Bitcoin Price Hovers Around $22,000 as Small Dips in Value Lower Prices of Most Altcoins

Bitcoin is currently priced at $22,375 (roughly Rs. 18.3 lakh).

Written by Radhika Parashar, Edited by David Delima | Updated: 6 March 2023 11:03 IST

Bitcoin Price Hovers Around $22,000 as Small Dips in Value Lower Prices of Most Altcoins

Photo Credit: Pixabay/ WorldSpectrum

The global crypto market cap stood at $1.02 trillion as of March 6

Highlights

Both memecoins Dogecoin and Shiba Inu recorded losses
Dash and Qtum minted profits on Monday
The Silvergate controversy continues to impact the crypto market

Bitcoin and several other cryptocurrencies saw a reduction in their prices last week, owing to a number of changes in the cryptocurrency market, including the announcement that crypto-friendly bank Silvergate was suspending its crypto payment network. As trading patterns were refreshed across the market, Bitcoin on Monday recorded a microscopic hike of 0.08 percent. The most widely used and expensive cryptocurrency, over the weekend, retained its price of $22,375 (roughly Rs. 18.3 lakh). BTC has remained close to this price mark on both, national as well as international exchanges.

Stablecoins Tether, USD Coin, and Binance USD all recorded small profits under 0.30 percent, according to the crypto price tracker by Gadgets 360.

Other altcoins that saw miniscule gains were Uniswap, Monero, Dash, Qtum, and Augur.

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“Most cryptocurrencies remained in [the] red over the weekend as market participants try to digest the uncertainties surrounding Silvergate. BTC has been trading below its established support levels for a few days. Despite this, traders and investors are hoping for favourable economic data from China that will be released this week. Such positive news might encourage them to re-enter the market,” Edul Patel, the CEO and co-founder of Mudrex told Gadgets 360.

Ether, the second most-expensive cryptocurrency after Bitcoin, saw its price fall on Monday. Its value, at the time of writing, stands at $1,561 (roughly Rs. 1.27 lakh) with a fall of 0.38 percent.

Binance Coin, Cardano, Polygon, Solana, Polkadot, and Litecoin have all recorded losses.

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Both memecoins Dogecoin and Shiba Inu also saw their values fall on Monday.

In the last 24 hours, the overall crypto market valuation dipped by 0.58 percent. As per CoinMarketCap, the global crypto market cap stands at $1.02 trillion (roughly Rs. 83,70,510 crore).

Last week, troubled crypto-friendly bank Silvergate announced the suspension of its crypto payment network. The bank reportedly lost crypto deposits worth over $8 billion (roughly Rs. 65,450 crore) as several members of the community withdrew their investments owing to a low-risk appetite.

The California, US-based bank is now reviewing its books with auditors in order to find a way out of the financial crisis. The unfolding of the Silvergate turmoil resembles the fate of the now bankrupt FTX crypto exchange, that has triggered the risks of financial unstability for crypto holders, leading to the ongoing market slowdown.

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Cryptocurrency Prices across Indian exchanges

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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