BTC, ETH See Dips as Crypto Sector Remains Shaky on Market Rollercoaster

It has been a while since the crypto market has registered substantial profits. For now, the market remains volatile. On Tuesday, May 24, Bitcoin opened trading at $31,178 (roughly Rs. 24 lakh). As per Indian exchange CoinSwitch Kuber, BTC values dipped by 1.93 percent to reach its current value. On a similar trajectory, BITC values fell by over 2.96 percent on international exchanges. Figures from Binance and Coinbase suggested that BTC is priced at around $29,347 (roughly Rs. 22 lakh).

Impacted by the slowed down market movement, Ether also failed to break the spell of losses stepping into the final week of May. With a tumble of 1.29 percent, ETH values are close to $2,116 (roughly Rs. 1.64 lakh), the crypto price tracker of Gadgets 360 said in a statement.

From Cardano, Solana, and Polkadot to Avalanche, Polygon, and Litecoin — all opened with losses today.

A bunch of relatively profitable stablecoins such as Tether and USD Coin saw gains.

While Dogecoin witnessed losses, Shiba Inu managed to reel-in gains.

In a recently released report from Coinshare, digital-asset funds saw the year's second-largest outflow as investors pulled out some $141 million (roughly Rs. 1,109 crore) from the industry last week.

Explaining the situation, the CoinDCX team said that, “..the price crash in cryptocurrencies and equity markets were primary drivers, which led to a massive shake-up in near-term confidence of risk assets. On a longer-term, however, support for the crypto industry remains strong, with the continued entry of legacy institutions into the sector as a sign of industry's ongoing march towards maturation.”

The market cap of the crypto industry is currently $1.26 trillion (roughly Rs. 98,01,558 crore).

Meanwhile, high-end luxury brands like Swiss watchmaker Tag Heuer and Italian apparel brand Gucci have begun accepting crypto payments in select cryptocurrencies.

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.