Cryptocurrency Prices Today: Bitcoin Value Drops, Along With Most Altcoins, Due To Market Volatility Caused By ETH ETFs

The cryptocurrency market is witnessing high volatility amid macroeconomic factors, market shifts and political unrest. On Wednesday, Bitcoin price fell 1.93% on international exchanges to trade at $65,866 (roughly Rs. 55.1 lakh), according to data from CoinMarketCap. In India, Bitcoin registered a slightly higher loss of over 2% on local exchanges such as BuyUCoin and CoinSwitch. The trading range of BTC on Indian exchanges is between $66,043 (roughly Rs. 55.2 lakh) and $70,195 (roughly Rs. 58.7 lakh).

“Bitcoin price plummeted after news broke that creditors of the now-defunct Mt. Gox exchange have started receiving their BTC via Kraken. After a nine-year wait, several creditors have reportedly received their BTC, with the total distributed amounting to a staggering $9 billion (roughly Rs. 75,324 crore) in BTC and Bitcoin Cash (BCH),” CoinSwitch’s markets desk told Gadgets360.

Ether ETH has registered a price decline of 0.44% over the past day. On international exchanges, ETH is trading at $3,440 (roughly Rs. 2.87 lakh). In India, meanwhile, ETH is trading at $3,452 (roughly Rs. 2.88 lakh) after suffering a loss of 0.55%.

“ETH has been trading between $3,370 (roughly Rs. 2.82 lakh) and $3,560 (roughly Rs. 2.97 lakh) for a week, lacking the momentum of the ETF launch on July 23. Bitcoin ETFs have seen $961 million in net inflows, but ETH derivatives remain subdued. This could indicate a lack of confidence in an immediate upside,” Avinash Shekhar, Co-Founder and CEO of Pi42, said on Wednesday.

Binance Coin, Solana, DogecoinAnd Chronos have seen their values ​​fall over the past 24 hours, according to the Gadgets360 Cryptocurrency Price Tracker.

In the same way, Cardan, avalanche, Shiba In, PeasAnd Chain link are also trading at lower values ​​on Indian stock exchanges.

Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25, which does not mention the cryptocurrency industry or any measures to regulate the sector and amend existing taxes. This, coupled with the recent WazirX hack, could be one of the reasons leading to the decline in crypto asset prices in India.

The overall cryptocurrency market capitalization has fallen by 1.43% in the past 24 hours, according to CoinMarketCap dataWith this, the sector’s valuation has reached $2.39 trillion (approximately Rs. 2,00,03,224 crore).

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