Bitcoin reflected a loss of 1.30 percent on the crypto price chart on Tuesday, December 12. With this, the value of the most expensive cryptocurrency has fallen to $41,840 (approximately Rs. 34.8 lakh). This is the second day in a row that BTC is experiencing losses. In the last 24 hours, the value of BTC has fallen by $186 (approximately Rs. 15,505). In fact, Bitcoin has fallen from a price of nearly $44,000 (approximately Rs. 36.6 lakh) between today and last week. Crypto industry experts call this delayed period “correction time” for Bitcoin and other cryptocurrencies.
“Bitcoin is facing mounting concerns over liquidations, with $66.29 million (approximately Rs. 552 crore) liquidated in the last 24 hours, a significant portion of which – $46.58 million (approximately Rs. 388 crore) – attributed to long-term liquidations. The 10-day moving averages reflect the sentiment of the previous day and are trending towards a 'sell'. Notably, the value of liquidations per percentage point in 2023 has fallen significantly compared to 2021, which is a sign of market maturity over the past two years,” Rajagopal Menon, vice president of WazirX, told Gadgets360.
Ether found itself behind Bitcoin on the loss trail on Tuesday. After suffering a price decline of 0.42 percent today, ETH is trading at $2,229 (approximately Rs. 1.85 lakh). ETH price has fallen by $5 (approximately Rs. 415) in the last 24 hours.
“Ether witnessed $34.64 million (approximately Rs. 288 crore) of liquidations in the last 24 hours, with the majority ($34.24 million) coming from liquidations of long positions,” Menon added.
In addition to BTC and ETH, several other cryptocurrencies are also trading at losses today. These include Tether, Ripple, USD Coin, Dogecoin, Chainlink and Polygon.
Shiba Inu, Litecoin and Bitcoin Cash are among other loss-making cryptocurrencies besides Stellar and Uniswap.
The total cryptocurrency market capitalization has fallen by 0.32 percent in the past 24 hours. The crypto sector's valuation currently stands at $1.57 trillion (approximately Rs. 130,90,448 crore), according to CoinMarketCap.
“While it initially looked like a market shock heralding a possible recovery, more confirmations are needed. The ongoing correction could be a bear trap, representing a healthy adjustment within the broader bullish trend of recent months. In particular, the announcement of monthly US CPI data today could introduce additional volatility to the market,” CoinDCX's research team told Gadgets360.
Meanwhile, among a handful of profitable cryptocurrencies, Binance Coin, Solana, Cardano and Avalanche have made their mark.
“Markets are expected to remain volatile this week ahead of the Fed's rate hike decision and the release of CPI data. Bitcoin witnessed a major fluctuation in its value on Monday, resulting in liquidations worth $200 million (approximately Rs. 1,667 crore) according to Coinglass data. The current pullback is healthy and BTC is well positioned to reach the $50,000 mark (approximately Rs. 41 lakh) in the first half of 2024. AVAX is currently leading the altcoin wave with double-digit growth in 24 hours,” said Shivam. Thakral, CEO of BuyUcoin, told Gadgets360.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in this 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 any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
