LAGOS, Nigeria (VOICE OF NAIJA) – Monday saw slight gains for the Bitcoin cryptocurrency as the costliest cryptocurrency was trading for $29,425 (about Rs. 24 lakh) at the time of writing.
Bitcoin hasn’t traded over $30,000 (approximately Rs. 24.6 lakh) for more than a week.
The market’s mood appears to have adjusted to the news that Curve Finance was a victim of an exploit over the weekend.
The value of bitcoins at danger in this occurrence is allegedly $100 million (about Rs. 822 crore) and Ether had a marginal 0.51 percent drop on Monday compared to Bitcoin.
Currently, the cost of the cryptocurrency is $1,870, or around Rs. 1.53 lakh. Ether celebrated its ninth birthday this past weekend.
With a market capitalization of approximately $225 billion (about Rs. 18,51,365 crore), Ethereum (ETH), co-founded by Vitalik Buterin, Gavin Wood, Anthony Di Iorio, and Joseph Lubin, is the second most valuable cryptocurrency after Bitcoin.
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Different paths taken by Bitcoin and Ether frequently reflect the market’s present lethargic, sideways trading attitude.
Alongside Bitcoin, slight gains were made by Cardano, Leo, Near Protocol, Bitcoin Cash, Binance Coin, and Bitcoin Cash.
On Monday, Qtum, EOS Coin, Bitcoin SV, Neo Coin, and all other coins saw modest rises. Comparatively speaking, there were more loss-making cryptocurrencies than winners.
With the price of Ether falling, the value of Tether, Ripple, USD Coin, Dogecoin, Solana, Tron, and Litecoin also decreased.
Additionally, on Monday, minor value declines were seen by Polygon, Polkadot, Shiba Inu, Avalanche, Stellar, Chainlink, and Uniswap.
CoinMarketCap reports the total value of the cryptocurrency market is currently $1.18 trillion, or around Rs. 97,11,105 crore, with a decrease of 0.26 percent over the past 24 hours.
According to industry insiders, the cryptocurrency market may soon experience a surge of investors returning to digital assets.
“The banking crisis in the US continues to persist. The Federal Deposit Insurance Corporation (FDIC) has closed down the Kansas Heartland Tri-State Bank.
“The failure of this bank might be attributed to the impact of rising US interest rates to tackle inflation,” Edul Patel, the CEO of crypto investment firm Mudrex, told Gadgets 360.
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Meanwhile, with a score of 50/100, the cryptocurrency fear and greed index has dropped two points from yesterday and is still in the neutral zone.
“Bitcoin, the largest crypto has been consolidating in this range for several weeks, as investors await further clarity on the macroeconomic indicators like inflation.
“However, there are some positive signs for Bitcoin bulls. Long-term holders (LTHs) are demonstrating a notable absence of selling pressure.
“Approximately 71 percent of the realised capitalisation of Bitcoin remained unmoved for over six months.
“This data indicates that LTHs are not rushing to sell their BTC holdings, contributing to the reduced selling pressure in the market,” the CoinDCX research team told Gadgets 360.