Bitcoin declines after reaching $22000

The price of Bitcoin, the largest cryptocurrency by market capitalization, gained more than three percent in early trading to reach $22,000. However, after that the price fell again. The price of bitcoin on global exchanges is around $21,700. On Indian exchanges like CoinSwitch and CoinDCX, it is trading up about 0.72 percent at $22,572.

Ether has had some downsides prior to the upgrade to the blockchain. It is priced at $1,728 on global exchanges and $1,826 on Indian exchanges. Its value has fallen by more than two percent in the last one day. However, compared to the previous week, it has increased by almost 10 percent. In this upgrade, Ethereum developers are recoding its mining protocol from a Proof-of-Work (PoW) system to Proof-of-Stake (PoS). This is likely to greatly reduce the energy consumption of Ethereum. Some network tests will be done before it is released for use. These tests will help developers understand the performance of the network after the upgrade. More than $100 billion of decentralized finance (DeFi) apps are supported on this blockchain, and because of this, the upgrade is being cautious.

The upgrade may also bring relief to investors in the crypto derivative token called stETH. Ethereum miners have to use large server farms to order transactions on the blockchain, resulting in higher electricity consumption and increased carbon emissions. Gadgets 360’s cryptocurrency price tracker shows that the week has been mixed for most altcoins. Cardano, Solana, Polygon, BNB, TRON and Polkadot have declined in price over the past day, while Avalanche, Chainlink and Monero have gained some gains.

Bitcoin made a high of over $67,000 in November last year. Since then it has fallen by more than one-third due to slowdown and some other reasons. Due to this, investors as well as crypto related firms have suffered huge losses. Market regulators in some countries have also warned against cryptocurrencies.

Cryptocurrency prices in Indian exchanges

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