Bitcoin on Tuesday, November 14 stepped into the trading arena with a minor loss of 1.25 percent. This dip, however, did not have a big effect on the price point that Bitcoin has been sitting at for a while now. At the time of writing, the most expensive crypto asset was trading at $36,456 (roughly Rs. 30.3 lakh). If we analyse the value drop that entailed today's loss for Bitcoin, then the asset has dipped by $623 (roughly Rs. 51,863) in the last 24 hours.
Ether showed a miniscule price hike of 0.42 percent on Tuesday. The price of ETH, at the time of writing, stands at $2,052 (roughly Rs. 1.70 lakh). Over the last day, the value of Ether grew by $3 (roughly Rs. 250).
Most cryptocurrencies today tailed behind Bitcoin and recorded losses. The reason for this volatility is the upcoming data updates from the US slated to be disclosed later today.
“The announcement of US Consumer Price Index (CPI) figures (monthly and yearly) today could have an impact on BTC prices, with positive data potentially driving prices higher and negative data possibly leading to a decline for cryptocurrencies,” the CoinDCX research team told Gadgets360.
Tether, Binance Coin, USD Coin, Solana, Cardano, Dogecoin, and Tron recorded losses today.
Price dips also affected Chainlink, Polkadot, Wrapped Bitcoin, Avalanche, Litecoin, and Shiba Inu among other cryptocurrencies.
“After four weeks of continuously showing green candles, BTC seems to be finally cooling down. It is worth noting that we have seen four-continuous weekly green candles only once this year, in January, which was followed by a sharp correction. However, since the trend seems to be on the upside in the medium run, traders seem to be taking more long positions than short due to potential profitability,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.
In the last 24 hours, the crypto market valuation dropped by 0.66 percent to currently sit on the mark of $1.4 trillion (roughly Rs. 1,16,52,179 crore), showed CoinMarketCap.
Meanwhile, other cryptocurrencies that managed to record gains alongside Ether today include Polygon, Bitcoin Cash, Elrond, Iota, and Ardor.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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