This entire week, Bitcoin and Ether continued to trade under a loss-spell. On Friday, January 19, Bitcoin showed a loss of 3.77 percent on Gadgets 360's crypto price tracker. Its value, at the time of writing, stood at $41,005 (roughly Rs. 34.09 lakh). This is Bitcoin's lowest value in the recent weeks. Over the last 24 hours, the value of Bitcoin has reduced by $1,540 (roughly Rs. 1.28 lakh). Market analysts have also acknowledged that the crypto market is witnessing an unexpected downward trend.
“Bitcoin faces selling pressure due to heavy outflows from Exchange Traded Products (ETPs) to new spot ETF issuers. For example, Blackrock's Bitcoin ETF has accumulated a billion-dollar worth of Bitcoin in just one week, which means there is a heavy outflow of Bitcoin to such regulated ETFs. We can expect the Bitcoin price to rise once this transition cools down and investors are done with profit booking,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Ether registered a value drop of 2.95 percent on Friday. At the time of writing, Ether was trading at the price point of $2,456 (roughly Rs. 2.04 lakh). In the last 24 hours, the value of ETH dropped by $66 (roughly Rs. 5,487).
Solana, Ripple, Uniswap, Tether, and Cardano -- all emerged on the loss-making side of the crypto chart.
Avalanche, Dogecoin, Tron, and Polkadot alongside USD Coin, Leo, Near Protocol, and Iota also registered losses.
“The top 30 cryptos by market cap are currently trading in the red. We can expect some volatility in BTC's price for some time. However, the ETF inflows and Assets under Management (AUM) continue to see healthy numbers. The newly launched spot BTC ETFs already have nearly $30 billion (roughly Rs. 2,49,412 crore) in AUM as compared to $11 billion (roughly Rs. 91,451 crore) for Silver ETFs,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
The overall market capitalisation of the crypto sector tumbled by 3.25 percent in the last 24 hours. As of Friday, the valuation of the sector stands at $1.62 trillion (roughly Rs. 1,34,68,056 crore), as per CoinMarketCap.
A small number of cryptocurrencies managed to record miniscule gains on Friday. These include -- Iota, Braintrust, Binance USD, and Dogefi.
In a major DeFi development, CoinMarketCap data suggests that dYdX (-8.5 percent) recently topped Uniswap's markets to become the largest DEX by daily trading volume. The decentralised exchange has recently migrated from Ethereum to Cosmos and saw a volume of $757 million (roughly Rs. 6,293 crore) of volume over 24 hours.
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.
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