BTC, ETH Maintain Risen Values Despite Minor Losses, Stablecoins Record Profits

Bitcoin opened with a small loss of 1.26 percent to trade at $23,527 (roughly Rs. 19.3 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 3 February 2023 10:55 IST

BTC, ETH Maintain Risen Values Despite Minor Losses, Stablecoins Record Profits

Photo Credit: Pixabay/ Dean Crosby

The current crypto market valuation stands at $1.07 trillion

Highlights

Dogecoin, Shiba Inu saw losses
Avalanche, Uniswap dipped in values
Elrond, Dash saw gains

The crypto price charts reflected losses next to several cryptocurrencies on Friday, February 3. Bitcoin opened with a small loss of 1.26 percent. Despite the minor crunch, the oldest cryptocurrency did see some loss in its price, which, at the time of writing stood at $23,527 (roughly Rs. 19.3 lakh). In the last 24 hours, the value of BTC dropped by $357 (roughly Rs. 29,320). The most expensive cryptocurrency saw similar small losses on international exchanges such as Binance and Coinbase among others.

Following Bitcoin's trajectory, Ether also opened with losses. ETH slipped in value by 1.43 percent to trade at $1,641 (roughly Rs. 1.34 percent), according to the crypto price tracker by Gadgets 360.

Several popular altcoins opened with losses alongside BTC and ETH on Friday. These include Binance Coin, Cardano, Polygon, Solana, and Litecoin.

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After recording more profits than losses in recent days, meme coins Dogecoin and Shiba Inu both, opened with price dips.

The prices of Avalanche, Uniswap, Cosmos, Chainlink, Monero, and Bitcoin Cash also witnessed losses.

Stablecoins Tether, USD Coin, and Binance USD meanwhile, managed to retain profits on the otherwise rough market day.

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They were further joined by Polkadot, Tron, Leo, Elrond, and Dash.

The overall crypto market valuation stooped by 1.22 percent in the last 24 hours to stand at $1.07 trillion (roughly Rs. 88,54,664 crore), as per CoinMarketCap.

“There has been a definitive shift in the Federal Reserve's interest rate hike cycle, with a lower 25 bps increase in their latest meeting. Crypto markets have re-gained most of their FTX related losses and have settled much higher. In token specific action, MATIC has been on a phenomenal run, up by 25 percent last week,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

It is however noteworthy, that there are still other factors that could pull down the crypto market in the coming times. These include the impact of inflation and the ongoing Ukraine-Russia conflict. In addition, India's silence around reducing crypto taxes despite repeated outcry from industry insiders, may result in lowered crypto interest in the world's most populated nation.

“The crypto industry was expecting relief from the aggressive tax introduced in the last budget, but there was no mention of any changes in Finance Minister Nirmala Sitharaman's union budget speech. However, the government has clarified penalty provisions on crypto TDS. This will be a significant hit to investor sentiment. In addition to a hefty penalty, failing to pay TDS can land a person in prison for up to three months to seven years. Investors will need to re-evaluate their trading activities,” Punit Agarwal, Founder, KoinX told Gadgets 360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Tether, Ripple, Cardano, Solana, Polkadot, Litecoin, Tron, Avalanche, Polygon, Uniswap, Chainlink, Leo, Bitcoin Cash, Dogecoin, Shiba Inu, Cosmos, 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