs. 2 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value hover above the $2,500 (roughly Rs. 2 lakh) mark at $2,521 (roughly Rs. 2 lakh), where the coin dropped up by 0.56 percent over the past 24 hours. Compared to the price of Ether a week ago, CoinGecko data reveals that the cryptocurrency's value has fallen by more than 13 percent.

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Gadgets 360's cryptocurrency price tracker reveals a rather mixed day for altcoins with most of the better performing cryptocurrencies over the past couple of week seeing minor dips. Terra, Cardano, and Avalanche have all been met with minor dips over the past 24 hours, while Polygon, Polkadot, Cosmos, TRON, Uniswap, and Binance Coin all saw a rise in value.

Meme coins Shiba Inu and Dogecoin have also dropped in value, much like the rest. Dogecoin is currently valued at $0.12 (roughly Rs. 9.5) after dropping off by 1.39 percent over the last 24 hours, while Shiba Inu is valued at $0.000024 (roughly Rs. 0.0018), down by 0.97 percent over the past 24 hours.

In compliance with the global sanctions raised against Russia for the invasion of Ukraine, a host of popular South Korean cryptocurrency exchanges have decided to place a ban on the IP addresses of Russian-based users. The move comes in response to a request by the Ukrainian government calling on exchanges to impose a blanket ban on Russian crypto accounts.

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Meanwhile, Switzerland's federal government has also decided to impose measures to freeze crypto assets owned by Russian individuals and businesses within the country's borders.

Coinbase, one of the largest cryptocurrency exchange platforms in the world, has also said that it has blocked over 25,000 addresses related to Russian individuals or entities believed to be engaged in illicit activity.

Coinbase and a number of other big-name global crypto companies, like Binance and Kraken, have abstained from blocking crypto accounts that belong to the citizens of Russia. The international crypto exchange claims that if a unilateral ban on Russian accounts is imposed, innocent Russian investors would have to suffer the consequences during these testing times.

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Cryptocurrency Prices across Indian exchanges

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