Bitcoin falls to a four-month low as the cryptocurrency market continues to follow the 'Risk Asset' pattern

Bitcoin falls to a four-month low as the cryptocurrency market continues to follow the 'Risk Asset'  ...

Bitcoin has experienced a remarkable gain in value as it fell on Wednesday and Sunday, causing the value of Bitcoin to drop to a new low since January. BTC has decreased by 2.24% in the last 24 hours, compared to $36,004 (roughly Rs. 27.5 lakh) on CoinSwitch Kuber in India.

The price of Bitcoin has dropped by 1.9 percent in value on global exchanges over the last 24 hours. According to CoinGecko statistics, BTC''s value has now decreased by 12.4% week-to-day.

Ether''s financial woes have risen dramatically in the past 24 hours, according to analysts. At the time of publishing, Ether is valued at $2,661 (approximately Rs. 2 lakh) on CoinSwitch Kuber, while global exchanges see the crypto''s value at $2,491 (approximately Rs.1.9 lakh)

According to CoinGecko statistics, the cryptocurrency''s value has also dropped in terms of week-to-day performance.

Gadgets 360''s cryptocurrency price tracking reveals that most of the better-known altcoins have all dropped in value, with a couple as the global crypto market cap reduced by 2.15 percent in the past 24 hours. While Uniswap, Cosmos, Avalanche, Cardano, Chainlink, Polygon, Terra, and Solana have all dropped in value.

Dogecoin and Shiba Inu are seeing a drop in value over the last 24 hours, while Shiba Inu is valued at $0.000019 (roughly Rs. 0.0014), down by 4.77 percent over the previous day.

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Crypto enthusiasts had planned to imply that digital assets might be used as a measure of caution against inflation and other macro threats that can impact share markets. However, Bitcoin''s digital gold'' billing has failed to meet their hopes this year.

While gold prices have recovered dramatically from their March peak, the yellow metal will remain unchanged by 2.6 percent from the Bitcoin price decline, compared to a 29 percent increase in the Bitcoin market. Cryptos have been becoming more like risk assets than haven assets, according to the Nasdaq, which is also down 23.3 percent year on year.

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 or does not constitute financial advice, trading advice, or other advice or recommendations of any kind, offered orendorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast, or other information contained in the article.