Bitcoin, Ether Record Marginal Profits as Stablecoins See Small Gains Amid Market Uncertainty

Bitcoin is currently trading at $22,456 (roughly Rs. 18.3 lakh).

Written by Radhika Parashar, Edited by David Delima | Updated: 7 March 2023 11:27 IST

Bitcoin, Ether Record Marginal Profits as Stablecoins See Small Gains Amid Market Uncertainty

Photo Credit: Unsplash/ Dmitry Demidko

The global crypto market valuation stands at $1.03 trillion

Highlights

Memecoins Dogecoin and Shiba Inu saw losses
Elrond, Aave recorded gains on Tuesday
Both Chainlink and Cosmos saw small increases in value

Bitcoin on Tuesday opened with a minor profit of 0.35 percent on national as well as international exchanges. The oldest cryptocurrency is trading at the price point of $22,456 (roughly Rs. 18.3 lakh). In the last 24 hours, the value of BTC spiked by a small amount — $81 (roughly Rs. 6,625). The asset was trading close to $25,000 (roughly Rs. 20 lakh) up until February, has dropped down to a two-week low since the beginning of March. The crypto price chart has been reflecting at the market volatility ever since the crypto-friendly bank Silvergate reported financial instability issues earlier this month.

Ether conventionally followed Bitcoin and managed to mint small profits. The value of ETH, at the time of writing, stood at $1,574 (roughly Rs. 1.28 lakh) with a minor gain of 0.82 percent as per Gadgets 360's crypto price tracker.

Stablecoins pegged against the US dollar managed to retain greens against the market turbulence. These include Tether, USD Coin, and Binance USD.

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Polygon, Avalanche, Uniswap, Leo, and Monero emerged among profit-making cryptocurrencies.

Meanwhile, EOS Coin, Decentraland, Elrond, and Aave also reeled-in profits.

The global crypto market rose by 0.75 percent to touch the valuation of $1.03 trillion (roughly Rs. 84,06,471 crore) in the last 24 hours, the data by CoinMarketCap said. On the other hand, Binance Coin, Cardano, Solana, Polkadot, and Litecoin settled with losses.

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Both memecoins Dogecoin and Shiba Inu also saw dips in value, alongside Tron, Chainlink, Cosmos, and Wrapped Bitcoin.

In the days to come, the ongoing volatility in the market is expected to continue to affect cryptocurrencues, especially in the backdrop of the Silvergate chaos. The crypto-friendly bank has reported a $1 billion (roughly Rs. 8,21,300 crore) loss for the fourth quarter of 2022, pushing investors to rapidly withdraw their deposits with the bank. Wayne Huang, co-founder and CEO of XREX, a global USD-crypto exchange headquartered in Taipei, said the issues highlighted how interconnected and vulnerable crypto banking had become, in the aftermath of the Silvergate crisis.

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

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