Bitcoin’s price recovered from a free-fall after Wednesday’s transactions began with a dip, but remained flat as the day progressed. Bitcoin is presently trading at $66,011 (approximately Rs. 49 lakh) on the Indian market CoinSwitch Kuber, with a valuation of $59,922 on sites like CoinMarketCap (roughly Rs. 44.5 lakh). Bitcoin has dropped 0.98 percent in the previous 24 hours, hovering around the important inflection point of $60,000 (approximately Rs. 44.7 lakh), but it is still a long way from the all-time high of $68,990 (about Rs. 51.18 lakh) set last week.
While Bitcoin rebounded from its early-day drop, Ether gained enough ground to change the market tracker’s color to green. On CoinSwitch Kuber, Ether has risen 2.5 percent in the last 24 hours and is now worth $4,737 (approximately Rs. 3.51 lakh). The Ethereum blockchain’s native cryptocurrency is valued far lower on global exchanges like Binance at $4,281 (approximately Rs. 3.17 lakh), according to Gadgets 360’s cryptocurrency price tracker, where the second most popular cryptocurrency has seen a 3.23 percent gain in the past 24 hours.
All of the other big altcoins look to be recovering as well, according to the market tracker. Gains in Cardano, Polygon, Ripple, and Polkadot.
Tether, the coin that had survived the Tuesday drop, lost 1.74 percent of its value. Elrond, Cosmos, and Underdog are some of the other coins that have increased in value.
Coins for memes After being hacked early on Wednesday, Dogecoin and Shiba Inu both showed signs of recovery. Shiba Inu is presently valued at $0.000048 (approximately Rs. 0.003561), up 1.14 percent in the last 24 hours, while DOGE is currently trading at $0.26 (about Rs. 19.35).
Long-term Bitcoin holders appear to be taking profits, according to blockchain analytics firm Glassnode and Fundstrat Digital Asset Research, lowering net holdings for the first time since May.
Outflows from profit-taking measures, according to the same analysis published by finance outlet Barrons, are being counterbalanced by new investors buying positions in Bitcoin. As a result, economists anticipate the market will continue to rise.
Meanwhile, Twitter’s Chief Financial Officer (CFO) Ned Segal has made headlines for claiming in an interview that investing in cryptocurrency “doesn’t make sense right now” due to significant market volatility and the absence of accounting norms in the industry.
To invest in crypto firms and related avenues, Segal stated that a company like Twitter would have to amend its current investment standards, which now only allow the corporation to keep assets that are more stable in nature, such as stocks on its balance sheet.