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.
Read interesting news, reviews as well as tips & tricks on TechnoBugg website, and stay updated with the latest happenings of the tech world on the go with Technobugg App. Also follow on Google News and join our Telegram channel for the latest updates.