On Friday, February 10, most cryptocurrency price charts showed declines for the second straight day. Both Indian exchanges like CoinSwitch Kuber and foreign ones like Binance and CoinMarketCap saw a decrease in the price of bitcoin of about 2.70 percent. The cost of the first cryptocurrency is currently trading about $21,869 (roughly Rs. 18 lakh). BTC’s price fell by $641 (about Rs. 52,954) in the previous day, which is a huge drop.
On Friday, losses in Ether were considerably worse than those in Bitcoin. According to Gadgets 360’s cryptocurrency price tracker, the second-most costly cryptocurrency fell 4.14 percent to trade at $1,545 (approximately Rs. 1.27 lakh). In the past 24 hours, the price of ETH has decreased by $71. (roughly Rs. 5,865).
“The markets were nervous over the past 24 hours following a strong surge over the previous few weeks. Given the macroeconomic catastrophe in Turkey, it was a movement that was anticipated. Over the next few days, the cryptocurrency market is likely to remain tumultuous. And because of this, Edul Patel, the CEO and co-founder of the cryptocurrency investing firm Mudrex, told Gadgets 360 that trading cryptocurrencies is not the best course of action for retail investors.
Losses suffered by BTC and ETH have had an effect on the majority of cryptocurrencies.
Memecoins like Dogecoin and Shiba Inu, as well as stablecoins like Tether, USD Coin, and Binance USD, have all seen losses.
Other well-known cryptocurrencies, such as Solana, Polkadot, Litecion, Tron, Avalanche, and Uniswap, also experienced value declines when they settled.
In the meantime, a few cryptocurrencies did experience modest but meaningful profits.
These consist of NEM, Polygon, Chainlink, Leo, EOS Coin, and Neo Coin.
According to CoinMarketCap, the total market capitalization of all cryptocurrencies decreased by 3.66 percent in the previous day, reaching $1.02 trillion (about Rs. 1,01,555 crore).
Strong US job data show that the economy is still running at or near capacity, and a change in the inflation trajectory may not yet be verified. Macroeconomic conditions are still hazy. Locally, the CRE8 Virtual Digital Asset (crypto) Index, which is priced in Indian Rupees, has dropped 2.48 percent over the last seven days. “At 8 AM on February 10, 2023, the Index value was Rs. 2,858.13,” Parth Chaturvedi, Lead of the Crypto Ecosystem at CoinSwitch, told Gadgets 360.