Bitcoin, Ether See Red Again as Market Pressure Continues to Worry Investors

The global crypto market cap has improved by a paltry 0.29 percent in the last 24 hours.

By Shomik Sen Bhattacharjee | Updated: 17 May 2022 12:04 IST

Bitcoin, Ether See Red Again as Market Pressure Continues to Worry Investors

Photo Credit: Unsplash/ Kanchanara

Bitcoin is holding on precariously above $30,000 (roughly Rs. 23.5 lakh) support

Highlights

Bitcoin has managed to stay above the key $30,000 mark
Ether continues to hold support at around the $2,100 mark
Most altcoins marked minor losses on the day

A day after Bitcoin broke a week-long losing streak, the largest cryptocurrency by market cap and other major cryptos were in the red again on Monday — although not by much, mirroring movement across global stock markets yet again. The largest cryptocurrency by market capitalisation continues to hover around the psychologically important $30,000 (roughly Rs. 23.5 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values BTC at $31,696 (roughly Rs. 24.5 lakh), down by 0.94 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $30,364 (roughly Rs. 23.5 lakh) moving down by 0.1 percent in value over the past 24 hours. As per CoinGecko data, BTC's value is along the same point where it stood last week, up by 0.3 percent week-to-day.

Ether also saw itself in the red after trading on Monday although there has been a bit of a recovery come Tuesday morning. At the time of publishing, Ether is valued at $2,170 (roughly Rs. 1.7 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $2,077 (roughly Rs. 1.6 lakh), where the cryptocurrency has dropped 0.87 percent over the past 24 hours.

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CoinGecko data reveals that the cryptocurrency's value is still a sizeable 7.8 percent behind prices a week ago.

Gadgets 360's cryptocurrency price tracker reveals a more red than green at the time of writing, although the global crypto market cap has improved by 0.29 percent over the last day. BNB, Cardano, Polkadot, Avalanche, and Polygon have all dropped in value, while Solana, Litecoin, Uniswap, and Chainlink marked minor gains.

Shiba Inu and Dogecoin have also lost value over the last day. Dogecoin is currently down to $0.09 (roughly Rs. 7.5) after dropping by 1.5 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000013 (roughly Rs. 0.00101), down by 0.78 percent over the past day.

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"Regulators race to bolster regulatory guardrails around digital assets following the Terra network collapse as South Korea authorities look to launch the Digital Asset Basic Act which is anticipated to be geared to protect investors. Nigeria, another crypto hub, has also provided more regulatory clarity on crypto's role in the economy, adding to the growing list of countries boosting their digital asset policy. This comes shortly after talks that a global crypto regulatory body will likely be established in the coming year to better coordinate cryptocurrency rules, imbuing greater trust and transparency in the still-nascent industry," the research team at CoinDCX tells Gadgets 360.

"While regulators are tightening their reins over the crypto sector, regulatory frameworks will serve to strengthen confidence in digital assets at a time where mistrust has cast doubt over the sector. As the industry matures, regulations will be a necessary next step to ensure the mainstreaming of crypto and the future of digital assets in our financial ecosystem."

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Cryptocurrency Prices across Indian exchanges

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