BTC, ETH Trade Lowly With Losses, Stablecoins Record Profits

More cryptocurrencies saw losses than profits, as the turbulent month of November 2022 inches closer to its end. Bitcoin on Monday, November 28, opened with a value loss of 2.37 percent. BTC, at the time of writing, is trading at $16,111 (roughly Rs. 13 lakh). This is the second consecutive week where the oldest cryptocurrency has failed to break past this price point. On international exchanges like Binance and Coinbase as well, BTC struggled with small losses and traded at a similar price point.

Ether tailed Bitcoin on the loss-trail. ETH, as per Gadgets 360’s crypto price tracker, is trading at $1,163 (roughly Rs. 95,150) after recording a loss of four percent.

Binance Coin, Cardano, Polygon, Polkadot, and Litecoin also saw losses.

Interestingly, rival meme coins Shiba Inu and Dogecoin, unconventionally found themselves on different sides of the crypto charts today.

While Shiba Inu saw a 2.22 percent loss to trade at $0.0000089 (roughly Rs. 0.000730), Dogecoin rose in value by 5.56 percent to hover around the price point of $0.095 (roughly Rs. 7.78).

Stablecoins pegged against the US dollar, including Tether, USD Coin, and Binance USD joined DOGE in seeing profits.

SushiSwap, Braintrust, Dogefi, and Bitcoin Hedge also saw price hikes.

“A rise in demand can help bulls gain more power to break above the current levels. The broader crypto market came under intense selling pressure the last week due to Genesis dealing with a liquidity crunch,” Edul Patel, CEO and Co-Founder of Mudrex told Gadgets 360.

The global crypto market valuation dropped by 2.47 percent in the last 24 hours and presently stands at $819.58 billion (roughly Rs. 67,02,464 crore), as per CoinMarketCap.

The month of November has been full of ups and downs for the crypto market. The FTX crypto exchange collapsed due to liquidity crunch, and ended up declaring bankruptcy earlier this month.

In the market movements that followed, over $200 billion (roughly Rs. 16,30,024 crore) were wiped off from the market.

Amid the ongoing market slump, the list of crypto firms resorting to slash its work force has been growing longer.

Just last week, Lemon Cash, an Argentina-based crypto exchange laid off 38 percent staff of the crypto exchange, making for around a hundred employees in an attempt to keep its business afloat.

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. 

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