As the stormy month of November 2022 approaches its conclusion, more cryptocurrencies experienced losses than gains. Monday, November 28, saw a 2.37 percent value decline when Bitcoin first opened. At the time of writing, BTC is worth $16,111. (roughly Rs. 13 lakh). The oldest cryptocurrency has failed to surpass this price point for the second week in a row. BTC also experienced slight losses and traded at a comparable price on foreign exchanges like Binance and Coinbase.
Bitcoin was trailed on the loss-trail by Ether. According to Gadgets 360's cryptocurrency price tracker, ETH is currently down 4% and selling at $1,163 (approximately Rs. 95,150).
Losses were also reported for Litecoin, Cardano, Polygon, Polkadot, and Binance Coin.
Shiba Inu and Dogecoin, two competing meme coins, unexpectedly found themselves on opposite sides of the cryptocurrency rankings today.
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Dogecoin gained 5.56 percent in value to trade at around $0.095 while Shiba Inu lost 2.22 percent to trade at $0.0000089 (around Rs. 0.000730). (roughly Rs. 7.78).
Bitcoin-denominated stablecoins such as Tether, USD Coin, and Binance USD saw profits alongside DOGE.
Price increases were also observed on SushiSwap, Braintrust, Dogefi, and Bitcoin Hedge.
"An increase in demand may give bulls additional strength to surpass current levels. Due to Genesis coping with a liquidity crisis, the overall cryptocurrency market experienced severe selling pressure during the last week, according to Edul Patel, CEO and Co-Founder of Mudrex, in a statement to Gadgets 360.
According to CoinMarketCap, the value of the global cryptocurrency market fell by 2.47 percent in the last day and is now $819.58 billion (approximately Rs. 67,02,464 crore).
The cryptocurrency market has had several ups and downs in November. Due to a lack of liquidity, the FTX cryptocurrency exchange collapsed and filed for bankruptcy earlier this month.
Over $200 billion, or nearly Rs. 16,30,024 crore, was lost from the market in the ensuing market fluctuations.
The number of cryptocurrency companies resorting to layoffs as a result of the ongoing market decline is getting longer.
In an effort to keep its firm solvent, Lemon Cash, an Argentine-based cryptocurrency exchange, recently lay off almost 100 people, or 38 percent of its staff.
