The price of Bitcoin failed to record any notable changes over the weekend. At the time of writing, the most expensive asset on the crypto chart was trading at $63,200 (roughly Rs. 52.8 lakh) on foreign exchanges such as CoinMarketCap, after seeing a drop of 0.26 percent. On Indian exchanges meanwhile, the value of BTC is slightly higher at $68,540 (roughly Rs 57.2 lakh). Despite BTC's prolonged lacklustre performance on the price chart, the asset has recently received appreciation from billionaires like Jack Dorsey and Michael Dell, the founder, chairman, and CEO of Dell Technologies.
Ether tumbled by 1.12 percent on Monday. With this, Ether's price point has come to $3,171 (roughly Rs. 2.65 lakh), as shown on Gadgets360's crypto price chart. The second most valued crypto asset after BTC, ETH is presently trading at $3,423 (roughly Rs. 2.86 lakh) on international exchanges.
Currently, the dominance of BTC and ETH on the overall market stands at 54.1 percent and 18.2 percent respectively, shows CoinMarketCap.
"As per the media reports, the US Commodity Futures Trading Commission (CFTC) is investigating Jump Crypto and it remains to be seen if CFTC will consider any charges against the company. The negative news showed immediate impact on the crypto market as BTC and ETH slipped in prices," Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Most cryptocurrencies logged losses on Monday. These include Binance Coin, Solana, Dogecoin, Cardano, Shiba Inu, and Avalanche.
Price dips also struck Polkadot, Chainlink, Near Protocol, Polygon, Litecoin, Cosmos, Stellar, and Cronos among others.
"The market is expected to remain choppy in the coming weeks owing to the uncertain macroeconomic factors," Thakral added.
The overall crypto market valuation dropped by 2.06 percent in the last 24 hours. The sector's market cap is currently at $2.3 trillion (roughly Rs. 1,92,15,131 crore), as per CoinMarketCap.
Only a small number of cryptocurrencies managed to see profits. These include Tron, Uniswap, Leo, Iota, and Braintrust.
Market experts, however, believe that these stagnated prices for cryptocurrencies will not last long.
"In a significant development, Standard Chartered, a major global bank, is establishing a spot trading desk for Bitcoin and Ethereum. This move reflects the growing institutional adoption of digital assets, with major financial institutions expanding their crypto offerings to meet rising demand," the CoinSwitch Markets Desk told Gadgets360.
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.
