Bitcoin Drops to $29,000 Territory Even Though Stock Markets See Signs of Minor Recovery

The global crypto market cap has fallen by 5.5 percent in the last 24 hours.

By Shomik Sen Bhattacharjee | Updated: 27 May 2022 12:49 IST

Bitcoin Drops to $29,000 Territory Even Though Stock Markets See Signs of Minor Recovery

Photo Credit: Unsplash/ Raphael Wild

Traders are flocking to the first and largest cryptocurrency amid a broad market sell-off

Highlights

Bitcoin has fallen to a value of around $29,000
Ether's value has dropped off to $1,750 price territory
Avalanche, Cardano, and Solana lost big through Thursday

Losses for the global crypto market have compounded as investors continue to move away from assets considered riskier options. The losses for the market have affected the performance of the majority of the coins and Bitcoin is no exception. The price of the largest cryptocurrency by market capitalisation saw yet another dip on Thursday and is on course to lose ground for eight consecutive weeks for the first time in history. In terms of numbers, BTC continues to hover around the $29,000 (roughly Rs. 22.5 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values BTC at $30,736 (roughly Rs. 24 lakh), down by 1.82 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $28,918 (roughly Rs. 22.5 lakh) slipping by 2.78 percent in value over the past 24 hours. As per CoinGecko data, BTC's value has fallen well below the point where it stood last week, down by 5.1 percent week-to-day.

While Bitcoin continues to consolidate, Ether has fared far worse this week. At the time of publishing, Ether is valued at $1,855 (roughly Rs. 1.4 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,748 (roughly Rs. 1.35 lakh), where the cryptocurrency has dropped by an eye-watering 9.01 percent over the past 24 hours.

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Ether's drop in value over the past 24 hours means that the cryptocurrency's value has now fallen 14.3 percent over the week, as per CoinGecko data.

Gadgets 360's cryptocurrency price tracker reveals that the bearish wind has had quite an impact on the price altcoins as the global crypto market cap dropped by 5.55 percent over the last day. BNB, Polkadot, TRON, Polygon, and Chainlink all suffered dips, while Solana, Cardano, and Avalanche dropped the most.

Memecoins Shiba Inu and Dogecoin joined the majority, suffering considerable dips in value. Dogecoin is currently valued at $0.08 (roughly Rs. 6.5) after losing 4.02 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000011 (roughly Rs. 0.000851), down by 9.28 percent over the past day.

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"Amidst market uncertainties, the US Federal Reserve's Vice Chair, Lael Brainard has reinvigorated confidence in crypto, seeing the necessity of a central bank digital currency of the US dollar and its position to coexist with stablecoins. Even going so far as to put a 5-year timeframe to the digital dollar's launch, Brainard expounds on the criticality of embracing digital currency and the risks of not engaging with the future digital financial system. Despite the bearish crypto market, the backing and belief in the value and importance of digital assets from the world's largest economy attest to the central role that crypto will continue to play in the future of finance," the research team at CoinDCX tells Gadgets 360.

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Cryptocurrency Prices across Indian exchanges

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