The overall crypto price chart saw big losses on Friday, December 20. Bitcoin recorded a decline of 4.08 percent in the last 24 hours. At the time of writing, Bitcoin was trading at $97,100 (roughly Rs. 82.6 lakh) on Forex, CoinMarketCap showed. Meanwhile, on Indian exchanges, Bitcoin lost more than five percent. Despite this loss margin, the oldest and most expensive crypto asset is currently priced at around $102,236 (approximately Rs 87 lakh) on Indian exchanges.
“The correction in Bitcoin prices below $100,000 (about Rs 84.7 lakh) comes on the heels of US Federal Reserve Chairman Jerome Powell’s statement dismissing speculations that the Fed may add Bitcoin to its reserves. Is. “Historical data shows that with each successive price rally for Bitcoin, corrections become less intense,” Avinash Shekhar, co-founder and CEO of PI42, told Gadgets360.
On Friday, Ether price saw a decline of about 8 percent on both national and international exchanges. As shown by CoinMarketCap, ETH is trading at $3,380 (approximately Rs 2.87 lakh) on global exchanges. ETH lost more than eight percent and was trading at $3,656 (approximately Rs 3.11 lakh), according to India’s Coinswitch and CoinDCX exchanges.
Along with BTC and ETH, Tether, Binance Coin, Dogecoin, Cardano and Tron recorded losses.
The prices of Chainlink, Avalanche, Shiba Inu, Polkadot, Bitcoin Cash, Near Protocol and Chronos also saw a decline on Friday.
“This downward trend may be due to the Fed reducing its target of four rate cuts next year to just two, along with sharp commentary. While the S&P 500 remains in positive territory, riskier assets like BTC and ETH have taken a significant blow. Commenting on the development, CoinSwitch Market Desk told Gadgets360, SOL has also fallen below $200 (roughly Rs. 17,019), erasing all post-election gains.
The total crypto market cap has declined by 4.47 percent in the last 24 hours. At the time of writing, the crypto sector was valued at $3.35 trillion (roughly Rs. 2,85,06,999 crore), as shown by CoinMarketCap.
USD Coin, Iota and Status emerged among the handful of crypto tokens that managed to maintain modest profits.
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