The cryptocurrency market had a significant drop over the weekend, and most of the major cryptocurrencies have yet to chart a turnaround. Bitcoin, which dropped over 12% on Saturday, is now trading at $54,211 (approximately Rs. 40.8 lakh) on Indian exchange CoinSwitch Kuber, down 0.45% from its starting value after a 0.45% drop on Thursday. Meanwhile, global exchanges like CoinMarketCap saw Bitcoin fare somewhat better on Monday, increasing 4.05 percent to $51,141. (roughly Rs. 38.52 lakh). Bitcoin’s value has decreased by nearly 11.6 percent in the last week, according to CoinGecko.
Bitcoin and other cryptocurrencies fell sharply over the weekend, owing to a general risk-off mood that included selloffs in various parts of the US stock market. On Saturday, Ether fell 6.81 percent, but the second most popular cryptocurrency has since outperformed Bitcoin and is now priced at $4,626 (approximately Rs. 3.48 lakh) on CoinSwitch Kuber. The world’s second-largest cryptocurrency by market cap is currently trading at $4,354 (approximately Rs. 3.27 lakh) on worldwide exchanges, up 4.01 percent in the last 24 hours. Despite the weekend slump, Gadgets 360’s cryptocurrency price tracker shows that the Ethereum-based cryptocurrency has only lost 2% of its value in the last week.
Aside from that, things for cryptocurrencies are a bit of a mixed bag. Over the last 24 hours, the prices of Tether, Polkadot, Ripple, Polygon, and Litecoin have all dropped.
While we witness a revival of dog coins, with Baby DogeCoin, Floki Inu, and Kishu Inu seeing the most increases during the day.
Dogecoin has lost 0.44 percent of its value in the last 24 hours, and is now at $0.1897 (about Rs. 14.28), whereas Shiba Inu has increased by 4.92 percent to $0.000037. (roughly Rs. 0.002808).
Early evidence shows that the Omicron version of the coronavirus may not be as lethal as previously thought, which boosted investor appetite for risk assets. In addition to alleviating macroeconomic concerns, data from Glassnode shows that long-term investors kept their positive bets during the most recent selloff, boosting Bitcoin sentiment.
We’ve also seen a few of crypto-related hacks emerge since Monday. Bitmart, a cryptocurrency exchange, has been the latest victim of a major breach.
This hack allegedly took $196 million (approximately Rs. 1,479 crores) from Bitmart, which was held in various cryptocurrencies. The stolen tokens were sent to an anonymous hacker or hackers operating under the moniker “Bitmart Hacker.”
In other news, US authorities confiscated 39.9 Bitcoins worth $2.3 million (about Rs. 17.3 crores) from a Russian man accused of being linked to the notorious hacker organization REvil, which is known for its ransomware assaults. The wallet contains REvil ransom payments belonging to an associate known as Aleksandr Sikerin, who has been caught using ransomware viruses to breach into databases of American infrastructure facilities, according to a complaint released last week by the FBI.