In the last 24 hours while India celebrated Diwali, one of its biggest annual festivals, Rishi Sunak became the Prime Minister of the UK. In the midst of festivities and upheaval in the global politics scenario, the crypto market seemingly saw more losses than gains on Tuesday, October 25. Bitcoin, the world’s most expensive cryptocurrency, opened with a loss of 0.40 percent on Tuesday. As per the crypto price tracker by Gadgets 360, the current value of BTC is hovering over the mark of $19,300 (roughly Rs. 15.96 lakh).
Ether, quite conventionally, slipped down the price ladder by 0.89 percent. As per Gadgets 360’s crypto price tracker, ETH is presently priced $1,340 (roughly Rs. 1.10 lakh).
Binance Coin, Ripple, Solana, Polygon, Avalanche, Uniswap, and Litecoin also saw dips.
Both memecoins DOGE and SHIB also dropped in values.
The global crypto market cap declined by 0.13 percent in the last 24 hours, as per CoinMarketCap. Its current valuation stands at $932.20 billion (roughly Rs. 77,10,769 crore).
Meanwhile, some cryptocurrencies did manage to see small profits despite the market volatility.
These include, Tether, USD Coin, Binance USD, Cardano, Polkadot, and Stellar.
In recent findings, a Google Trends report found out that the prolonged bear market situation in the crypto market, seems to have impacted people’s interest levels in cryptocurrencies.
The keyword Bitcoin, for instance, has recorded its lowest ever search volumes in the last one year.
The fluctuations in the crypto industry has caused issues for many businesses in the sector.
Freeway, a crypto staking platform for instance, brought some of its services to a temporary halt citing market fluctuations.
In a bid to keep its business afloat, Freeway has stopped buy and withdrawal services on its platform. The company is working on drafting newer strategies that could make its operations more resistant to the volatile nature of crypto assets.
BTC and ETH had created their respective all-time highs last year in November. For now, the market situations do not show any signs of replicating last year’s market movement and swelling in overall sector valuation.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.