In a recent update to the cryptocurrency market trend, as of Monday, October 4, cryptocurrency prices continue to be in red. A 2.06 per cent increase was observed over the last 24 hours, with the global cryptocurrency market cap at Rs 157.34 lakh crores. At the same time, an 11.07 per cent decrease was as the total crypto market volume over the last 24 hours is Rs 6,43,466 crores. Bitcoin, the largest virtual currency, price is trading at Rs 36,99,630, and its dominance is currently 42.44 per cent, with an increase of 0.12 per cent over the day. Earlier, a group of Central banks, with an aim to attain a balance between keeping updated with the cryptocurrency and related new technology, sketched out a potential operating manual for digital cash to upend commercial lenders.
While Giving an update on the altcoins market, Siddharth Menon, COO, Wazir X, had earlier informed that following the bearish cycle, Cardano (ADA) is trading strong among the altcoins. This depicts a mainly developed flag pattern trend.
Bitcoin- US$47,572, down by 0.62%
Ethereum- US$3,347, down by 1.57%
Cardano- US$2.18, down by 3.72%
Binance Coin- US$415.02, down by 3.44%
Tether- US$1.00, down by 0.02%
XRP- US$0.9847, down by 2.60%
Solana- US$167.36, down by 1.43%
Dogecoin- US$0.2165, down by 1.15%
Terra- US$42.25, down by 4.70%
Uniswap- US$25.27, down by 3.77%
The Financial Counsellor and Director of the Monetary and Capital Markets Department of IMF, Tobias Adrian, told PTI that Bitcoin is highly volatile and could lead to instability. He added, "It was trading above 65,000 just about earlier this year, and then it came down to below 30,000. It might go back up, it might go back down". Referring to Bitcoin as an asset, Adrain said, "it’s fine as an investment asset right. But as a monetary aggregate, it just doesn’t have the right properties".
In September, Bitcoin was hit on multiple fronts, including a botched roll-out of the coin as legal tender in El Salvador and tightening of regulatory oversights in the US and China. For the fifth straight year over the 30-day period the previous month, Bitcoin delivered a negative return. Since 2017, the crypto asset has been on a losing streak in terms of monthly performance in September.