Bitcoin price ready to rise above $ 20500, profit booking in crypto market

There was some sell-off in the crypto market before the Federal Reserve’s decision on interest rates in the US. The price of Bitcoin, the largest cryptocurrency by market capitalization, fell nearly 0.08 percent to near $20,500 on international exchanges. On Indian exchanges like CoinDCX it was at $21,651 as of Tuesday.

On international exchanges such as CoinMarketCap, Coinbase and Binance, bitcoin was down marginally and was priced at $20,483. Its value is about 1.9 percent higher than last week’s Wednesday. Ether, the second largest cryptocurrency, was bullish last week. Its price has decreased by about 0.08 percent in the past day, like bitcoin. There was no change in its price on Indian exchanges and it was around $1,655. The launch of an energy efficient ‘Merge’ upgrade to the Ethereum blockchain has led to faster transactions and reduced energy consumption. In this upgrade, Ethereum’s developers have re-coded its mining protocol from a Proof-of-Work (PoW) system to Proof-of-Stake (PoS). More than $100 billion of decentralized finance (DeFi) apps are supported on this blockchain, and because of this, the upgrade has been cautious.

Gadgets 360’s cryptocurrency price tracker shows that most altcoins have declined over the past day. Cardano, Solana, Polygon, Avalanche, BNB, TRON and Chainlink declined marginally in price. However, Monero has gained some momentum. Among mime coins, Dogecoin was down more than 5.2 percent at around $0.14 and Shiba Inu was down 4.89 percent at $0.0000012. The global market capitalization of crypto has declined 0.96 percent in the last one day.

In November last year, bitcoin made a high of over $67,000. Since then it has declined significantly. Due to the fall in its price, a large number of investors as well as the firms associated with this segment have suffered a big loss. Regulators in many countries have also warned investors about cryptocurrencies. This has also increased the pressure on the market. Last year, China banned crypto-related transactions as well as the mining of bitcoin. In some countries, including the US, there is a protest against the excessive consumption of electricity in bitcoin mining.

Cryptocurrency prices in Indian exchanges

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