Crypto Market in Big loss, Bitcoin, Ether Prices See Massive decline

From the tussle between Donald Trump and Kamala Harris in the US presidential election to the huge drop in Japan’s stock market, the crypto market has been greatly affected. Bitcoin, the largest cryptocurrency in terms of market value, suffered a loss of more than 10 percent. Its price was around $54,073 on international exchanges and around $61,560 on Indian exchanges.

In the Ether Bitcoin There was a greater decline than. Its price fell by more than 20 percent to around $2,307 in the last one day. Apart from this, there was a loss in Tether, Binance Coin, Solana, Ripple, Cardano, Tron, Polkadot, Chainlink and Litecoin. The market capitalization of crypto fell by about 12.27 percent to $1.89 trillion in the last one day.

Crypto app CoinDCX told Gadgets360, “The crypto market has fallen by 15-20 percent in the last four days. This is due to heavy selling in international markets and a big drop in indexes. Increasing tensions between Israel and Iran and the movement of one billion dollars worth of bitcoins by Genesis to pay creditors are also responsible for this decline.” CoinSwitch’s Markets Desk said, “Investors are fearing a recession. Due to this, volatility has increased. Long positions worth about $600 million have been liquidated.”

The central government’s tough attitude towards the crypto segment in India continues. Crypto-related firms were shocked by the lack of any tax relief in this year’s budget. In the budget presented last month, Finance Minister Nirmala Sitharaman announced reforms for some sectors. However, there was no mention of the crypto segment or blockchain technology in it. Crypto-related firms had requested the central government to reduce the tax deducted at source (TDS) by one percent on crypto transactions. Regulators in some countries have also warned about cryptocurrencies. Scam cases have also increased in this segment. Recently, the security of a multi-signature wallet of crypto exchange WazirX was breached. About $240 million (about Rs 1,965 crore) from this exchange has been suspiciously sent to a new address, which was linked to the controversial crypto mixer platform, Tornado Cash.