Bitcoin Leads Marketwide Surge After a Horrid Week of Trade

Bitcoin's value briefly fell below the $27,000 (roughly Rs. 21 lakh) mark on Thursday, the lowest price for the cryptocurrency since 2020, before managing to mount a bit of a comeback in what has been a fairly positive day for the wider crypto market as well despite Terra LUNA crash. The largest cryptocurrency by market capitalisation is currently hovering around the $30,400 (roughly Rs. 23.5 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values BTC at $32,620 (roughly Rs. 25 lakh), up by 8.19 percent over the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $30,401 (roughly Rs. 23.5 lakh) moving up by 9.5 percent in value over the past 24 hours. As per CoinGecko data, BTC's value is still down by 16 percent week-to-day.

Ether is also currently in the green, closely following BTC. At the time of publishing, Ether is valued at $2,234 (roughly Rs. 1.7 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $2,085 (roughly Rs. 1.6 lakh), where the cryptocurrency has gained 10.62 percent over the past 24 hours.

CoinGecko data reveals that the cryptocurrency's value is still 23.5 percent behind prices a week ago.

Gadgets 360's cryptocurrency price tracker reveals a rare positive sight for investors at the time of publishing with green markers across the board for the most part. Uniswap, Cosmos, Avalanche, Cardano, Chainlink, Polygon, Terra, and Solana are all up in double digit values while stablecoins Tether, Binance USD, and USDC are the only ones in the red.

Shiba Inu and Dogecoin have also marked big gains after losing value heavily over the past week. Dogecoin is currently up to $0.10 (roughly Rs. 8) after gaining 30 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000014 (roughly Rs. 0.00109), up by 29.45 percent over the past day.

Meanwhile, the verified Twitter account for Terraform Labs said it would halt new activity on the Terra blockchain on Thursday, citing a need to avoid further damage to its ecosystem after the value of its hallmark TerraUSD and Luna tokens collapsed.

Terra's community had previously been engaged in a seven-day vote on several proposals aimed at recovering activity on the blockchain, and eventually re-securing the peg of TerraUSD, better known as UST, which is supposed to be worth $1 (roughly Rs. 77).

The value of Luna fell to zero on Thursday, while UST remained around 10 cents, according to data compiled by CoinGecko.

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