Bitcoin, the most expensive asset on the crypto chart, has recorded regular pumps in recent days. On Wednesday, March 6, Bitcoin registered a loss of 6.20 percent to $63,705 (roughly Rs. 52.8 lakh). In the last 24 hours, the value of Bitcoin briefly rose to $69,200 (roughly Rs. 57.3 lakh) before falling ten percent. Constant fluctuations in cryptocurrency prices have left the investor community biting their nails.

“It’s normal to see a correction in Bitcoin after a one-month rally or hitting a new ATH every time. This momentum in Bitcoin, fueled by Spot ETF volumes and interest rate cut expectations, failed to sustain as over $1 billion (approx. Rs. 8,289 crore) was liquidated,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

Ether posted a small loss on Wednesday to trade at $3,498 (Rs. 2.90 lakh approx). In the last day, the value of ETH has fallen by $48 (approx. Rs. 3980).

“ETH also saw a surge to $3,800 (approx. Rs. 3.15 lakh) before falling sharply to $3,200 (approx. Rs. 2.65 lakh). This drastic move caused altcoins to plummet 15-20 percent within minutes, likely due to profit-taking after surpassing the 2021 peak,” the CoinDCX market desk told Gadgets360.

As both BTC and ETH experience losses, the impact is seen on other altcoins as well. Tether, Binance Coin, Solana, Ripple, Cardano, Dogecoin, Avalanche, Polkadot and Tron all traded in losses on Wednesday.

Polygon, Bitcoin Cash, Litecoin, Stellar, Cronos, Monero, Bitcoin SV and Elrond also recorded losses.

The overall rating of the crypto chart has fallen by two percent in the last 24 hours. The current crypto market capitalization stands at $2.47 trillion (approx. Rs. 2,04,77,189 crores) — showed CoinMarketCap.

Among the cryptocurrencies that posted small gains, USD Coin, Shiba Inu, Uniswap, Leo, Cosmos and Near Protocol made their names.

“BTC briefly touched $69,200 (approx. Rs. 57.3 lakh) before succumbing to selling pressure, which led to subsequent sell-offs and pushing the price to a low of $59,700 (approx. Rs. 49.4 lakh). Despite Bitcoin’s seven percent drop in the last 24 hours, ETH and SOL outperformed, while altcoins like ADA, DOGE and SHIB suffered losses ranging from 10 to 12 percent,” Rajagopal Menon, VP of WazirX told Gadgets360.

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