The overall crypto price chart saw major losses on Friday, December 20. Bitcoin registered a dip of 4.08 percent in the last 24 hours. At the time of writing, Bitcoin was trading at $97,100 (roughly Rs. 82.6 lakh) on foreign exchanges, showed CoinMarketCap. On Indian exchanges, meanwhile, Bitcoin reflected losses of up to over five percent. Despite this loss margin, the oldest and most expensive crypto asset is currently priced around $102,236 (roughly Rs. 87 lakh) on Indian exchanges.
“Bitcoin’s correction of prices below the $100,000 (roughly Rs. 84.7 lakh) mark is enforcing caution on statement by Jerome Powell, chair of the US Federal Reserve dismissing speculations that the Fed may add Bitcoin to its reserves. Historical data reveals that with each successive price rally for Bitcoin, corrections become less intense,” Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets360.
Ether saw an almost 8 percent price drop on both national as well as international exchanges on Friday. On global exchanges, ETH is trading at $3,380 (roughly Rs. 2.87 lakh) as shown by CoinMarketCap. As per India’s CoinSwitch and CoinDCX exchanges, ETH incurred a loss of over eight percent to trade at $3,656 (roughly Rs. 3.11 lakh).
Tether, Binance Coin, Dogecoin, Cardano, and Tron registered losses alongside BTC and ETH.
Chainlink, Avalanche, Shiba Inu, Polkadot, Bitcoin Cash, Near Protocol, and Cronos also reflected price dips on Friday.
“This downtrend can be attributed to the Fed scaling back its target of four rate cuts next year to only two, accompanied by hawkish commentary. While the S&P 500 remains in positive territory, riskier assets like BTC and ETH have taken a significant hit. SOL has also dropped below $200 (roughly Rs. 17,019), erasing all of its post-election gains,” the CoinSwitch markets desk told Gadgets360, commenting on the development.
The overall crypto market cap tumbled by 4.47 percent in the last 24 hours. At the time of writing, the valuation of the crypto sector stood at $3.35 trillion (roughly Rs. 2,85,06,999 crore), as shown by CoinMarketCap.
USD Coin, Iota, and Status emerged among a handful of crypto tokens that managed to hold on to minor profits.
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