Bitcoin is the most popular cryptocurrency to start the year with losses, with Ether being one of the few to start the year with gains.

As the second week of December began, the general cryptocurrency market appeared to be sluggish, with only a few crypto tokens seeing increases. According to Indian exchange CoinSwitch Kuber, the world’s oldest cryptocurrency Bitcoin resumed its downward trend, beginning the week trading at $54,553 (approximately Rs. 41 lakh), down 0.28 percent. Bitcoin prices are now hovering around $49,000 (approximately Rs. 37 lakh) on foreign platforms such as CoinMarketCap and Binance, with minor losses.

On the other side, Ether has made modest increases. According to the Gadgets 360 crypto price tracker, Ether is currently selling at $4,652 (approximately Rs. 3.4 lakh).

On the other side, Ether has made modest increases. According to the Gadgets 360 crypto price tracker, Ether is currently selling at $4,652 (approximately Rs. 3.4 lakh).

While a few cryptocurrencies, such as USD Coin and Polygon, joined Ether in the upward, the bulk of famous altcoins followed Bitcoin into the downtrend.

Tether, Cardano, Ripple, Polkadot, Dogecoin, and Shiba Inu, among others, are among the cryptocurrencies whose prices have not increased.

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There were no significant changes in the percentages of profits and losses for any of the cryptocurrencies. All of the price peaks and troughs were minor.

Market movement is expected to shift quickly, according to industry analysts

“Altcoins bore the brunt of the selling, with Bitcoin witnessing a 25% intraday decline – the worst one-day drop since May 2020. As traders return to the office, the following week is predicted to be another tumultuous one for markets. We may enter a cyclical bear market if prices fail to regain lost ground appreciably over the following few weeks, according to the CoinDCX team.

Last Monday, the US Securities and Exchange Commission (SEC) rejected WisdomTree’s petition for a second spot Bitcoin exchange-traded fund (ETF).

Eight key cryptocurrency companies, including Coinbase Global CFO Alesia Haas and FTX Trading CEO Sam Bankman-Fried, are scheduled to testify before the US House Financial Services Committee on December 8. The event will be the first of its kind, bringing together cryptocurrency players and US government officials to explore how to regulate the rapidly growing industry.

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