The overall crypto market, that slipped to a four-month low this week, has shown little or no signs of recovery in the last 24 hours. On Tuesday, May 10, Bitcoin opened with a significant dip of 7.73 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently priced $32,839 (roughly Rs. 25 lakh). Bitcoin has also fallen adversely on international crypto exchanges. Registering a dip of up to 8.80 percent, BTC values have dropped to $30,698 (roughly Rs. 23 lakh) on exchanges such as Binance, CoinMarketCap, and Coinbase.
Profits currently look far from Ether also at the point. ETH values hover around $2,473 (roughly Rs. 1.90 lakh) after registering a loss of 4.80 percent, the crypto price tracker from Gadgets 360 shows.
Owing to a global economic slowdown, investments in the digital assets sector are dwindling. While the crypto community hopes that digital assets might offer a hedge against inflation, these assets continue to remain high-risk and subject to volatility.
Currently, majority cryptocurrencies are hit by losses. These include Solana, Polkadot, and Polygon among others.
Even Dogecoin and Shiba Inu failed to bring-in any gains.
Stablecoins showed sketchy movements with some reeling-in gains while the others left affected by losses.
While Tether and USD Coin saw very small gains, other stablecoins such as Binance USD saw losses.
Losses came head-on for stablecoins despite the US shifting focus on regulating them for daily payments. Those stablecoins that are pegged to the US dollar, have been included in US’ financial systems, as per a new TRUST Act.
Industry experts are pinning their predictions of the future growth of digital assets on the rapid Web3 adoption that is happening around the world.
“Meta’s Mark Zuckerberg announced that Instagram is testing NFT integrations from this week, joining the likes of Google that recently launched its Web3 team to capitalise on the booming popularity of crypto. Yet as tech giants make inroads into the digital asset sector, crypto innovators may have a slight head start here given that they have been there from the start and understand the ins and outs of the industry,” the research team at CoinDCX told Gadgets 360.
Experts believe that the success of the Web3 sector hinges on a necessary symbiotic relationship between big tech giants and crypto innovators.
Currently, the overall market cap of cryptocurrencies has witnessed a major drop to stand at $1.43 trillion (roughly Rs. 1,10,68,934 crore), as per CoinMarketCap.
The crypto market cap was $1.66 trillion (roughly Rs. 1,28,06,601 crore) as of May 6.
After March, the value of the crypto market valuation has continued to depreciate. As of March 31, the market cap of the crypto sector had risen to $2.14 trillion (roughly Rs. 1,62,77,490 crore).
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.