The crypto chart on Wednesday, May 15 reflected losses for most cryptocurrencies. Bitcoin recorded a loss of about one percent, taking its trading value to $66,124 (roughly Rs. 55 lakh) on Indian exchanges such as CoinDCX and CoinSwitch. Meanwhile, on international exchanges, the most expensive crypto asset is trading at a slightly lower price of $61,945 (roughly Rs. 51 lakh). BTC failed to sustain the previous day’s gains and faced downward pressure in the last 24 hours, which led most altcoins to register losses as well.

Ether suffered a loss of 1.48% on Wednesday. With this, its price on national and international exchanges is $3083 (Rs 2.57 lakh approx) and $2902 (Rs 2.42 lakh approx) respectively.

“Technically, BTC and ETH continue to show volatile price action, staying in a range and experiencing liquidations on both sides. Funding rates are neutral and overall price action is mixed, although both cryptocurrencies are currently at key support levels. Today’s US CPI numbers will be crucial to watch as they are expected to have a significant impact on the market,” CoinDCX’s markets team told Gadgets360.

Cardano, Polkadot and Chainlink along with Ripple, Dogecoin joined most cryptocurrencies in posting losses on Wednesday.

Uniswap, Cosmos, Cronos, Stellar and Monero also recorded gains along with Polygon and Leo.

“Markets are expected to remain volatile in the coming weeks as inflation data will keep investors on their toes. However, Raul Pal, a well-known figure in the financial sector, predicted a significant expansion of the cryptocurrency market, predicting that its market capitalization could reach $100 trillion,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

The total market capitalization declined by 1.45 percent in the last 24 hours to $2.26 trillion (approximately Rs. 1,88,70,887 crore), on CoinMarketCap data showed on Wednesday.

Tether, Floki Inu, Iota, Zcash and Status managed to post small gains.

“In other news, US Wisconsin has become the first state to disclose the purchase of Bitcoin after highlighting the purchase of over 94,000 shares of BlackRock’s iShares Bitcoin Trust (IBIT) in the first quarter of the year. Markets reacted positively to this development, but the narrative soon shifted to the expected inflation data,” the CoinSwitch Markets Desk told Gadgets360.

In India, developments in the blockchain sector are making headlines. Earlier this week, CoinDCX announced the industry’s first Orchestration Layer called Okto. Through a unified set of SDKs, Okto enables developers to easily integrate complex Web3 functionalities and flows into their applications, while offering a one-click web2-like experience for its users.

Indian blockchain gaming ecosystem Oneto11 is also planning global expansion, starting with Latin America, Southeast Asia and Africa regions.

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