BTC, ETH Retain Losses for Second Day in Row, Majority Altcoins Record Dips

Bitcoin value dips by around 2.70 percent to trade at $21,869 (roughly Rs. 18 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 10 February 2023 11:28 IST

BTC, ETH Retain Losses for Second Day in Row, Majority Altcoins Record Dips

Photo Credit: Pixabay/ Petre Barlea

The crypto market valuation today stands at $1.02 trillion

Highlights

Tether, USD Coin saw losses
Dogecoin, Shiba Inu also roped in price dips
Chainlink, LEO saw profits

Most cryptocurrencies, for the second day in a row, reflected losses on the price charts on Friday, February 10. Bitcoin value dipped by around 2.70 percent on both, Indian exchanges such as CoinSwitch Kuber, as well as international ones like Binance and CoinMarketCap among others. The price of the oldest crypto currency is hovering over the point of $21,869 (roughly Rs. 18 lakh). In the last 24 hours, BTC slipped price-wise by $641 (roughly Rs. 52,954), marking a significant decline.

Ether witnessed even greater losses than Bitcoin on Friday. The second-most expensive cryptocurrency tumbled by 4.14 percent to trade at $1,545 (roughly Rs. 1.27 lakh), showed the crypto price tracker by Gadgets 360. For ETH, the last 24 hours have seen its price to fall by $71 (roughly Rs. 5,865).

“After a good run over the past few weeks, the markets were jittery over the past 24 hours. It was an expected movement, considering the macroeconomic disaster surrounding Turkey. We can expect the crypto market to remain volatile over the coming couple of days. And this is why trading crypto is not an ideal strategy for the retail participants,” Edul Patel, the CEO and co-founder of Mudrex crypto investment firm told Gadgets 360.

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Most cryptocurrencies have been impacted by losses that struck BTC and ETH.

Stablecoins such as Tether, USD Coin, and Binance USD alongside memecoins such as Dogecoin and Shiba Inu — all have recorded losses.

Other popular cryptocurrencies including Solana, Polkadot, Litecion, Tron, Avalanche, and Uniswap — also settled with value dips.

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Meanwhile, some cryptocurrencies did see profits, small but significant.

These include Polygon, Chainlink, Leo, EOS Coin, Neo Coin, and NEM.

The overall crypto market cap dropped by 3.66 percent in the last 24 hours to see its valuation at $1.02 trillion (roughly Rs. 1,01,555 crore) as per CoinMarketCap.

“Macro conditions remain murky with strong US job numbers suggesting that the economy is still operating close to capacity and reversal in inflation trajectory might not yet be confirmed. Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index, was down 2.48 percent in the past seven days. The Index value stood at Rs. 2,858.93 at 8 AM, February 10, 2023,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Samsung's Galaxy S23 series of smartphones was launched earlier this week and the South Korean firm's high-end handsets have seen a few upgrades across all three models. What about the increase in pricing? We discuss this and more 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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Further reading: Cryptocurrency, Bitcoin, Ether, Tether, USD Coin, Binance USD, Dogecoin, Shiba Inu, Solana, Polkadot, Polygon, Litecoin, Tron, Avalanche, Uniswap, Chainlink, LEO, EOS Coin, NEO Coin, NEM

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