Crypto Currency News

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Tether, Neo see gains as market moves hit most cryptocurrencies, even Bitcoin

Bitcoin continued its losing streak as it opened Wednesday, January 19, down 0.55 percent. Bitcoin’s current trading price is $44,984 (about 33.5 lakh) on Indian exchange CoinSwitch Kuber. The oldest cryptocurrency in the world was also unable to record any gains on international stock exchanges. On CoinMarketCap and Binance, among other global exchanges, bitcoin value is down 0.43 percent and 0.56 percent, respectively. Each token of the most valuable cryptocurrency is trading at around $41,642 (roughly 31.1 lakh).

After Bitcoin, Ether prices also succumbed to market fluctuations. Down 2.23 percent, Ether opened trading at $3,352 (about Rs.2.5 lakh) according to Gadgets 360 crypto price tracker. Ether hit its last all-time high in November 2021 when its value hit $4,643 (about Rs.3 .4 lakh) had reached.

Cardano, Ripple, Polkadot and Polygon also lost value.

The performances of the meme-based dog coins Shiba Inu and Dogecoin have also remained unimpressive for weeks. Even today, none of them recorded any profits.

A handful of cryptocurrencies made advances on the price charts, marking a bloated entry into the third week of January.

Surprisingly, relatively lesser-known altcoin Neo Price topped the short list of winners, surging in value by 5.44 percent. The token is currently trading at $27 (roughly Rs. 2,043).

Tether and USD Coin also managed to post marginal pumps.

According to industry insiders, the red dominance on the crypto charts is related to the US considering how to tighten the noose on crypto mining given its high power consumption.

“Ahead of the US House Energy and Trade Committee hearing on cryptocurrency and blockchain energy consumption, we can expect the crypto market to face major tough battles and continue its mixed development should the US follow in the footsteps of other countries, who have done so have tightened the reins on crypto mining,” the CoinDCX research team told Gadgets 360.

Recently, Indian Prime Minister Narendra Modi said that cryptocurrency challenges need to be addressed with a similar mindset across countries.

“The challenges we face as a global family are also increasing. Counteracting this requires collective and synchronized action by all countries, by all global authorities. These supply chain disruptions, inflation and climate change are examples of this. Another example is cryptocurrency,” PM Modi said while addressing the World Economic Forum (WEF) Davos agenda virtually earlier this week.

Meanwhile, corporate crypto activity also seems to be picking up steam.

For example, Hong Kong-based crypto platform called crypto.com has decided to expand the size of its investment arm called Crypto.com Capital to US$500 million (around Rs.3,722 billion) to help fund Web3.0 startups .

According to CoinMarketCap, the total market cap of the crypto sector stands at $1,975,775,071,140 (approximately Rs. 147,51,136 crore).

Interested in Cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 Podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made on an accepted recommendation, forecast or other information contained in this article.

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