Bitcoin, Ether Lose Value as Major Cryptocurrencies Continue to Struggle With Dips

Cryptocurrency prices continue to get affected by the instability in China’s real estate markets.

Bitcoin, Ether Lose Value as Major Cryptocurrencies Continue to Struggle With Dips

In the last 24 hours, the value of Bitcoin briefly dropped below $40,000 for the first time since August

Highlights
  • Exchange values of Bitcoin, Ethereum, and Dogecoin witness dips
  • This is the fifth day since major cryptos have been losing value
  • Some cryptos that gained value only rose marginally

Bitcoin dipped by over one percent yesterday. At the time of writing, Bitcoin was trading at Rs. 33,40,022 ($45,471.36), The instability in Bitcoin prices, analysts say, can be linked to the disruptions in China's real estate market in the backdrop of Chinese developer Evergrande's $300 billion worth of debt. This is the fifth day in a row that Bitcoin has seen a slump in values. In the last 24 hours, the value of Bitcoin had briefly dropped below $40,000 – for the first time since August, reports said.

ETH, which is the world's second-largest cryptocurrency, witnessed a slump of 5.07 percent at its opening today. The current exchange value of Ether — the official cryptocurrency of the Ethereum blockchain — is priced at Rs. 2,27,367 ($3,085.37) at the time of writing. Looking at the price history, ETH had dipped even more earlier this week.

With a marginal dip of 2.24 percent, the value of Dogecoin also went down to trade at Rs. 16.31 ($0.22) per token.

Amid the other cryptos, Ripple, Elrond, Bitcoin SV, and Shiba Inu have all witnessed a marginal rise in their exchange values.


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 Prices across Indian exchanges

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
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