BTC, ETH Impacted by Small Losses, Crypto Market Sees Further Drop

Bitcoin on Tuesday, December 6, opened with the minuscule loss of 0.39 percent to trade at the price point of $16,973 (roughly Rs. 13.9 lakh). BTC also failed to break out of the price mark of $17,000 (roughly Rs. 14 lakh) on international exchanges such as Coinbase and Binance as well. BTC has been showing a range-bound movement for at nearly over a month now. The crypto price charts, for the longest times, have not been able to reflect a streak of profits or losses.

Ether followed Bitcoin to trade in losses. After a value dip of 1.40 percent, ETH opened trading on Tuesday at the price point of $1,258 (roughly Rs. 1.03 lakh). Like BTC, ETH has also not been able to see a substantial hike in its price.

Among other loss-making cryptocurrencies, Binance Coin, Cardano, Polygon, Polkadot, Solana, Uniswap, and Avalanche.

Interestingly, while Dogecoin settled with losses, Shiba Inu saw gains, in a rather unconventional turn of events.

Other cryptocurrencies that managed to get profits today include underdogs such as Monero, Zcash, Iota, Neo Coin, and Braintrust among others.

Some stablecoins, such as Tether and USD Coin also reeled-in small value hikes, retaining greens on the price charts.

The overall crypto market declined by 1.38 percent in the last 24 hours to presently stand at $852 billion (roughly Rs. 70,15,818 crore).

As the crypto market is showing no signs of jumping back to a substantial recovery anytime soon, more and more crypto platforms are trying to regain the trust of investors following the collapse of the FTX exchange.

KuCoin, Binance, Giottus, and CoinDCX are among crypto exchanges, that are getting their proof-of-reserves audited and verified.

In light of the currently prevailing, rather negative market sentiment, Vitalik Buterin has advised people to focus on advancing the technology and take a break from investor circles.

Buterin is the co-founder of Ethereum.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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