Bitcoin on Wednesday, August 28, showed a price dip of 4.22 percent in the last 24 hours on Indian exchanges. At the time of writing, BTC was trading at $63,385 (roughly Rs. 53 lakh) on Indian exchanges like CoinSwitch. On international exchanges, meanwhile, the value of BTC has dropped under the mark of $60,000 (roughly Rs. 50.3 lakh) for the first time in weeks. Data by CoinMarketCap showed BTC was trading at $59,613 (roughly Rs. 50 lakh) on foreign exchanges.
In conversation with Gadgets360, Mudrex CEO Edul Patel said investors were liquidating their assets, leading to market chaos. Patel further noted that the next few days could bring more volatility as several tech firms were set to report their quarterly earnings.
“Nvidia, CrowdStrike, Salesforce, and HP are scheduled to release their earnings today, with Autodesk set to report tomorrow. Market participants will be closely watching these earnings reports, as they could influence broader market sentiment and potentially impact Bitcoin's price movement,” Patel said.
Ether joined BTC on the loss-making side of the crypto chart on Wednesday. Presently, ETH is trading at $2,394 (roughly Rs. 2.01 lakh) after having incurred a price dip of one percent, as shown on the crypto price tracker by Gadgets360.
"A wave of liquidations totaling more than $300 million (roughly Rs. 2,518 crore), sparked by investor uncertainty and a general market meltdown, was the primary cause of this overall market decline,” said Shivam Thakral, CEO of BuyUcoin.
USD Coin, Ripple, Dogecoin, Cardano, and Avalanche also reflected losses alongside BTC and ETH.
Shiba Inu, Chainlink, Polkadot, Bitcoin Cash, Polygon, Litecoin, and Uniswap also showed price dips on Wednesday.
“The cryptocurrency market experienced a significant downturn led by a drop in Bitcoin. This triggered a wave of liquidations, affecting over 87,000 traders and resulting in losses exceeding $320 million (roughly Rs. 2,686 crore). While August is usually a relatively calm period for cryptocurrencies, this year's market has been exceptionally volatile,” Avinash Shekhar, Co-Founder and CEO at Pi42, told Gadgets360.
The overall market cap of the crypto sector has dropped by 5.27 percent in the last 24 hours. With this, the valuation of the sector has come to $2.09 trillion (roughly Rs. 1,75,46,041 crore), showed CoinMarketCap.
Meanwhile, cryptocurrencies trading in the gains include Binance Coin, Solana, Leo, Near Protocol, and Qtum.
“The charts had already been looking technically bearish, contributing to the weakness in tokens. Most altcoins have dipped in response to Bitcoin's decline, but the AI category is showing strength and is currently outperforming the market,” the CoinDCX team told Gadgets360.
