Recession In Cryptocurrency: Bitcoin Hovers Around $20,000, Ether Value Slips

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Following the footsteps of the traditional stock market, cryptocurrencies including Bitcoin and others saw a fall in value. The reason is the drop in the investor appetite for risk assets once again due to the growing fears of major economic uncertainty that is to strike in the near future.

Recession In Cryptocurrency: Bitcoin Hovers Around $20,000

Bitcoin Value Drops

The price of the largest cryptocurrency as per the market capitalization had hit a high of $21,620 on Tuesday evening. Soon after, it slipped to around $20,000 on early Wednesday. The BTC price is also hovering around the $20,300 market across the exchanges worldwide. CoinSwitch Kuber, the Indian exchange values Bitcoin.at $21,482 after witnessing a drop of 1.23% in 24 hours.

When it comes to the global exchanges such as Binance, Coinbase, and CoinMarketCap, Bitcoin is priced at $20,301 while CoinGecko data shows that it is marked in red for now and the percentage of the drop is 8.4% week-to-day.

Cryptocurrencies Lose Value

Besides Bitcoin, which is hovering around the $20,000 market, there are other cryptocurrencies that have also witnessed the slip. Among these, Ether has slipped lower and is valued at $1,160 on CoinSwitch Kuber. On the other hand, the global exchanges value Ether at $1,098. This shows that the cryptocurrency has lost 2.14% of its value in the past 24 hours. As per CoinGecko data, this slide in Ether’s value in 24 hours remains in the red by almost 10% as compared to last week.

Recession In Cryptocurrency: Bitcoin Hovers Around $20,000

In addition to Bitcoin and Ether, other cryptocurrencies, including BNB, Solana, Chainlink, Avalanche, and Polkadot are also in the red. Surprisingly, Elrond and Uniswap are managing to keep themselves away from the red mark. Currently, Dogecoin is valued at $0.06 after a surge of 5.83% in the past 24 hours.

What Holds For Future?

We can expect the situation in the cryptocurrency market to bounce back to the usual trend if it becomes more evident that the global economy has started moving towards recovery and growth. Only then, the investors might take continue to make investments and it might help the cryptocurrency market to get back into action.

PS: Cryptocurrency is a form of digital currency, which is unregulated and investments in the market are subject to risk.

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Story first published: Thursday, June 23, 2022, 10:46 [IST]





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