Bitcoin dropped again on Saturday and was down around 4% for the day, hovering around the $35,000 (approximately Rs.26 lakh) level.
BitcoinThe world’s largest and most famous cryptocurrency, is now almost half of its $69,000 (about Rs 51 lakh) peak in November. It was at $35,049 (approximately Rs 26 lakh) after falling to $34,000 (approximately Rs 25 lakh) and falling heavily on Friday. bitcoin price in india stood at Rs. 29.4 lakh till 10 am on January 24.
The currency has fluctuated wildly and risk appetite has waned on fears of inflation and anticipation of a more aggressive rate hike from the US Federal Reserve.
Other riskier assets have tumbled on Friday, along with a fall in stocks. The S&P 500 and Nasdaq posted their biggest weekly percentage declines since the start of the pandemic in March 2020.
In a research note on Friday, Edward Moya, senior US market analyst at OANDA, said bitcoin was falling as “a risky portfolio of crypto traders following the bloodbath in stocks” and ahead of next week’s Federal Reserve policy meeting.
“Bitcoin remains in the danger zone and if it breaks $37,000 (approximately Rs.27 lakh), there is not much support until the $30,000 (approximately Rs.22.3 lakh) level,” Moya wrote on Friday.
ether, is attached to the coin Ethereum The blockchain network fell 6.7 percent to $2,396 on Saturday. ethereum price in india stood at Rs. 2.04 lakh till 10 am on January 24.
© Thomson Reuters 2022
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