BTC, ETH Open Trading with Losses; Total Crypto Valuation Drops to $795 Billion

Bitcoin on Thursday, December 29, stepped into the trading rink at a price point of $16,538 (roughly Rs. 13.6 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 29 December 2022 11:23 IST

BTC, ETH Open Trading with Losses; Total Crypto Valuation Drops to $795 Billion

Photo Credit: Unsplash/ Dmitry Demidko

The crypto market valuation had exceeded $3 trillion last year

Highlights

Tether, USD Coin saw losses
DOGE, SHIB also failed to see gains
Cosmos reeled-in small profits

Bitcoin on Thursday, December 29, stepped into the trading rink at the price point of $16,538 (roughly Rs. 13.6 lakh) after seeing a loss of 0.66 percent. The oldest cryptocurrency also traced a similar movement on international exchanges such as Binance and Coinbase. In the last 24 hours, the already low BTC values have dropped by $320 (roughly Rs. 26,490). Two days before the year 2022 comes to an end, the crypto market valuation sank to an extreme low and majority cryptocurrencies opened with significant losses.

Ether prices also cascaded down the price ladder today. With a loss of 0.28 percent, ETH is presently priced $1,190 (roughly Rs. 98,590), as per Gadgets 360's crypto price tracker.

Stablecoins such as Tether, USD Coin, and Binance USD joined BTC and ETH on the loss-making side of the crypto chart.

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Among other altcoins that recorded value dips, Cardano, Polygon, Tron, Polkadot, and Litecoin — marked their names.

Dogecoin and Shiba Inu — the two favourite cryptocurrencies for Indian investors, also failed to charm investors and stepped into the trading arena with losses.

The crypto market valuation, that had exceeded the valuation of $3 trillion (roughly Rs. 1,65,59,120 crore) last year, dropped by 0.78 percent in the last 24 hours. At the time of writing, the crypto market cap stood at a drastic low of $795.75 billion (roughly Rs. 65,87,835 crore).

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With losses overpowering profits on the price charts, only a small number of altcoins managed to see tiny gains.

These include Monero, Cosmos, Floki Inu, and Status.

Analysts and industry experts are hopeful that the next year, that starts in the next three days, will be more defining for the global crypto sector.

“After a year full of ups and downs in crypto, the community will be looking forward to some stability and method in the ecosystem. 2023 is widely expected to be the year when crypto regulations across the world are signed and sealed. We hope the regulatory frameworks are conducive to all stakeholders — founders, users, and governments alike. We want the adoption level of crypto to increase in an environment of trust, security, and overall positive results,” Rajagopal Menon, Vice President at WazirX told Gadgets 360.

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Cardano, Polygon, Polkadot, Tron, Litecoin, Dogecoin, Shiba Inu, Solana, Uniswap, Avalanche, Chainlink, Tether, USD Coin, Ripple, Binance USD, Monero, Floki Inu, Status, Cosmos

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