The crypto market rallied with gains on Wednesday. With a small profit of 0.70 percent, BTC is trading at the price point of $16,988 (roughly Rs. 14 lakh), according to Gadgets 360’s crypto price tracker. BTC also moved in a similar trajectory on international exchanges, such as Coinbase, Binance, and CoinMarketCap. Disappointingly for the market riders, it has been nearly three weeks since BTC has continued to trade below the mark of $17,000 (roughly Rs. 14.05 lakh).
Ether closely followed BTC to register minor gains on Wednesday. With a gain of 0.63 percent, ETH is presently priced at $1,263 (roughly Rs. 1.04 lakh), Gadgets 360’s price tracker shows.
Most cryptocurrencies reeled-in gains on Wednesday.
Profit-making altcoins include Tether, Binance Coin, USD Coin, Binance USD, and Ripple.
Polygon, Polkadot, Tron, and Avalanche also witnessed minor profits.
Meanwhile, losses also reflected for some altcoins, such as the memecoins DOGE and SHIB.
Cardano, Litecoin, Solana, Uniswap, Chainlink, and Cosmos also saw losses on Wednesday.
The overall crypto market rose by a miniscule 0.01 percent in the last 24 hours. Its current valuation stands at $853 billion (roughly Rs. 70,46,895 crore), CoinMarketCap shows.
Several crypto firms have had to lay off chunks of their workforces over the past couple of weeks, to keep their respective businesses afloat. Singapore-based ByBit crypto exchange is the latest crypto exchange that announced a 30 percent reduction in its staff earlier this week.
To help the crypto market regain investors’ trust, Goldman Sachs is reportedly looking to buy or invest in crypto firms that are struggling to overcome the aftermath of the FTX crypto collapse.
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.