Bitcoin, Dogecoin Slip Further While Ether Most Altcoin Manage to Hold Ground to Begin Week

Bitcoin bulls fear a further plummet in value if profit-taking doesn't stop soon.

By Shomik Sen Bhattacharjee | Updated: 3 May 2022 11:34 IST

Bitcoin, Dogecoin Slip Further While Ether Most Altcoin Manage to Hold Ground to Begin Week

Photo Credit: Pixabay/ WorldSpectrum

Bitcoin is struggling to recover above $38,800 (roughly Rs. 30 lakh)

Highlights

Bitcoin has moved farther away from its $40,000 mark target
Ether saw nominal gains despite BTC slip up
Both Dogecoin and Shiba Inu saw dips to begin the week

Bitcoin hasn't been performing too well over the past few days and this week seems no different yet if Monday's trade patterns are anything to go by. With news of the US Federal Reserve hiking its interest rates soon weighing heavy on the minds of traders, BTC's price has been in the red despite minor signs of resilience. In terms of value, Bitcoin continues to fall below the $40,000 (roughly Rs. 30.5 lakh) mark across exchanges like CoinMarketCap, Coinbase and Binance. At the time of writing, the value of Bitcoin has dipped by 0.5 percent in the past 24 hours and stands at $41,005 (roughly Rs. 31.5 lakh) on Indian exchange CoinSwitch Kuber.

On global exchanges, the price of Bitcoin stands at $38,477 (roughly Rs. 30 lakh) falling by 0.45 percent in value over the past 24 hours. As per CoinGecko data, BTC has fallen by 4.9 percent in value week-to-day.

Ether in the meantime did manage substantial gains despite a general loss of steam in the wider crypto market. At the time of publishing, Ether is valued at $3,037 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $2,847 (roughly Rs. 2.2 lakh), where the coin has added 0.34 percent over the past 24 hours.

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CoinGecko data reveals that the cryptocurrency's value is still a fair bit in the red week-to-day at 5.2 percent.

Gadgets 360's cryptocurrency price tracker reveals that most of the better-known altcoins managed to chart minimal gains despite a 0.16 dip in the global crypto market cap. Monero, Polkadot, and Polygon were among the only better known altcoins to mark dips, while Cardano, Avalanche, Cardano, Terra, and Binance Coin all posted gains.

Shiba Inu and Dogecoin also saw dips on the day with Dogecoin slipping to $0.14 (roughly Rs. 11.5) after losing 1.22 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000022 (roughly Rs. 0.0016), down by 3.03 percent over the past day.

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Working towards better crypto regulation, India on Monday mandated a five-year data storage period for crypto exchanges operating in the nation. All virtual asset service providers will essentially have to store customer information they get via their KYC identification forms for Indian users.

The rule also applies to all firms providing Virtual Private Network (VPN) services to Indians. The law has been brought in by India's Computer Emergency Response Team (CERT-In). It also instructs concerned companies to report any threat or compromise to security networks within six hours of identification.

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Cryptocurrency Prices across Indian exchanges

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