Cryptocurrency Price Today: Bitcoin Value Drops Along With Most Altcoins Amid Market Volatility Triggered by ETH ETFs

The cryptocurrency market is experiencing strong volatility amid macroeconomic factors, market changes, and political turmoil. On Wednesday, Bitcoin price dropped by 1.93 percent on international exchanges to trade at $65,866 (about Rs. 55.1 lakh), according to CoinMarketCap data. In India, Bitcoin saw a slightly higher loss of over two percent on local exchanges such as BuyUCoin and CoinSwitch. BTC’s trading range on Indian exchanges is between $66,043 (about Rs. 55.2 lakh) and $70,195 (about Rs. 58.7 lakh).

“BTC has plummeted following news that creditors of the now defunct Mt. Gox exchange have started receiving their BTC via Kraken. After a nine-year wait, several creditors have reportedly received their BTC, with the total distributed amounting to a whopping $9 billion (roughly Rs. 75,324 crore) in BTC and Bitcoin Cash (BCH),” CoinSwitch’s market desk told Gadgets360.

Ether has seen a price drop of 0.44 percent in the past day. On international exchanges, ETH is trading at $3,440 (roughly Rs. 2.87 lakh). In India, meanwhile, ETH is trading at $3,452 (roughly Rs. 2.88 lakh) after suffering a loss of 0.55 percent.

“ETH has range-bound between $3,370 (roughly Rs 2.82 lakh) and $3,560 (roughly Rs 2.97 lakh) for a week, losing momentum from the ETF’s July 23 debut. Bitcoin ETFs have seen $961 million in net inflows, but ETH derivatives remain subdued. This may indicate a lack of confidence in an immediate upside,” Avinash Shekhar, co-founder and CEO of Pi42, said on Wednesday.

Binance Coin, Solana, DogecoinAND Chrono have seen their values ​​drop in the last 24 hours, as per Cryptocurrency Price Tracker Gadgets360.

Likewise, Cardano, Avalanche, Shiba in, Polka dotAND Mesh sweater They are also traded at lower prices on Indian exchanges.

Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25, which did not mention the cryptocurrency industry or measures to regulate the sector and amend existing taxes. This, coupled with the recent WazirX hack, could be one of the reasons that are leading to price cuts for cryptocurrencies in India.

The overall cryptocurrency market capitalization has dropped by 1.43 percent over the past 24 hours, according to CoinMarketCap. dataWith this, the sector valuation has reached $2.39 trillion (approximately Rs 2,000,3224 crore).

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