Bitcoin and the other leading cryptocurrencies have continued their deplorable start to the week despite recovery attempts over the past day. Bitcoin has managed to form some resistance along the $21,000 (roughly Rs. 16.3 lakh) mark ensuring that prices don’t fall further although there hasn’t been much of an upside either. The price of the largest cryptocurrency by market capitalisation has slipped up by more than 8 percent over the past day and is currently hovering around the $21,050 (roughly Rs. 16.3 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $22,587 (roughly Rs. 17.5 lakh), down by 8.34 percent in the past 24 hours.
On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $21,061 (roughly Rs. 16.36 lakh) while CoinGecko data shows that BTC’s value has dropped by close to 33 percent week-to-day.
While Bitcoin’s value falls to scarily low levels, Ether hasn’t fared much better. The second most popular cryptocurrency had been struggling to move past $2,000 (roughly Rs. 1.55 lakh) mark last week and now sees itself struggling around the $1,100 (roughly Rs. 85,000) mark. At the time of publishing, Ether is valued at $1,194 (roughly Rs. 93,000) on CoinSwitch Kuber while values on global exchanges see the crypto’s value at $1,118 (roughly Rs. 87,000), where the cryptocurrency has plunged by 9 percent over the past 24 hours.
Ether’s drop over the weekend sees the cryptocurrency’s value languishing by over 38 percent when compared to last week’s value, as per CoinGecko data.
Gadgets 360’s cryptocurrency price tracker reveals a similar story for most major altcoins too — as the global crypto market capitalisation fell by another 3.6 percent in the last 24 hours. BNB, Polkadot, Avalanche, Solana, Uniswap, and Chainlink have all dropped in value with a few like Polygon, and Monero even dropping to double figure losses.
Memecoins Shiba Inu and Dogecoin saw big dips in value yet again. Dogecoin is currently valued at $0.05 (roughly Rs. 4.5) after dipping by almost 11 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.0000084 (roughly Rs. 0.000658), down by 5.87 percent over the past day.
While the crypto community panicked, proponents and industry experts such as Brad Garlinghouse, CEO of Ripple, thought it wise to give hope to holders, especially new investors.
Garlinghouse admitted it’s never easy going through a crypto winter, but he encouraged investors to stay strong because the current downturn shall pass, too, just like the previous bear seasons.
Days like today are never what you hope to see, esp. in an industry w/ as much incredible talent as crypto. If you recently joined the industry and haven’t seen a downturn like this, know that this too shall pass (advice from someone who’s seen a few downturns over the years).
— Brad Garlinghouse (@bgarlinghouse) June 13, 2022
Meanwhile, the Founder of SkyBridge Capital, Anthony Scaramucci, has also advised investors to remain disciplined amidst the ongoing crypto havoc. He compared the months-long selloff to the Internet bubble burst in 2000 while noting that some crypto gems will survive the winter as Amazon did twenty-two years ago.
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