Most cryptocurrencies struggled to overcome price drops as December entered its third week, days ahead of Christmas . Bitcoin on Monday opened trading with a loss of nearly one percent. Over the weekend, the most valuable crypto asset fell substantially and is currently trading at $16,720 (roughly Rs. 13.8 lakh). BTS, the world’s most popular cryptocurrency, had taken weeks to finally breach the mark of $17,000 (roughly Rs. 14.06 lakh) last week — before it slipped again. On international exchanges like Binance and Coinbase, BTC did not see any gains and traded lower than its last week’s prices.
Last week, ETH’s week-closing value stood at $1,270 (roughly Rs. 1.05 lakh), higher by $93 (roughly Rs. 7,963).
“BTC could not hold on to the gains following the Federal Reserve’s interest rate hike. ETH is also experiencing significant outflows due to increased selling pressure. It is unlikely that we will see a quick reversal at this time. To regain the initiative, bulls must push BTC price above the $16,800 (roughly Rs. 1.38 lakh) level,” Edul Patel, CEO and Co-Founder of Mudrex told Gadgets 360.
The overall crypto market cap that stood at $850 billion (roughly Rs. 70,337 crore) two days ago on December 16, now stands at $807 billion (roughly Rs. 66,778 crore), having lost a whopping $43 billion (roughly Rs. 3,558 crore) over the weekend.
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