Cryptocurrency: Bitcoin, Other Major Currencies Witness Dips

Bitcoin price in India dropped marginally by 0.15 percent on Friday, September 24, a day after witnessing a hike. The world's largest valued cryptocurrency is currently trading at $47,243.04 (roughly Rs. 34,84,000). Despite today's marginal dip, Bitcoin has shown an improvement in the market after its values briefly dropped below $40,000 (roughly Rs. 29,49,852.51) earlier this week. Analysts had blamed the upheaval in China's real estate market to have caused this fluctuation in the crypto-trading space.

Along with Bitcoin, Ethereum also dropped by 1.61 percent. The world's second most valued cryptocurrency is presently trading at $3,296.77 (roughly Rs. 2,43,124.63) as per the Gadgets 360 cryptocurrency price tracker.

Among other cryptocurrencies, Tether and Ripple also witnessed marginal dips.

Cardano, that had risen in value on September 23, also dropped by 0.29 percent to trade at $2.43 (roughly Rs. 179).

After a price hike earlier this week, Dogecoin also slipped by 2.32 percent to trade at $0.24 (roughly Rs. 17.45) today.

The drops in cryptocurrency prices have stirred an interesting trend in the market, reports have observed. Crypto whales — entities holding a large number of coins of a particular cryptocurrency – have been buying these dips.

For instance, Bitcoin's recent price slumps led world's third-largest whale wallet of the cryptocurrency to add 729 coins worth around $31 million (roughly Rs. 228 crores) at current value in the last two days, reports revealed. The mysterious whale wallet whale wallet now has 112,000 Bitcoins in possession that amount to $4,857 billion (roughly Rs. 35,805 crores), according to the data by BitInfoCharts.

Recently, El Salvador President Nayib Bukele, whose Central American country made Bitcoin a legal tender this month, had also bought the dip to increase his country's Bitcoin holdings.