The crypto market is witnessing a slowdown in terms of token pricing. Bitcoin on Monday reflected a price dip of around one percent on global exchanges to trade at $94,472 (roughly Rs. 81.5 lakh). On Indian exchanges, the value of Bitcoin dropped by 0.47 percent over the past 24 hours. At the time of writing, Bitcoin is trading at the price point of $99,812 (roughly Rs. 86.2 lakh), according exchanges like Giottus and CoinDCX. Presently, the dominance of Bitcoin over the crypto sector stands at 56.94 percent.
“Bitcoin’s recent rollercoaster ride, marked by a sharp correction from over $102,000 (roughly Rs. 88 lakh) to lows around $91,250 (roughly Rs. 78.8 lakh), highlights the market’s inherent volatility but also its cyclical nature. Historically, such price drops have often been followed by strong recoveries. Notably, Bitcoin’s all-time high of $108,000 (roughly Rs. 93.2 lakh) in mid-December emerged just weeks after a significant downturn,” Avinash Shekhar, co-founder and CEO at Pi42 told Gadgets360.
Ether clocked a loss of 0.10 percent in the last 24 hours on foreign exchanges, data by CoinMarketCap showed on Monday. Currently, the asset is trading at $3,293 (roughly Rs. 2.84 lakh) on global exchanges. According to Indian exchanges like CoinSwitch and CoinDCX, ETH is priced $3,507 (roughly Rs. 3.02 lakh).
The CoinSwitch markets desk explained the reason behind the ongoing slowdown in asset prices. “Markets have been on a slight downturn ever since stronger than expected economic data suggested that the Fed might pause rate cuts in 2025. There was an estimate of 167,000 jobs added in December but the actual data bettered it by a huge difference at 256,000,” the exchange said.
The crypto price tracker by Gadgets 360 showed that the prices of most cryptocurrencies were down on Monday.
Ripple, Solana, and Cardano joined BTC and ETH on the loss-making end of the crypto chart.
Avalanche, Chainlink, Shiba Inu, Dogecoin, Stellar, and Polkadot also saw their values drop.
The valuation of the crypto market dropped by 0.90 percent over the last day, data by CoinMarketCap showed. With this, the crypto market cap now stands at $3.29 trillion (roughly Rs. 2,84,20,723 crore).
Tether, Iota, Status, and Braintrust rose in value on Monday.
“The broader crypto market reflects growing concerns, including FTX liquidations and speculation about a potential US government sell-off of Silk Road-related Bitcoin holdings. These factors have dampened investor sentiment. As the inauguration of pro-crypto President elect Donald Trump approaches, market participants are watching closely, anticipating that his stance on digital assets could shape the market’s trajectory in the coming weeks,” the CoinDCX research team told Gadgets 360.
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