Bitcoin Price Falls as Foreign Exchange Reserves Hit Three-Year Low; The value of Ether increases along with some Altcoins

Bitcoin the price fell by 1.22% in the last 24 hours, while the values ​​of many other cryptocurrencies also took a hit on Thursday. As a result, the price of Bitcoin fell to $65,255 (around Rs 54.4 lakh) on international exchanges and to $70,540 (around Rs 58.8 lakh) on domestic exchanges. Market analysts believe that if BTC price continues to fall in the same way, it could eventually fall to $60,000 (around Rs. 50 lakh).

“BTC consolidated in a very tight range yesterday, with altcoins showing some strength after days of choppy markets. This comes as Bitcoin exchange reserves hit a three-year low, meaning there could be a supply shock on the cards with unprecedented demand for Bitcoin ETFs,” CoinSwitch’s markets desk told Gadgets360 on Thursday.

Ether, on the other hand, performed quite well as its value grew by 1.35% in the last day. With this, the price of ETH is now $3,576 (around Rs. 2.98 lakh) on foreign exchange. As per Gadgets360 Crypto price trackerThe price of ETH in India is currently set at $3,130 (approximately Rs. 2.60 lakh).

The prices of most altcoins fall

Popular altcoins also saw their prices drop on Thursday, just like Bitcoin. These include Binance coin, Solana, Ripple, DogemonetaAND Cardano.

Shiba Inu, Avalanche, Polka dotAND Leo it also posted losses on Thursday.

The overall cryptocurrency market capitalization fell by 0.17% in the last 24 hours. The total valuation of the cryptocurrency market, at the time of writing, stood at $2.38 trillion (approximately Rs. 1,98,55,804 crore), it shows CoinMarketCap.

It includes relatively unknown cryptocurrencies that managed to outperform their popular counterparts on Thursday Tron, Chain shirt, Uniswap, Polygon, Close to the protocol, LitecoinAND Stellar recorded profits.

Cosmos, Chrono, NeomonetaAND EOS coin it also saw a small increase in value.

“Ethereum-based tokens, including Ethereum Name Service (ENS) and Lido DAO (LDO), are also gaining strength, suggesting the potential for a significant recovery in the near future,” WazirX Vice President Rajagopal Menon said in a statement at Gadgets 360. .

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