Bitcoin Dropped Again

Bitcoin Dropped Again

Bitcoin fell again on Saturday, falling nearly 4 percent to $ 35,000 (approximately $ 26 million).

Bitcoin, the world’s largest and most widely known cryptocurrency, peaked at $ 69,000 (approximately $ 51 million) in November. It fell to $ 34,000 (approximately Rs 25 lakh) and then to $ 35,049 (approximately Rs 26 lakh) after a sharp fall on Friday. Bitcoin price in India stood at Rs. 29.4 lakh as of 10am IST on January 24.

The Bitcoin Dropped sharply on fears of inflation and a lower risk in anticipation of a rise in interest rates from the US Federal Reserve. Other risky assets also fell as stocks fell on Friday. The S&P 500 and Nasdaq recorded the biggest weekly decline since the pandemic began in March 2020.

In a research note on Friday, US senior market analyst at OANDA, Edward Moya said Bitcoin had fallen into a “crypto-traders’ de-risk portfolio following a bloodbath in stocks” and upfront of subsequent week’s Federal Reserve coverage assembly.

“Bitcoin remains at risk, with $ 37,000 (approximately Rs 27 lakh) Bitcoin Dropped below the $ 30,000 (approximately Rs 22.3 lakh) level,” Moya wrote on Friday.

Ether, which is affiliated with the Ethereumblockchain community, fell 6.7 p.c to $ 2,396 on Saturday. Ethereum in India was priced at Rs. 2.04 lakhs till 10 IST on 24th January.

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Written by Shahina P

Loves to dive into the various sectors of the tech to bring the best to the readers.

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