Bitcoin on Wednesday, February 12, showed a price dip of 2.43 percent on international exchanges. With this, Bitcoin is trading at the price point of $95,873 (roughly Rs. 83 lakh) on global platforms, as per CoinMarketCap. On Indian exchanges like CoinSwitch and CoinDCX, the value of BTC slipped by around 2.25 percent over the last day, bringing its price to $97,992 (roughly Rs. 85 lakh). The overall crypto market dipped after Fed Chair, Jerome Powell said that there is no rush for the US to cut interest rates for the time being.
“Post Jerome Powell’s comments on House Financial Services Committee digital assets-focused panel – Bitcoin has taken a beating. All eyes will be on the CPI data today now to see whether we might see a rate cut in the upcoming FOMC meeting,” the CoinSwitch Markets Desk told Gadgets 360.
Ether reflected a loss of 3.46 percent on international exchanges on Wednesday. The asset is trading at $2,606 (roughly Rs. 2.26 lakh) on global platforms, shows CoinMarketCap. Ether also followed the same trajectory on Indian exchanges. Over the last day, Ether price slipped by over three percent on Indian exchanges bringing its price point to $2,743 (roughly Rs. 2.38 lakh).
“Trader interest in Ether remains comparatively lower than in competing assets. Historically, sharp rises in inflows to accumulation addresses have signalled strong conviction in Ethereum’s future, often preceding significant price rallies. Yet, Ether’s prolonged decline against Bitcoin underscores its struggles, with the ETH/BTC pair down approximately 75 percent since 2021. The asset will face a strong resistance at $3,000 (roughly Rs. 2.60 lakh),” the ZebPay Trade Desk told Gadgets 360.
The crypto price tracker by Gadgets 360 showed losses next to majority altcoins on Wednesday.
These include Avalanche, Polkadot, Uniswap, Litecoin, and Leo.
Other crypto assets like Solana, Binance Coin, Dogecoin, Tron, Shiba Inu, and Stellar also tumbled in their prices in the last 24 hours.
The overall crypto market cap dropped by 2.81 percent over the last day. CoinMarketCap shows the valuation of the sector to be standing at $3.14 trillion (roughly Rs. 2,72,56,565 crore).
Cardano and Monero emerged among assets that managed to retain miniscule gains next to their names on the price charts. Iota and Dogefi also showed small gains on Wednesday.
“The crypto market is evolving rapidly, and we’re witnessing a dynamic transition where diversification and innovation are leading the charge. As the market continues to mature, strategic positioning and careful attention to both established and emerging assets will be key to navigating this space,” said Avinash Shekhar, Co-Founder and CEO, Pi42.
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 sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
