Bitcoin Bounces Back to $36,000, After The Weekend Crypto Market Crash

Bitcoin Bounces Back to $36,000, After The Weekend Crypto Market Crash
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Bitcoin value decreased as cryptocurrency hit its lowest since July earlier this week. This downfall of Bitcoin and other cryptocurrencies takes us back to November when BTC hit a record. Currently, the value of Bitcoin is $39,698, according to the Indian exchange coin switch Kuber.

When we look at the global exchange, the price of the most popular cryptocurrency is above $36,000. According to CoinMarketCap, Bitcoin is valued at $36,310(approx 30 lakh), up by 2.94 percent over the last 24 hours.

Also Read: Bitcoin falls below $40,000 as US Stocks Slide, Russia Considers a Crypto Ban

The second-largest cryptocurrency by market capitalization is Ether, and this Ethereum based cryptocurrency witnessed a downfall of 1.65 percent. Currently, the Ether value is $2,618, approximately 2 lakh on coin switch Kuber, and on the other hand, the value on global exchange the value of cryptocurrency dropped down to $2,500.

The most popular altcoins saw a serious rattling, Stablecoins failing to show streaks of green on the day, says Gadgets 360’s cryptocurrency price tracker. Many other cryptocurrencies also dropped down like Cardano, Tether, Ripple, Polkadot, Chainlink, Uniswap, and polygon. However, Cosmo’s ATOM went up by more than 8 percent, making ATOM only gainers on the day.

Also Read: Enhanced Chances Of Bitcoin Adoption By More Countries In 2022, GlobalBlock Report

“Yesterday Bitcoin bounced back to $37,000, which is rough Rs.30 lakh. It can reverse its long-term bull trend if it drops below this, and it can take it back to where it started. Cryptocurrencies are running in red, but stock markets are also low. According to market cap, Most of the top altcoins are running in red, Avalanche, cosmos wrapped Bitcoin are running in green,” says Edul Patel, CEO, and co-founder of cryptocurrency investment firm Mudrek.

Also Read: Marketing Of Cryptocurrency Trading Banned In Singapore

The cause of the two-month slump in cryptocurrency price has been blamed in different causes, and among them, the common reason is that cryptocurrency is a Ponzi scheme. Some uncertain altcoins in the market, but others do not share that view as the leading coins and tokens in 2022 are finding real-world use through Defi (decentralized finance ) and other assets. 

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