Over the weekend, Bitcoin showed signs of recovery, but it has subsequently dropped in value once more. Bitcoin is presently selling at $62,320 (approximately Rs. 46.4 lakh) on the Indian market CoinSwitch Kuber, while the most popular cryptocurrency is valued at $56,884 on worldwide platforms like CoinMarketCap (roughly Rs. 42.3 lakh).
Bitcoin has lost approximately 1.27 percent in the last 24 hours after closing at 3.67 percent on Monday. Since US President Joe Biden signed an infrastructure law requiring digital asset brokers to record and report transactions to the Internal Revenue Service beginning in 2023, Bitcoin has declined by over 9% in the last week.
The battle hasn’t been only about Bitcoin. Ether has declined 0.67 percent in the last 24 hours to $4,572 (approximately Rs. 3.4 lakh) on CoinSwitch Kuber, while the second-largest crypto by market cap is priced at $4,171 on worldwide exchanges (roughly Rs. 3.1 lakh). The Ethereum-based cryptocurrency has lost about 13% of its value from its all-time high of $4,870 on November 10th, according to Gadgets 360’s cryptocurrency price tracker (roughly Rs. 3.61 lakh).
“Over the last 24 hours, the cryptocurrency market has stayed stable. The bears are becoming more aggressive as Bitcoin falls around $57,000 [approximately Rs. 42.4 lakh]. BTC’s market share has dropped below 42%, indicating that altcoins are now more optimistic than BTC. The cryptocurrency market is anticipated to stay range-bound for the next 24 hours “Edul Patel, CEO, and co-founder of Mudrex, AI-driven crypto investing platform, has high expectations.
Altcoins appear to be the focus this week, according to the market tracker. Over the last 24 hours, Cardano, Uniswap, and Ripple have all increased in value, while Polkadot and Tether have seen a decline in value, but it hasn’t been significant for either currency.
Meme-related coins like Dogecoin and Shiba Inu, has had a difficult time in recent weeks. Shiba Inu is presently priced at $0.000044 (approximately Rs. 0.003285), up 1.46 percent in the last 24 hours. Dogecoin is currently trading at $0.24 (about Rs. 18.21), down 1.2 percent in the last 24 hours.
El Salvador’s intentions to construct a Bitcoin city appear to have sparked a negative reaction in the market. President Nayib Bukele stated that the city will be round in shape, resembling a huge coin, and will be erected at the base of the Conchagua volcano to capture geothermal energy for bitcoin mining and to provide electricity to the city.
The construction and infrastructure of the city will be financed partly by an issue of $1 billion (roughly Rs. 7,449 crores) in sovereign bonds backed by the cryptocurrency, Bukele said. There will be no property, income, or capital gains taxes in the city since the expenses would be funded by a sales tax and money collected through bond offerings.
In other news, after Facebook changed its name to Meta to emphasize its commitment to building a metaverse, blockchain gaming and metaverse-related coins have continued to rise.
According to sources, all of the prominent metaverse coins in The Sandbox, Gala, and Decentraland have risen dramatically in value over the last week.