Bitcoin Price Rises, Most Altcoins Recover as Investors Remain Cautious Amid US Debt Ceiling Crisis

Bitcoin was trading at $27,075 (roughly Rs. 22.4 lakh) on Tuesday, an increase of 1.56 percent over the past 24 hours.

Written by Radhika Parashar, Edited by David Delima | Updated: 23 May 2023 11:37 IST

Bitcoin Price Rises, Most Altcoins Recover as Investors Remain Cautious Amid US Debt Ceiling Crisis

Photo Credit: Reuters

The valuation of the crypto market stands at $1.14 trillion as of May 23

Highlights

Most stablecoins saw their prices rise on Tuesday
Both Avalanche and Litecoin rose in value
Meanwhile, the price of the Braintrust token fell slightly

Bitcoin price on Tuesday crossed the $27,070 (roughly Rs. 22.35 lakh) mark for the first time in several days and was trading at $27,075 (roughly Rs. 22.4 lakh). With a slight increase of 1.56 percent, the world's most popular cryptocurrency rose in value by $290 (roughly Rs. 24,000) after days of trading around $26,000 (roughly Rs. 21.5 lakh). Industry experts have highlighted that Bitcoin is currently trading in one of the narrowest ranges recorded in the past three years. Ether, like Bitcoin, rose in value and was trading at $1,840 (roughly Rs. 1.52 lakh), or a gain of 2.36 percent, as per the Gadgets 360 crypto price tracker.

“The crypto fear and greed index remains in the neutral zone with 50 points, up 1 point. Investor sentiment continues to be cautious in the backdrop of the US debt ceiling discussions,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360. Most cryptocurrencies also rose in value, after days of losses for crypto traders. Stablecoins Tether, USD Coin, Ripple, and Binance USD saw their prices rise on Tuesday.

Cardano, Polygon, Solana, Tron, Litecoin, Polkadot, and Avalanche also reeled-in profits alongside memecoins DOGE and SHIB.

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The valuation of the overall crypto market rose by 2.69 percent in the last 24 hours to record $1.14 trillion (roughly Rs. 94,82,726 crore) in capitalisation, as per CoinMarketCap.

“Crypto markets are trading slightly higher in the last 24 hours. A new report by TRM Labs highlights a decreasing trend in crypto hacks. The report shares that there has been a 70 percent decline in hacks from Q1 2022, while the average hack size has also shrunk. Hackers are increasingly settling for white-hat rewards from exploited projects. In parallel, another crypto project—STEPN—has been added to the Apple ecosystem. Last week saw Axie Infinity's rollout on the Apple App Store,” Chaturvedi added, highlighting factors that may have contributed in the upward movement of most cryptocurrencies.

Only a small number of cryptocurrencies recorded losses amid the otherwise recovering market momentum. Leo, Bitcoin SV, Baby Doge Coin, Braintrust, Circuits of Value, and Kishu inu emerged on the loss-making side of the crypto price chart.

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“The US crypto market continues to be an unfriendly environment for businesses to operate in, making them look eastwards for greener pastures,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

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