Bitcoin on Friday, February 23, reflected a loss of 1.13% to trade at a price of $51,017 (Rs. 42.2 lakh approx). This is the second day in a row this week that Bitcoin has registered a loss. However, it is impressive that the asset managed to hold on to the $51,000 mark (roughly Rs. 42 lakh) despite incurring losses. In the last 24 hours, the value of BTC has crashed by $375 (approx. Rs. 31,080). Market analysts believe that this is a price correction phase for Bitcoin and subsequently for most other cryptocurrencies.

Ether was down 1.54% on Friday. With this, its retail value has reached the mark of $2799 (approx. Rs. 2.3 lakh). In the last day, the value of ETH has dropped by $42 (approx. Rs. 3480).

“Over the past 24 hours, the crypto market has shown a slight bearish sentiment with the first net outflow from the BTC ETF since January 25, 2024 signaling bearish sentiment. Also, funding rates were not favorable for the bulls. Technically, BTC closed in the red, but stayed within its range. Meanwhile, ETH has remained relatively stable,” the CoinDCX team told Gadgets360.

The majority of popular cryptocurrencies have been trading in losses since Friday.

These include Tether, Solana, Ripple, USD Coin, Cardano, Avalanche and Tron.

Chainlink, Polkadot, Bitcoin Cash, Litecoin, Uniswap and Cosmos have also experienced losses since Friday.

Total crypto market valuation stands at $1.95 trillion after a 0.25 percent drop in the last 24 hours, shows CoinMarketCap.

Meanwhile, only a few altcoins managed to see gains on Friday. These include Binance Coin, Polygon, Shiba Inu, Stellar and Cronos.

“As far as altcoins go, the price of BNB (+1.1 percent) rose to its highest since the FTX crash. This can be attributed to fading concerns about Binance-related regulatory issues and an airdrop farming campaign of the upcoming Web3 gaming project for BNB holders. Additionally, AI tokens continued to rise on the back of Nvidia’s Q4 earnings; RNDR rose 9.3 percent while WLD (+13.9 percent) hit an all-time high,” Parth Chaturvedi, Head of Investments, CoinSwitch Ventures, told Gadgets360.

In other news, Reddit revealed its investment in Bitcoin and Ethereum ahead of its IPO. The company also acquired Ether and Polygon to sell specific virtual goods. The company has filed on the New York Stock Exchange under the symbol “RDDT.”

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