Crypto Chaos: Bitcoin, Ether See Profits a Day After Registering Losses

Bitcoin on Tuesday opened trading with a small profit of 1.42 percent, but remained range bound. BTC's current value stands at $17,150 (roughly Rs. 14 lakh), having risen slightly from its yesterday's price point of $16,875 (roughly Rs. 13.9 lakh). On international exchanges such as Binance and CoinMarketCap, BTC saw profits of up to 1.95 percent to trade at $17,165 (roughly Rs. 14 lakh). The element of volatility continues to outshine all other aspects of the digital assets sector amid the ongoing market downturn. Meanwhile, altcoins that saw losses on Monday recorded profits a day later.

Meanwhile, Ether also saw profits on Tuesday. With a value hike of 1.94 percent, ETH is priced $1,266 lakh (roughly Rs. 1.04 lakh), the crypto price tracker by Gadgets 360 indicates.

“With BTC and ETH trading in a narrow range, volatility is expected in the coming days owing to key macro events including release of US CPI data followed by the FOMC press conference slated for December 14,” the research team of CoinDCX told Gadgets 360.

Other coins that recorded gains on Tuesday included Tether, USD Coin, Cardano along with Polygon, Litecoin, and Solana.

Dogecoin and Shiba Inu also rose on Tuesday.

In the last 24 hours, the overall crypto market grew by 0.85 percent. The valuation of the digital assets industry stands at $848.33 billion, as per CoinMarketCap.

Only a small number of altcoins managed losses on Tuesday. These include Cardano, Polkadot, Tron, Chainlink, and Cosmos.

“According to the derivatives data from Coinglass, 32,030 traders were liquidated in the last 24 hours, out of which 85 percent were long traders and 15 percent were short traders. Additionally, Net Unrealised Profit and Loss (NUPL) that tracks the on-chain draw down for addresses that have held Bitcoin for at least five months, has shown a current level of -0.3 which has occurred only at four occasions in the past, all representing incredible buying opportunities,” the CoinDCX research team added.

The crypto market entered the ongoing period of uncertainty and volatility after crypto exchange FTX suffered a liquidity crunch and collapsed last month.

Over a month since FTX filed for bankruptcy, its CEO Sam Bankman-Fried has been arrested in the Bahamas at the request of the US government.

Elon Musk, meanwhile, has begun taking measures against the bots that are exposing unsuspecting people to financial risks on Twitter, including cryptocurrency scams.

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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