Bitcoin on Tuesday, February 14, joined majority cryptocurrencies in recording losses on the price charts. On both national as well as international exchanges, Bitcoin dropped in value by around one percent. The price of the most valued cryptocurrency, at the time of writing, stood at $21,705 (roughly Rs. 17.9 lakh). The prices of majority cryptocurrencies dropped in recent days after macroeconomic conditions fluctuated around the world. The devastating earthquake that hit Turkey and its neighbouring regions, along with the upcoming interest rate hike in the US are some reasons that have impacted the markets.
Ether joined Bitcoin on the loss-making side of the crypto chart. ETH fell by 1.38 percent on Tuesday. This took its value to $1,499 (roughly Rs. 1.23 lakh), as per Gadgets 360’s crypto price tracker.
“Bitcoin, the largest cryptocurrency by market capitalisation has lost 5.2 percent in the previous week. Ether recorded a weekly loss of 8.7 percent. The Federal Reserve is anticipated to raise interest rates further in order to reduce inflation to its 2 percent target,” the CoinDCX research team told Gadgets 360, explaining why both of the top two cryptocurrencies have been impacted with losses in recent days.
Stablecoins Ripple, Binance USD, and USD Coin joined BTC and ETH in registering price dips.
From Cardano, Solana, Polygon, and Polkadot to Litecoin, Avalanche, Cosmos, and Chainlink — the ongoing loss-spell spared no popular altcoin.
Memecoins Shiba Inu and Dogecoin also failed to see any profits.
In the last 24 hours, the overall crypto market valuation dropped by 1.27 percent to stand at $1 trillion (82,80,062 crore), as per CoinMarketCap
LEO, Bitcoin Cash, Aave, Dash, and Spell Token managed to see miniscule profits.
“The markets have started to show volatility after two weeks of consolidation in February. The US Consumer Price Index (CPI) data is expected to be released on 14th February and that could bring in more changes to the market sentiment,” the CoinDCX team added.