Bitcoin Falls to $20,300 While Most Altcoins See a Drop in Value Barring Polygon

The global crypto market cap saw a dip of 2.65 percent in the last 24 hours.

By Shomik Sen Bhattacharjee | Updated: 29 June 2022 12:38 IST

Bitcoin Falls to $20,300 While Most Altcoins See a Drop in Value Barring Polygon

Photo Credit: Pixabay/ Digital Designer

Cryptocurrencies have suffered this year amid Federal Reserve rate hikes and stubbornly high inflation

Highlights

Bitcoin continues to stick around the $20,000 mark
Ether has dropped back to hover around the $1,150 mark
Polygon managed to hold its value despite a minor drop

The crypto market is currently going through a period of heightened volatility as global economic conditions continue to worsen amid a backdrop of rising inflation and interest rates leading to a further drop in value for Bitcoin. As things stand, the price of the world largest cryptocurrency by market value is hovering around the $20,300 (roughly Rs. 16 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $21,468 (roughly Rs. 16.85 lakh), down by 2.71 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $20,373 (roughly Rs. 16 lakh) while CoinGecko data shows that BTC's value is currently in the red by 2.2 percent week-to-day.

While Bitcoin continues to suffer alongside traditional markets, Ether saw dips on the day too. At the time of publishing, Ether is valued at $1,216 (roughly Rs. 95,500) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,154 (roughly Rs. 90,600), where the cryptocurrency has dropped by 2.85 percent over the past 24 hours.

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Ether's price movement over the past 24 hours sees the cryptocurrency's value hover around the same mark as last week, as per CoinGecko data.

Gadgets 360's cryptocurrency price tracker reveals that most major altcoins saw substantial losses over the past day — as the global crypto market capitalisation saw a dip of 2.65 percent in the last 24 hours. BNB, Polkadot, Avalanche, Solana, and Chainlink all marked losses, while Polygon held up as one of the only major altcoins to hold its value.

Memecoins Shiba Inu and Dogecoin have also witnessed major dips on the day. Dogecoin is currently valued at $0.07 (roughly Rs. 5.5) after losing more than 6.39 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.00001 (roughly Rs. 0.00082), down by 7.45 percent over the past day.

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"Markets wavered and stocks fell, losing earlier gains as the US Federal Reserve affirmed more rate hikes to counter recession fears. The renewed uncertainties had a ripple effect on crypto sending Bitcoin down to the reds and other leading cryptocurrencies following suit. While this is not ideal, Bitcoin — recently reaffirmed as a commodity by the US Securities and Exchange Commission's Chair Gary Gensler — could potentially be a safe haven for investors to hedge against the anticipated uncertainties," the research team at CoinDCX tells 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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