Friday, February 23, 2024

Bitcoin price exceeds $42,000, losses in most cryptocurrencies

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Bitcoin, the largest cryptocurrency by market value, had a 1.26 percent decline on Monday. Its price was trading at around $42,458. The crypto market sentiment has been affected due to the Federal Reserve not cutting interest rates in the US.

Second largest cryptocurrency Ethereum Its price was down 0.42 percent at around $2,290. Apart from this, there was loss in Tether, Solana, Ripple, Cardano, Polygon, Litecoin and Bitcoin Cash. Bullish cryptocurrencies included Binance Coin, Chainlink, Tron, Polkadot, Elrond and Iota. In the last one day, the market capitalization of crypto declined by 0.53 percent to about $ 1.64 trillion.

“Ether is priced below key moving averages. However, sentiment remains positive on the back of the Dencun upgrade and the potential for approval of an ETH spot ETF,” the research team at CoinDCX told Gadgets360. Regulators in some countries have also issued warnings regarding this segment. Recently, the Reserve Bank of India (RBI) had reiterated its warning of the danger to emerging markets regarding cryptocurrencies. RBI said that despite this segment getting approval in some countries, there has been no change in its position regarding it.

In response to a question related to US securities regulator SEC’s approval of Bitcoin Exchange Traded Fund (ETF), RBI Governor Shaktikanta Das had said, “No matter what anyone does on cryptocurrencies, RBI and my position has not changed. Emerging This is a major threat to the economy of the markets and will be very difficult to control going forward.” He had said that there is no value added to cryptocurrencies and it could threaten macroeconomic and financial stability. RBI has cryptocurrencies A few years ago, a circular was issued prohibiting the entities falling under its regulations from dealing in such instruments. However, after this the Supreme Court rejected this circular of RBI. Before the budget presented earlier this month, the crypto industry had requested the central government to reduce taxes on this segment. However, Finance Minister Nirmala Sitharaman did not mention this segment in the interim budget. Stakeholders associated with this industry are disappointed by this.

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