Bitcoin, Ether Fare Better After Saturday’s Crypto Crash, Majority Dog Coins Also Surge in Value

Bitcoin and Ether prices steadied on Monday following a rout over the weekend.

Bitcoin, Ether Fare Better After Saturday’s Crypto Crash, Majority Dog Coins Also Surge in Value

Photo Credit: Pexels/ Karolina Grabowska

Bitcoin steadied on Monday following a rout over the weekend

Highlights
  • Bitcoin loses out in India while global markets show recovery signs
  • Ether shows quicker signs of recovery after Saturday dip
  • Shiba Inu leads the dog coin charge while Dogecoin slips

Cryptocurrency market saw a sharp dip over the weekend and most of the big cryptocurrencies haven't been able to chart a turnover just yet. Bitcoin, which fell by close to 12 percent on Saturday, is trading at $54,211 (roughly Rs. 40.8 lakh) on Indian exchange CoinSwitch Kuber, down by 0.45 percent from its opening valuation after a 0.45 percent dip on Thursday. Global exchanges like CoinMarketCap, meanwhile, saw Bitcoin do fairly better through Monday, rising by 4.05 percent to be valued at $51,141 (roughly Rs. 38.52 lakh). As per CoinGecko, Bitcoin's value has dropped by over 11.6 percent over the past week.

Bitcoin and other cryptocurrencies slipped big this weekend amid a greater risk-off sentiment that also encompassed selloffs in many areas of the US stock market. Ether dipped 6.81 percent on Saturday, but the second most popular cryptocurrency has fared better in comparison to Bitcoin since and is currently valued at $4,626 (roughly Rs. 3.48 lakh) on CoinSwitch Kuber. The values on global exchanges see the world's second-largest crypto by market cap pegged at $4,354 (roughly Rs. 3.27 lakh) where the coin has improved by 4.01 percent over the past 24 hours. Gadgets 360's cryptocurrency price tracker reveals that the Ethereum-based, despite the weekend dip, has dropped by only 2 percent in value over the past week.

Elsewhere, things are a bit of a mixed bag for altcoins. Tether, Polkadot, Ripple, Polygon, and Litecoin saw their values dip over the past 24 hours. While we see a bit of dog coin resurgence with Baby Doge Coin, Floki Inu, and Kishu Inu registering their biggest gains through the day.

Speaking of dog coins, Dogecoin saw a dip of 0.44 percent over the past 24 hours, currently valued at $0.1897 (roughly Rs. 14.28), while Shiba Inu went up by 4.92 percent to be valued at $0.000037 (roughly Rs. 0.002808).

Investor appetite for risk assets improved with early signs suggesting that the Omicron variant of the coronavirus may not be as deadly as feared. As well as easing macroeconomic fears, sentiment on Bitcoin has been helped by data from Glassnode showing that long-term holders maintained their bullish bets during the most recent selloff.

Through Monday, we also saw a couple of cyberattacks involving crypto come to the fore. Cryptocurrency exchange Bitmart emerged as the latest victim of a severe hack. An alleged $196 million (roughly Rs. 1,479 crore) stored as various cryptocurrencies were stolen from Bitmart in this attack. The stolen tokens were directed to the unidentified hacker(s) hiding under the pseudonym “Bitmart Hacker”.

Elsewhere, US law enforcement seized 39.9 Bitcoins from an Exodus wallet, worth approximately $2.3 million (roughly Rs. 17.3 crore) from a Russian citizen suspected of being associated with infamous hacker group REvil, known for their ransomware attacks. The Federal Bureau of Investigation (FBI) in a complaint unsealed last week states that the wallet contained REvil ransom payments belonging to an affiliate identified as Aleksandr Sikerin, who has been found employing ransomware viruses to break into databases of American infrastructure facilities.


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 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.

Cryptocurrency Prices across Indian exchanges

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Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at ShomikB@ndtv.com. More
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