BTC, ETH Open with Minor Losses, Stablecoins Record Profits

  • February 5, 2023
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The crypto price charts reflected losses next to several cryptocurrencies on Friday, February 3. Bitcoin opened with a small loss of 1.26 percent. Despite the minor crunch, the oldest cryptocurrency did see some loss in its price, which, at the time of writing stood at $23,527 (roughly Rs. 19.3 lakh). In the last 24 hours, the value of BTC dropped by $357 (roughly Rs. 29,320). The most expensive cryptocurrency saw similar small losses on international exchanges such as Binance and Coinbase among others.

Following Bitcoin’s trajectory, Ether also opened with losses. ETH slipped in value by 1.43 percent to trade at $1,641 (roughly Rs. 1.34 percent), according to the crypto price tracker by Gadgets 360.

Several popular altcoins opened with losses alongside BTC and ETH on Friday. These include Binance Coin, Cardano, Polygon, Solana, and Litecoin.

After recording more profits than losses in recent days, meme coins Dogecoin and Shiba Inu both, opened with price dips.

The prices of Avalanche, Uniswap, Cosmos, Chainlink, Monero, and Bitcoin Cash also witnessed losses.

Stablecoins Tether, USD Coin, and Binance USD meanwhile, managed to retain profits on the otherwise rough market day.

They were further joined by Polkadot, Tron, Leo, Elrond, and Dash.

The overall crypto market valuation stooped by 1.22 percent in the last 24 hours to stand at $1.07 trillion (roughly Rs. 88,54,664 crore), as per CoinMarketCap.

“There has been a definitive shift in the Federal Reserve’s interest rate hike cycle, with a lower 25 bps increase in their latest meeting. Crypto markets have re-gained most of their FTX related losses and have settled much higher. In token specific action, MATIC has been on a phenomenal run, up by 25 percent last week,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

It is however noteworthy, that there are still other factors that could pull down the crypto market in the coming times. These include the impact of inflation and the ongoing Ukraine-Russia conflict. In addition, India’s silence around reducing crypto taxes despite repeated outcry from industry insiders, may result in lowered crypto interest in the world’s most populated nation.

“The crypto industry was expecting relief from the aggressive tax introduced in the last budget, but there was no mention of any changes in Finance Minister Nirmala Sitharaman’s union budget speech. However, the government has clarified penalty provisions on crypto TDS. This will be a significant hit to investor sentiment. In addition to a hefty penalty, failing to pay TDS can land a person in prison for up to three months to seven years. Investors will need to re-evaluate their trading activities,” Punit Agarwal, Founder, KoinX told Gadgets 360.

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. 

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