Bitcoin, Ether fall hard as Crypto market wrestles with inflation rise

The price of Bitcoin and the broader crypto market took a sharp tumble over the past day after concerns about rising inflation in the US soon clouded the positive market sentiment after last week’s Bitcoin 2022 conference in Miami. In terms of value, the world’s most popular cryptocurrency has fallen sharply over the past 24 hours, recording a 6.75 percent dip by Monday falling below the $ 40,000 (about Rs. 30 lakh) mark on global exchanges. At the time of writing, the value of Bitcoin has fallen by 5.84 percent in the past 24 hours and stands at $ 41,993 (about Rs. 32 lakh) on Indian exchange CoinSwitch Kuber.

On global exchanges, the price of Bitcoin ever stands so close to the $ 39,500 (about Rs. 30 lakh) mark at $ 39,669 (about Rs. 30 lakh) losing 6.22 percent in value over the past 24 hours. According to data from CoinGecko, BTC has tumbled by 14.7 percent in value from week to day.

As has been the case over the past few weeks Ether, the second largest cryptocurrency in the world had a steeper fall in comparison. At the time of publication, Ether is valued at $ 3,154 (about Rs. 2.5 lakh) on CoinSwitch Kuber, while values ​​on global exchanges show the value of the crypto at $ 2,968 (about Rs. 2.25 lakh), where the coin takes a dip has seen 6.45 percent in the past 24 hours.

CoinGecko data show that the value of the cryptocurrency has fallen by 15.3 percent over the past week.

According to Gadgets 360’s cryptocurrency price tracker, the last day was horrible for most altcoins. The global crypto market cap witnessed a massive dip of 5.42 percent over the past 24 hours. Binance Coin, Avalanche, Polygon, Solana, Cardano, Polkadot and Terra have all marked heavy losses in the past 24 hours. In fact, with the exception of Monero, there is no green marker in sight.

Shiba Inu and Dogecoin meanwhile also took heavy losses on the day. Dogecoin is currently valued at $ 0.14 (roughly Rs. 11) after losing 7.21 percent over the last 24 hours, while, Shiba Inu is valued at $ 0.000024 (about Rs. 0.002), down by 6.67 percent over the past day.

“BTC expanded its withdrawals if buyers could not break the resistance level at $ 48,000 (roughly Rs. 36.5 lakh) level. BTC’s support is at $ 37,000 (roughly Rs. 28 lakh), which could stabilize the downward trend. Other “Large cryptocurrencies are also turning red, sinking significantly. This declining trend in the crypto market may be due to rising inflation and economic downturns around the world,” said Edul Patel, CEO and co-founder of Crypto Investment Company Mudrex, told Gadgets 360.

The volume of cryptocurrency trading in India has taken a hit after digital asset tax laws went into effect on April 1st. CoinDCX and WazirX among other Indian crypto exchanges have witnessed a significant drop in crypto trading volumes, a report released by Mumbai-based research firm Crebaco has claimed.

As announced by Finance Minister Nirmala Sitharaman, a tax of 30 percent is deducted from all profits generated through crypto-trading in the nation. The tax laws also instruct Indian crypto users to pay one percent TDS for each crypto transaction.

Trading volumes on WazirX, ZebPay, CoinDCX and BitBns have dropped by 72 percent, 59 percent, 52 percent and 41 percent, respectively, the report says.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for losses arising from an investment based on any perceived recommendation, forecast or any other information contained in the article.

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