Crypto Price Today: Bitcoin Price Falls to $41,000, Market Remains Volatile and Unpredictable

In the last 24 hours, the value of BTC fell by $186 (roughly Rs. 15, 505).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 12 December 2023 12:32 IST

Crypto Price Today: Bitcoin Price Falls to $41,000, Market Remains Volatile and Unpredictable

Photo Credit: Pexels/ Rodnae Productions

The crypto market cap, as of December 12, stands at $1.57 trillion

Highlights

Avalanche, Cosmos saw gains
Uniswap, Stellar saw losses
Polkadot, Tron see profits

Bitcoin on Tuesday, December 12 reflected a loss of 1.30 percent on the crypto price chart. With this, the value of the most expensive cryptocurrency has fallen to $41,840 (roughly Rs. 34.8 lakh). This is the second consecutive day that BTC has found itself reeling under losses. In the last 24 hours, the value of BTC has dipped by $186 (roughly Rs. 15, 505). In fact, between today and last week, Bitcoin has fallen from a price point of nearly $44,000 (roughly Rs. 36.6 lakh). Experts from the crypto sector are referring to this slowed down period as ‘correction time' for Bitcoin and other cryptocurrencies.

“Bitcoin faces mounting liquidation concerns, with $66.29 million (roughly Rs. 552 crore) liquidated in the past 24 hours, a substantial portion -- $46.58 million (roughly Rs. 388 crore) -- attributed to long liquidations. The 10-day moving averages echo the prior day's sentiment, leaning toward a 'Sell.' Notably, the value of liquidations per percentage point has notably decreased in 2023 compared to 2021, signalling market maturation over the past two years,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

Ether found itself behind Bitcoin on the loss-trail on Tuesday. Having incurred a price dip of 0.42 percent today, ETH is trading at $2,229 (roughly Rs. 1.85 lakh). ETH price dunked by $5 (roughly Rs. 415) in the last 24 hours.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

“Ether witnessed $34.64 million (roughly Rs. 288 crore) in liquidations over the last 24 hours, with the majority ($34.24 million) stemming from long position liquidations,” Menon added.

Alongside BTC and ETH, several other cryptocurrencies are also trading in losses today. These include Tether, Ripple, USD Coin, Dogecoin, Chainlink, and Polygon.

Shiba Inu, Litecoin, and Bitcoin Cash are among other loss-making cryptocurrencies alongside Stellar, and Uniswap.

India’s Crypto Rules May be Up to 18 Months Away from Arrival

The overall crypto market cap tumbled by 0.32 percent in the last 24 hours. The valuation of the crypto sector currently stands at $1.57 trillion (roughly Rs. 130,90,448 crore), as per CoinMarketCap.

“While it initially seemed like a market shakeout, signalling a potential recovery, more confirmations are needed. The ongoing correction might be a bear trap, constituting a healthy adjustment within the broader bullish trend established in recent months. Notably, the announcement of Monthly US CPI data today could introduce additional volatility to the market,” the CoinDCX research team told Gadgets360.

Meanwhile, among a handful of profit-making cryptocurrencies, Binance Coin, Solana, Cardano, and Avalanche made a mark.

“The markets are expected to remain volatile this week ahead of the Fed's rate hike decision and release of CPI data. Bitcoin witnessed a major fluctuation in its value on Monday which resulted in liquidations worth $200 million (roughly Rs. 1,667 crore) as per data from Coinglass. The current pullback is a healthy one and BTC is well-positioned to touch the $50,000 (roughly Rs. 41 lakh) mark in the first half of 2024. AVAX is currently leading the altcoin surge with double-digit growth in 24 hours,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

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

Email Radhika

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