Mumbai32 minutes ago
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Those investing in cryptocurrencies have suffered a major setback. Bitcoin fell below $30,000 for the first time in a month due to heavy selling. At around 12.30 pm on Tuesday, the price of bitcoin was trading down by 6.22% at $29,831.70 per unit. Earlier on June 22, bitcoin came down to $ 30 thousand.
On Tuesday, Ethereum was down 7.86% to $1,762 per unit, Tether was down 0.02% to $1 per unit, Binance Coin was down 12.03% to $266 per unit, Dogecoin was down 7.58% to $0.1662 per unit. Ethereum Classic is trading at $39.06 per unit, down 7.18%.
On Monday, $ 98 billion (about Rs 7 lakh crore) of cryptocurrency investors were sunk.
the traders said
Some traders say that breaking the support of 30 thousand can cause more losses. If this decline continues, it could cause more damage to the cryptocurrency market. He says that global equities are falling due to slow economic growth and the delta variant of Kovid-19.
Vijay Iyer, Head of Asia Pacific with Cryptocurrency Exchange Luno in Singapore says that we need to build another base before another bull trend resumes.
The biggest fall in the US stock market since October
On Monday, the Dow Jones saw the biggest decline since October 2020. In the US market on July 19, it had a huge decline of 2.09%. Fears of a third wave of Corona have weakened the signs of economic recovery On Monday, the Dow Jones closed down 2.09% at 33,962 levels. The S&P 500 was down 1.58% and the Nasdaq 1.06%.
Impact on Indian stock market
The effect of the possible third wave of Corona is also visible on the Indian stock market. The market is witnessing a decline for the third consecutive day today. Sensex is trading with about half a percent and Nifty is trading with a fall of more than half percent.
Bitcoin has crossed the level of 65 thousand dollars
In the middle of April, bitcoin had crossed the level of 65,000 dollars. The bitcoin price has been steadily declining since reaching its highs on April 14th. So far the price of bitcoin has fallen by more than 50%. In April, the market cap of bitcoin had crossed the $1 trillion mark (Rs 74.62 lakh crore).