TechnologyLoss in Bitcoin, Ether, impact of no interest rate cut in America

Loss in Bitcoin, Ether, impact of no interest rate cut in America

There were losses in many cryptocurrencies in the crypto market on Thursday. Bitcoin, the largest cryptocurrency by market price, was down 2.28 percent. Its price was trading at a little more than $42,000. Due to maintaining the interest rates by the Federal Reserve in America, the sentiment in this market has weakened.

The price of Ether, the second largest cryptocurrency, was down 3.78 percent at around $2,258. Apart from this, there was loss in Cardano, Polkadot, Chainlink, Polygon, Binance Coin, Solana, Ripple and Tether. In the last one day, the market capitalization of crypto was down by 8.35 percent to about $ 1.51 trillion.

“Bitcoin is trading in a range. Due to the increase in its share in the crypto market, most of the cryptocurrencies are in decline. The movement of funds through ETFs has affected the market sentiment,” crypto firm CoinDCX reported. Rajagopal Menon, Vice President of crypto exchange Wazir Could.”

The number of vendors and businessmen taking payments through Bitcoin has increased in the last year. However, there was a huge fall in the price of Bitcoin last year. The major reason behind this was the bankruptcy of many firms related to crypto. At the end of last year, the price of Bitcoin was more than $42,000. BTC Map, which tracks merchants accepting Bitcoin as payment, shows that the number of merchants increased to 6,126 at the end of last year. These include restaurants, bars, shops and services. At the beginning of last year, the number of these businessmen was 2,207. The BTC Map identifies regions where buyers and merchants are using Bitcoin for everyday transactions. The number of such regions is more in America and Europe. The number of merchants accepting Bitcoin as payment in Italy was more than 1,000 and in South Africa it was about 380. The number of these traders may increase as regulatory challenges reduce in many countries.

Cryptocurrency prices in Indian exchanges

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Also read:
Crypto, Exchange, Solana, Investors, Market, Demand, Bitcoin, Supply, Purchase, ETF, Prices

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