Bitcoin cracks 19% to fall below $49,000 level as crypto rally falters

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Bitcoin cracks 19% to fall below $49,000 level as crypto rally falters

Bitcoin had hit an all-time high of $58,332.36 last week, becoming the first
digital currency in the world to have a market valuation of $1 trillion. It
took the crypto asset less than two months to reach this mark from a price of
$25,000 as of end of December.
Cryptocurrencies extended losses on Wednesday, with
Bitcoin cracking 19% to slip below
the $49,000 level. The biggest cryptocurrency, in terms of market
capitalisation, traded at $49,767, down 14.6% at around 1155pm, as per data
available with WazirX.
Bitcoin had hit an all-time high of $58,332.36 last week.
"Over the last 24 hours, crypto markets saw a bloodbath with all major
cryptocurrencies taking a plunge. Bitcoin price dropped as much as 19% and is
trading at $47,400 at the time of writing. Many analyst points towards an
over-leveraged market as the primary cause for the price dip. The second-largest cryptocurrency by market cap faced a severe blow too after hitting its
all-time high price of $2,000. It is currently trading at $1500. The gas fee
on the Ethereum blockchain is also seeing a record high spike leading to a $25
million liquidation on DeFi platforms," said Ashish Singhal, chief executive
officer and co-founder, CoinSwitch Kuber, cryptocurrency investment platform.
Decentralized finance or DeFi is an experimental form of finance that does not
rely on common financial intermediaries such as brokers, exchanges, or banks
to offer traditional financial instruments, and instead utilises smart
contracts on blockchains. Ethereum is the most commonly used crypto for DeFi
applications. A spike in transaction charges on Ethereum network tends to
affect DeFi activity.
During the last 24 hours, Bitcoin hit a high of $51,413.61 and a low of
$44,964.49, while Ethereum, the second-biggest cryptocurrency, hit a high of
$1,655.63 and a low of $1,361.59.
Ethereum traded at $1,630.89 at around 1155pm, down 20% from its all-time high
$2,036.55 mark. Stellar traded 18% lower at 0.41.
Meanwhile, regulatory opinion has hardened against cryptocurrencies in India.
"We have major concerns about cryptocurrency from a financial stability
perspective," Reserve Bank of India governor Shaktikanta Das told news channel
CNBC TV18 on Wednesday.
Last week, Bitcoin became the first digital currency in the world to hit a
market valuation of $1 trillion. It took the crypto asset less than two months
to reach this mark from $25,000 as of end of December.
Prices rose as several big corporates took exposure to bitcoin.
Currently, Bitcoin commands a market cap of $931.82 billion.

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