Bitcoin and the rest of the cryptocurrency market experienced a little price increase on Tuesday, as investors returned to riskier asset classes ahead of the Federal Reserve's monetary policy meeting later in the day. Bitcoin's value has increased by 2.85% in the last 24 hours, with its price now hovering around $19,300 (approximately Rs. 15.38 lakh) across global exchanges, while Indian exchanges such as CoinSwitch and CoinDCX value BTC at $21,084 (approximately Rs. 16.8 lakh), an increase of 0.82 percent from Monday morning.
On worldwide exchanges such as CoinMarketCap, Coinbase, and Binance, the price of Bitcoin is $19,353 (about Rs. 15.42 lakh), while CoinGecko statistics indicates that BTC's value has decreased by 13.5 percent since Tuesday.
Since the 'Merge', Ether has been in a downward spiral. However, as of early Tuesday, it has begun to rise. Ether is presently trading in a range of $1,350 (about Rs. 1.07 lakh) on worldwide exchanges, up close to 4 percent over the past 24 hours. ETH is currently valued at $1,493 (approximately Rs. 1.19 lakh) on Indian markets, a 3.18 percent increase from the previous day.
The cryptocurrency price tracker at Gadgets 360 suggests that the majority of big cryptocurrencies experienced comparable gains over the past day. In addition, the global crypto market capitalisation increased by 2.56 percent between late Monday and early Tuesday.
Cosmos, Solana, Cardano, Polygon, TRON, Uniswap, Monero, Avalanche, Chainlink, and BNB have all experienced significant price increases during the past twenty-four hours.
Memecoins Shiba Inu and Dogecoin both increased in value. Dogecoin is presently valued at $0.05 (about Rs. 4.65), an increase of 2.44 percent over the previous 24 hours, and Shiba Inu is currently valued at $0.000011 (approximately Rs.
The research team at CoinDCX told Gadgets 360, "Bitcoin breached a critical psychological support of $20,000 (about Rs. 15.97 lakh) as it approached its three-month low, while trading volume climbed by 60 percent due to increased volatility amid a dismal macroeconomic background."
"First, the forthcoming FOMC meeting on Wednesday, where a 100 bps rate hike is still on the table with a larger possibility of a 75 bps rate hike, contributed to a decline in cryptocurrency markets to begin the week. Second, when the Bitcoin network difficulty approaches an all-time high of 32,045t, more processing power is required to mine Bitcoin, affecting the profitability of miners and causing selling pressure. In the last 24 hours, 1,26,682 traders representing $417 million (about Rs. 3,323 crore) were liquidated due to the adverse market movement."
