The crypto chart, on Wednesday, May 15, reflected losses on the side of most cryptocurrencies. Bitcoin registered a loss of around one percent which has taken its trading value to $66,124 (roughly Rs. 55 lakh) on Indian exchanges like 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 hold on to the previous day's gains and has faced downward pressure in the past 24 hours, causing most altcoins to post losses as well.
Ether suffered a loss of 1.48 percent on Wednesday. With this, its price on domestic and international exchanges stands at $3,083 (roughly Rs. 2.57 lakh) and $2,902 (roughly Rs. 2.42 lakh) respectively.
“Technically, BTC and ETH continue to show choppy price action, staying within 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 impact the market significantly,” CoinDCX's markets team told Gadgets360 .
Cardano, Polkadot and Chainlink along with Ripple, Dogecoin joined the majority of cryptocurrencies to see losses on Wednesday.
Uniswap, Cosmos, Cronos, Stellar and Monero also posted gains along with Polygon and Leo.
“Markets are expected to remain choppy in the coming weeks as inflation data will keep investors on their toes. However, Raoul Pal, a well-known figure in the financial sector, predicts a significant expansion of the cryptocurrency market, predicting that its market cap could reach $100 trillion,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
Global market capitalization declined 1.45 percent in the past 24 hours to $2.26 trillion (roughly Rs. 1,88,70,887 crore), CoinMarketCap data showed on Wednesday.
Tether, Floki Inu, Iota, Zcash and Status managed to register minor gains.
“In other news, Wisconsin in the US has become the first state to disclose the purchase of Bitcoin after highlighting the purchase of more than 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 is empowering developers to easily integrate complex Web3 functionality and flows into their applications while delivering one-click mobile native web2-like experiences to their users.
India's blockchain gaming ecosystem Oneto11 is also planning a global expansion starting with Latin America, Southeast Asia and Africa regions.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
