“Over the weekend, Bitcoin nearly reclaimed the $100,000 (roughly Rs. 86.6 lakh) mark, before correcting below $95,000 (roughly Rs. 82.3 lakh) following the $1.4 billion (roughly Rs. 12,131 crore) crypto hack on Friday. This incident triggered mass withdrawals from investors, affecting altcoins such as Ethereum, XRP, and Solana. In the next few days, BTC may experience slight volatility if it falls below the critical $94,000 (roughly Rs. 81.4 lakh) support level,” Alankar Saxena, CTO and co-founder of Mudrex told Gadgets 360.
Ether fell by one percent over the last day and is trading at $2,732 (roughly Rs. 2.33 lakh) on international platforms. On Indian exchanges, the value of ETH stands at around $2,757 (roughly Rs. 2.38 lakh).
“Ethereum quickly bounced back to $2,800 (roughly Rs. 2.42 lakh), showing strong resilience. However, investors must remain cautious as the market digests the impact of the hack. In the next few days,” Saxena noted.
The crypto price tracker by Gadgets 360 showed most altcoins trading in losses over the weekend. These include Solana, Binance Coin, Dogecoin, Cardano, Avalanche, and Polkadot.
Chainlink, Avalanche, Stellar, Litecoin, and Uniswap also registered losses on the price charts.
The overall crypto price chart dropped by 1.20 percent over the last 24 hours. Presently, the valuation of the sector stands at $3.15 trillion (roughly Rs. 27,298,513 crore), showed CoinMarketCap.
Only a small bunch of cryptocurrencies managed to retain gains on the price chart amid the ongoing phase of market volatility. These include Tron, Leo, Monero, Cronos, Iota, and Braintrust saw gains.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
