The cryptocurrency market is constantly swirling in the vortex of uncertainties. The falling prices of the digital currency over the past several days have added to the difficulties for investors. Because of which they are facing challenging conditions. Some investors have reached the verge of bankruptcy. Talking about the loss of last week, the loss in the crypto market was $ 830 billion, which is a record decline. The cryptocurrency had a total market capital of $ 1.49 trillion as of Monday morning. Meanwhile, there is also news of a relief that while some currencies are registering a steady decline, some currencies are also giving a sigh of relief to the investors.
Although the world’s two largest currencies, Bitcoin and Ethereum prices are also going down, but they have seen tremendous increase since the beginning of the year. This is the reason that both these currencies are still proving to be a profitable deal for investors.
Overall, the cryptocurrency market has fallen by up to 60 percent so far. After seeing the biggest drop of the year, bitcoin price has seen a slight improvement. It was trading at its lowest price since January at $ 30,000, which is now trading at $ 37,000 with some improvement. Last Friday saw the biggest drop in bitcoin and ethereum prices in a day. This decline was the largest decline since March 2020.
The bitcoin price in India was around Rs 27.98 lakh till the time of writing the news. At the same time, the price of Ethereum (Ethereum Price in India) was Rs 1.88 lakh. The Mege-based cryptocurrency Dogecoin price in India was close to Rs 26. In this episode, Litecoin Price in India was close to 13 thousand.
It may be noted that last week China had banned cryptocurrency transactions. While issuing the order, China, one of the largest economies in the world, said that it bans any type of transactions or related services by its financial institutions and payment companies through cryptocurrencies. Since then there was a huge drop in bitcoin prices. However, later the market started climbing upwards.
Before the ban on China’s cryptocurrency, Elon Musk, the owner of electric car maker Tesla, said in a statement that he would no longer accept bitcoin as a payment for car purchases at Tesla. Bitcoin prices had started declining since this decision. But at present, with the slight improvement in the market of digital currency, investors are seeing some hope.