Pressure on the price of bitcoin, a slight decline in the crypto market

The price of Bitcoin, the largest cryptocurrency by market capitalization, is rising. After the data of the Consumer Price Index (CPI) in the US, volatility in the market has reduced. Since then the bears have been blocking the uptrend in the price of bitcoin. The price of bitcoin has fallen by about 1.05 percent in the past day and was at around $19,300 on international exchanges.

It was trading 0.54 percent lower at $20,217 on Indian exchanges like CoinDCX. Data from CoinGecko shows that the value of bitcoin is down 0.8 percent compared to last Tuesday. The price of the second largest cryptocurrency, Ether, has also declined in the last one day. Its price was around $1,300. On international exchanges, it declined by around 1.05 per cent. It was down 0.26 per cent at around $1,371 on Indian exchanges. Ether has been gaining ground since the upgrade to the Ethereum blockchain last month. This upgrade is expected to speed up transactions and significantly reduce energy consumption. In this, the developers of Ethereum have re-coded its mining protocol from 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. The upgrade may also bring relief to investors in the crypto derivative token called stETH.

Gadgets 360’s cryptocurrency price tracker shows that most altcoins have fallen in price. The global market capitalization of crypto has also decreased by about 1.5 percent in the last one day. Avalanche, Cardano, Solana, Chainlink, Monero and BNB declined marginally. There has been an increase in the prices of Polygon and TRON. Mime coins Dogecoin and Shiba Inu have decreased.

In November last year, bitcoin made a high of over $67,000. Since then it has declined significantly. Investors as well as the firms associated with this segment have suffered a big loss due to the fall in its price. Regulators in many countries have also warned investors about cryptocurrencies. This has also increased the pressure on the market. The default of some crypto firms has also raised apprehensions about this market.

Cryptocurrency prices in Indian exchanges

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