Cryptocurrencies are struggling to consolidate amid the ongoing turmoil in the crypto market for several months. On Wednesday, however, the signs looked slightly better. According to Indian exchange CoinSwitch Kuber, despite a marginal decline of 0.34 per cent, bitcoin retained its value at $25,800 (about Rs 25.80 lakh). The world’s first and most popular cryptocurrency also managed to maintain prices well on international exchanges. According to Binance and CoinMarketCap, BTC is currently trading at $24,011 (approximately Rs.19 lakh).
Gadgets 360 crypto price tracker According to Ether, with an increase of 0.22 per cent (ether) started trading at $2,064 (approximately Rs 1.65 lakh). Other Altcoins too bitcoin And appeared to be following the path of ether and was recording profits.
USD coin, Cardano, Ripple, Solana, Polkadot and Avalanche have made profits. Whereas popular Shiba Inu and Dodgecoin are also in profit as Mime Coins. Tron, Litecoin, Chainlink and Cosmos are also in profit. Although some cryptocurrencies are still reporting losses, these include tetherPolygon, Uniswap and Baby Dodgecoin.
The global crypto market cap is currently at $1.15 trillion (approximately Rs 91,62,291 crore), an increase of 1.25 percent over the previous day.
It is worth noting that the cryptocurrency business has grown rapidly in the past few years. Last year in India more than seven percent people had digital currency in the form of cryptocurrency. According to UNCTAD, a UN trade organization, the use of cryptocurrencies has increased worldwide, including in developing countries, during the Corona epidemic. However, this segment also has problems like tax evasion and money laundering.
Recently, UNCTAD has released the data of the top 20 countries holding digital currencies last year. Ukraine ranks first in this. About 12.7 percent of Ukraine’s population had a digital currency. India is at the seventh position in this list. However, UNCTAD states that cryptocurrencies are a volatile financial asset and can cause social risks as well as financial losses.