Bitcoin Dips Amid Crypto Market Turmoil
On February 24, Bitcoin experienced a decline across both national and international exchanges, reflecting a broader downturn in the cryptocurrency market. Over the past 24 hours, Bitcoin’s value fell by 1.20%, bringing its price to approximately $95,630 (around Rs. 82.8 lakh) on global platforms. In India, Bitcoin’s price saw a slight decrease of under one percent, hovering around $96,984 (roughly Rs. 84 lakh) on exchanges like CoinDCX and CoinSwitch.
Market Reaction to Major Crypto Hack
Bitcoin’s recent price fluctuations come on the heels of a significant $1.4 billion (approximately Rs. 12,131 crore) crypto hack that occurred last Friday. This incident prompted widespread withdrawals from investors, leading to a ripple effect on other cryptocurrencies, including Ethereum, XRP, and Solana. Alankar Saxena, CTO and co-founder of Mudrex, indicated that Bitcoin had nearly reclaimed the $100,000 (around Rs. 86.6 lakh) mark over the weekend before dropping below $95,000 (approximately Rs. 82.3 lakh). He cautioned that if Bitcoin falls below the critical support level of $94,000 (roughly Rs. 81.4 lakh), it may face further volatility in the coming days.
Ethereum and Altcoin Performance
Ethereum also faced challenges, with its value declining by one percent to $2,732 (around Rs. 2.33 lakh) on international exchanges. In India, Ethereum traded at approximately $2,757 (roughly Rs. 2.38 lakh). Despite this dip, Saxena noted that Ethereum showed resilience by quickly bouncing back to $2,800 (around Rs. 2.42 lakh). However, he advised investors to remain cautious as the market continues to process the implications of the recent hack.
Overall Crypto Market Trends
The overall cryptocurrency market saw a decline of 1.20% in the last 24 hours, with the total market valuation currently at $3.15 trillion (approximately Rs. 27,298,513 crore), according to CoinMarketCap. Many altcoins, including Solana, Binance Coin, Dogecoin, Cardano, Avalanche, and Polkadot, also reported losses over the weekend. Other cryptocurrencies like Chainlink, Stellar, Litecoin, and Uniswap joined the downward trend. However, a few cryptocurrencies, such as Tron, Leo, Monero, Cronos, Iota, and Braintrust, managed to retain some gains amid the ongoing market volatility.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in this article is not intended to be and does not constitute financial advice, trading advice, or any other recommendation of any sort. Observervoice shall not be responsible for any loss arising from any investment based on any perceived recommendation or information contained in this article.
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