LAGOS, Nigeria (VOICE OF NAIJA) – Bitcoin’s value has dropped to its lowest point in two months, influenced by various macro-economic market elements and the inherent volatility of cryptocurrency prices.
Bitcoin experienced a decrease of 0.21 percent, trading at $26,035 (approximately Rs. 21.6 lakh). Within the last 45 hours, Bitcoin’s value decreased by $58 (around Rs. 4,820).
The current market sentiment leans bearish, with most cryptocurrencies displaying price declines.
Ether also faced a loss of 0.77 percent on Tuesday, currently trading at $1,663 (roughly Rs. 1.38 lakh). Over the past day, its value decreased by $15 (about Rs. 1,245).
According to a Bloomberg report, there are signs that the US Securities and Exchange Commission (SEC) could approve Ethereum futures exchange-traded funds (ETFs) in the upcoming months.
This potential development might trigger a new upswing for Ethereum, which has exhibited subdued price movements this year, as predicted by the CoinDCX research team.
Notably, Tron, Polkadot, Polygon, Shiba Inu, Avalanche, and Stellar also experienced losses.
READ ALSO: Bitcoin, Ether Make Modest Gains As Others Suffer Loss
The global cryptocurrency market cap declined by 0.55 percent, totaling $1.05 trillion (approximately Rs. 87,23,032 crore), according to CoinMarketCap data.
Additionally, the crypto fear and greed index remains in the fear zone, registering a score of 37/100.
“While the broader market sentiment currently appears bearish, one might gauge the market’s direction by observing LTC’s performance after the recent halving. “
It showed a nearly 2.7 percent rise yesterday, suggesting that there might be hope for crypto market bulls,” commented Shubham Hudda, Senior Manager at CoinSwitch markets desk.
Among a few select altcoins that managed minor gains were Litecoin, Monero, Zcash, Baby Doge Coin, Braintrust, and Augur.
Despite market fluctuations, advancements in the blockchain sector continue to progress. “An intriguing product on Coinbase’s layer 2 BASE, called friend.tech, has generated nearly $1 million (roughly Rs. 7 crore) within a 24-hour span, becoming the third most valuable dApp just weeks after its launch.
“This app enables Twitter or X.com users to establish exclusive communities where they can purchase ‘keys’ of prominent celebrities for exclusive chat access,” Hudda pointed out.