Tether Holds Steady Despite Crypto Market Dips, Bitcoin and Ether Reach Lowest Values in Weeks.

Bitcoin (BTC) prices have continued to fall in what appears to be one of the worst dips since China banned all crypto trading and mining in September. Bitcoin is presently selling for $65,885 (approximately Rs. 49 lakh) on the Indian market CoinSwitch Kuber, while it is priced at $59,321 on global exchanges like CoinMarketCap and Binance (roughly Rs. 44.2 lakh). Bitcoin fell more than 5.42 percent on Tuesday, sliding below $60,000 (approximately Rs. 44.7 lakh) for the first price since October.

Bitcoin isn’t alone in what looks to be a significant reduction in the price of other cryptocurrencies. On Tuesday, the price of Ether fell by almost 6% to $4,617 (approximately Rs. 3.43 lakh), a November low for the cryptocurrency that has witnessed a lot of bullish momentum in recent weeks. The Ethereum-based cryptocurrency is priced far lower on major platforms like CoinMarketCap at $4,209, according to Gadgets 360’s cryptocurrency price tracker (roughly Rs. 3.1 lakh). This is a significant dip for the second-most popular cryptocurrency, which only a week ago reached a new all-time high.

“The cryptocurrency market has been incredibly volatile over the last 24 hours, with most of the leading cryptos continuing under negative pressure. We witnessed a flood of new short bets emerge, driving the market down. The next 24 hours will be significant for the cryptocurrency market, as BTC has a crucial support level of $57,000 [approximately Rs. 42.4 lakh]. And if BTC falls in value, the whole crypto market is likely to see profit booking “According to Edul Patel, CEO and co-founder of Mudrex, AI-driven crypto investing platform.

As the global crypto market capitalization drops by over 2.3 percent, the market tracker looks to be full of red, with Cardano, Ripple, and Polkadot showing significant drops.

Tether looks to be the only popular coin that is keeping its value, with a gain of 2.49 percent. IOTA, Augur, and Underdog are some of the other currencies that have seen their prices rise.

Both Dogecoin and Shiba Inu lost about 7% and 9% of their value, respectively. The cause for the price drop in Bitcoin isn’t immediately apparent. Given the more than 100 percent climb the popular cryptocurrency has achieved since its dip below $30,000 (approximately Rs. 22.3 lakh) in May this year, market players have been pointing to massive profit-taking. Meanwhile, others are blaming BTC miners for China’s crackdown, albeit this does not appear to be a new theory.

Meanwhile, the crypto- and metaverse-related project boom look to be holding, as Barbados, a small Caribbean island nation, has opted to expand its diplomatic outreach by becoming the first government to build a digital embassy following a deal with metaverse platform Decentraland.

In other news, Coinbase co-founder Fred Ehrsam and ex-Sequoia Capital Partner Matt Huang have raised $2.5 billion (approximately Rs. 18,598 crores) for Paradigm One, a venture capital fund aiming at the “next generation of crypto firms and protocols.”

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