Ether prices have remained unchanged over the last 24 hours, and the cryptocurrency has lost 9% in the last week.
Bitcoin showed hints of recovery over the weekend, but it has since fallen in value once more. Bitcoin is presently trading at $62,320 (approximately Rs. 46.4 lakh) on Indian market CoinSwitch Kuber, while the most popular cryptocurrency is valued at $56,884 on worldwide platforms like CoinMarketCap (roughly Rs. 42.3 lakh). Bitcoin has lost approximately 1.27 percent in the last 24 hours after closing at 3.67 percent on Monday. Since US President Joe Biden signed an infrastructure law requiring digital asset brokers to record and report transactions to the Internal Revenue Service beginning in 2023, Bitcoin has declined by over 9% in the last week.
The battle hasn’t been solely for Bitcoin. Ether has declined 0.67 percent in the last 24 hours to $4,572 (approximately Rs. 3.4 lakh) on CoinSwitch Kuber, while the second-largest crypto by market cap is valued at $4,171 on worldwide exchanges (roughly Rs. 3.1 lakh). The Ethereum-based cryptocurrency has lost about 13% of its value since its all-time high of $4,870 on November 10th, according to Gadgets 360’s cryptocurrency price tracker (roughly Rs. 3.61 lakh).
Over the last 24 hours, the cryptocurrency market has stayed stable. The bears are becoming more active as Bitcoin falls towards $57,000 [approximately Rs. 42.4 lakh]. BTC’s market share has dropped below 42%, indicating that altcoins are currently more bullish than BTC. The cryptocurrency market is anticipated to remain range-bound for the next 24 hours,” says Edul Patel, CEO and co-founder of Mudrex, an AI-driven crypto investment platform.
Altcoins appear to be the focus this week, according to the market tracker. Over the last 24 hours, Cardano, Uniswap, and Ripple have all increased in value, while Polkadot and Tether have seen a decline in value, but it hasn’t been significant for either coin.
Coins for memes Dogecoin and Shiba Inu have had a rough go of it in recent weeks, and DOGE is no exception. Shiba Inu is currently valued at $0.000044 (roughly Rs. 0.003285), up 1.46 percent in the last 24 hours. Dogecoin is currently trading at $0.24 (roughly Rs. 18.21), down 1.2 percent in the last 24 hours.
El Salvador’s intentions to construct a Bitcoin city appear to have sparked a negative reaction in the market. President Nayib Bukele stated that the city will be round in shape, resembling a huge coin, and will be erected at the base of the Conchagua volcano to harness geothermal energy for bitcoin mining and to provide energy to the city.
The city’s construction and infrastructure would be financed in part by a $1 billion (approximately Rs. 7,449 crore) sovereign bond issue backed by Bitcoin, according to Bukele. There will be no property, income, or capital gains taxes in the city, since costs would be met by a sales tax and funds obtained through bond offerings.
In other news, after Facebook changed its name to Meta to emphasise its commitment to building a metaverse, blockchain gaming and metaverse-related coins have continued to rise. According to CoinMarketCap, all of the prominent metaverse coins in The Sandbox, Gala, and Decentraland have risen dramatically in value over the last week.