NEW DELHI: Cryptocurrency counters bled on Tuesday as they saw profit booking after buying seen in the previous session. A lot of money moving towards equities might also have impacted cryptocurrencies.
In dollar terms, in the top 10 tokens, Terra was the biggest loser, down nearly 9 per cent. Bitcoin fell about 4 per cent while Ether was down 4 per cent as well. Polkadot and Solana were also among the major losers.
Even in rupee terms, almost all cryptocurrencies were trading with cuts, showed data available at WazirX. Shiba Inu, Bitcoin, Dogecoin and Polkadot were among theories that were down up to 5 per cent.
“The constant range-bound momentum continued across the cryptocurrency market. Bitcoin faced bearish pressure after crossing the $51,000 hurdle and dropped below $50,000. Most other altcoins also witnessed marginal sell-offs. This is likely to continue for the coming few days,” Edul Patel, CEO and Co-founder of Murex.
For cryptocurrencies, the year 2021 has been of reckoning as it has seen a hoard of new investors. But, the Indian central bank’s opposition has also grown stronger. Now the debate is whether to regulate it or ban it.
Earlier, a government bulletin said the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. But the bill has yet to see the light of the day.
The global crypto market cap was up 4.21 per cent, to the $2.30 trillion mark compared to the last day. The total crypto market volume zoomed about 30 per cent to $92.62 billion.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
Read More:Top cryptocurrency prices today: Terra bleeds 9%, Bitcoin, Ethereum follow with 4% drop