Crypto Price Today: Bitcoin Price Drops to $41,000, Market Remains Volatile and Unpredictable

On Tuesday, December 12, Bitcoin showed a loss of 1.30 percent on the crypto price chart. With this, the price of the most expensive cryptocurrency has fallen to $ 41,840 (about Rs 34.8 lakh). This is the second consecutive day when BTC is in loss. In the last 24 hours, the value of BTC has fallen by $186 (approximately Rs 15,505). In fact, between today and last week, Bitcoin has fallen by a price point of almost $44,000 (approximately Rs 36.6 lakh). Experts in the crypto sector are referring to this slow period as ‘correction time’ for Bitcoin and other cryptocurrencies.

“Bitcoin is facing increasing liquidation concerns, with $66.29 million (roughly Rs. 552 crores) liquidated in the last 24 hours, with a large portion – $46.58 million (roughly Rs. 388 crores) – attributed to long liquidations. Is. The 10-day moving average echoes the previous day’s sentiment, leaning towards ‘selling’. Notably, the value of liquidations per percentage point has decreased significantly in 2023 compared to 2021, indicating the maturity of the market over the past two years,” Rajagopal Menon, vice president at WazirX, told Gadgets360.

Ether found itself in the red on Tuesday, trailing Bitcoin. After a 0.42 percent decline in price today, ETH is trading at $2,229 (approximately Rs 1.85 lakh). The price of ETH has fallen by $5 (approximately Rs 415) in the last 24 hours.

“Ether saw liquidation of $34.64 million (roughly Rs. 288 crores) in the last 24 hours, the majority of which ($34.24 million) originated from liquidation of long positions,” Menon said.

BTC and ETH as well as many other cryptocurrencies are trading with losses today. These include Tether, Ripple, USD Coin, Dogecoin, Chainlink and Polygon.

Shiba Inu, Litecoin and Bitcoin Cash are among the other cryptocurrencies in loss, along with Stellar and Uniswap.

The total crypto market cap declined by 0.32 percent in the last 24 hours. The valuation of the crypto sector is currently $1.57 trillion (approximately Rs 130,90,448 crore). coinmarketcap,

“Although this initially seemed like a market reversal indicating a potential correction, more confirmation is needed. The ongoing correction may be a bearish trap, constituting a healthy adjustment within the broader bullish trend established in recent months. In particular, the announcement today of monthly US CPI data may bring additional volatility to the market,” the CoinDCX research team told Gadgets360.

Meanwhile, Binance Coin, Solana, Cardano and Avalanche were among the few cryptocurrencies that made gains.

“Markets are expected to remain volatile this week ahead of the Fed’s rate hike decision and the release of CPI data. Bitcoin saw a major price swing on Monday, resulting in the liquidation of $200 million (roughly Rs. 1,667 crore), according to CoinGlass data. The current decline is good and BTC is well positioned to touch the $50,000 mark (approximately Rs 41 lakh) in H1 2024. AVAX is currently leading the altcoin surge with double-digit gains in 24 hours,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.

Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss incurred from any investment based on any speculative recommendation, forecast or any other information contained in the article.

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