Bitcoin reflected a 2.95 percent loss on the crypto price chart on Wednesday, November 15. At the time of writing, Bitcoin was trading at $35,417 (approximately Rs. 29.4 lakh). This is the second day in a row that Bitcoin has posted losses in at least two weeks. It is also the first time in the fortnight that the most expensive crypto asset is trading at a price below $30,000 (approximately Rs. 24.9 lakh).
Ether followed Bitcoin, in a fairly conventional price move, on the losing side of the crypto chart. Ether is registering a loss of 3.97 percent and is currently trading at the price of $1,973 (approximately Rs. 1.63 lakh).
In the last 24 hours, Bitcoin has seen a notable price drop of $1,039 (approximately Rs. 86,260), alongside Ether, which also fell by $1,013 (approximately Rs. 84,098).
“The crypto market has shown a healthy correction over the past 24 hours. BTC fell below the $36,000 mark (approximately Rs. 229.8 lakh). The next support line for BTC is at $33,500 (approximately Rs. 27.8 lakh); if BTC holds we are still in a good uptrend,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.
The majority of cryptocurrencies suffered losses on Wednesday as the volatility element of the crypto sector gained momentum in recent hours.
Tether, Ripple, Solana, USD Coin, Dogecoin, Tron, Chainlink and Polkadot all posted losses today.
The losses also hit Litecoin, Shiba Inu, Bitcoin Cash, Leo, Cosmos, Stellar, Uniswap, Monero, Cronos and Binance USD.
The overall crypto market capitalization fell 2.11 percent over the past 24 hours, taking the sector valuation to $1.36 trillion (approximately Rs. 112,90,794 crore), CoinMarketCap showed.
Only a small number of cryptocurrencies posted gains today. These include Binance Coin, Cardano, Polygon, Avalanche and Ardor.
“Despite China maintaining its prohibitive stance on Bitcoin and cryptocurrencies, there is a positive development. A Chinese company, Boyaa, has announced a substantial investment of $100 million (approximately Rs. 830 crore) in Bitcoin and Ethereum.
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