While market volatility touches other altcoins on a daily basis, Bitcoin’s value has been stagnant for a few days. Bitcoin was still trading at $31,651 (approximately Rs 2.45 lakh) on Wednesday, June 8, despite a modest 1.13 percent gain, according to Indian exchange CoinSwitch Kuber. The world’s oldest cryptocurrency is also showing slight signs of recovery on international exchanges. According to Binance and Coinbase, the value of BTC is hovering around $29,968 (approximately Rs 2.3 million).
On Wednesday morning, Advertisement Shout’s cryptocurrency price tracker reflected that ether managed to make a small profit of 1.95 percent, bringing its value to $1,891 (about Rs 150,000).
Among other altcoins showing signs of recovery, Binance Coin, Cardano, Avalanche and Polygon appeared at the top of the list of cryptocurrencies.
Litecoin, Shiba Inu, and Uniswap also saw small gains in value, bringing green to the cryptocurrency charts.
According to industry experts, the ongoing global economic slowdown has instilled a low-risk appetite among investors, and as a result, cryptocurrencies are also under skepticism, causing the market to lose momentum.
Currently, the total market capitalization of the crypto industry is $1.23 trillion (approximately Rs 96,29,342 crore).
During these downturns, the crypto market relies on big investors to fund the industry, and individual investors are pulling their money out of risky assets.
U.S. electronic trading giant Citadel Securities’ decision to build a “cryptocurrency trading ecosystem” with the backing of high-frequency trading and market-making firm Virtu Financial is a testament to the growing acceptance and adoption of cryptocurrencies by institutions.
To simplify access to digital asset liquidity pools, the initiative will see multiple industry players and stakeholders come together – a positive sign of the industry’s steady progress towards maturity and continued growth.
The CoinDCX research team told Advertisement Shout: “We are encouraged by the innovation and development we are witnessing in the space and look forward to the day when cryptocurrencies become the backbone of the global economy.”
Meanwhile, stablecoins such as Tether, USD Coin and Binance USD are grappling with financial turmoil sparked by U.S. interest rate hikes amid recession fears.
Cryptocurrency is an unregulated digital currency, not legal tender, and there are market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice or any other type of advice or recommendation given or endorsed by NDTV. NDTV is not responsible for any losses arising from any investment based on any perceived recommendations, forecasts or any other information contained in the article.