Bitcoin on Thursday, December 29, stepped into the trading rink at the price point of $16,538 (roughly Rs. 13.6 lakh) after seeing a loss of 0.66 percent. The oldest cryptocurrency also traced a similar movement on international exchanges such as Binance and Coinbase. In the last 24 hours, the already low BTC values have dropped by $320 (roughly Rs. 26,490). Two days before the year 2022 comes to an end, the crypto market valuation sank to an extreme low and majority cryptocurrencies opened with significant losses.
The crypto market valuation, that had exceeded the valuation of $3 trillion (roughly Rs. 1,65,59,120 crore) last year, dropped by 0.78 percent in the last 24 hours. At the time of writing, the crypto market cap stood at a drastic low of $795.75 billion (roughly Rs. 65,87,835 crore).
With losses overpowering profits on the price charts, only a small number of altcoins managed to see tiny gains.
Analysts and industry experts are hopeful that the next year, that starts in the next three days, will be more defining for the global crypto sector.
“After a year full of ups and downs in crypto, the community will be looking forward to some stability and method in the ecosystem. 2023 is widely expected to be the year when crypto regulations across the world are signed and sealed. We hope the regulatory frameworks are conducive to all stakeholders — founders, users, and governments alike. We want the adoption level of crypto to increase in an environment of trust, security, and overall positive results,” Rajagopal Menon, Vice President at WazirX told Gadgets 360.
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