As Crypto market registers sharp decline, here is advice for Indian Bitcoin buyers

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As Crypto market registers sharp decline, here is advice for Indian Bitcoin buyers

The crisis between Russia and Ukraine also affected the cryptocurrency market as it reported a downfall in the price of major cryptocurrencies.

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March 4, 2022 15:17 IST
As Crypto market registers sharp decline, here is advice for Indian Bitcoin buyers
As Crypto market registers sharp decline, here is advice for Indian Bitcoin buyers

New Delhi: After Russia escalated its attack on Ukraine, the global market registered a sharp decline on Friday. Sensex tanked in India 700 points and Nifty fell to 16,300.

The crisis between Russia and Ukraine also affected the cryptocurrency market as it reported a downfall in the price of major cryptocurrencies. The biggest cryptocurrency as per market capitalisation, Bitcoin fell by 4.72 per cent and it was trading at $41,400.

Ethereum, the second-largest cryptocurrency after Bitcoin as per its market capitalisation, tanked by 6.18 per cent and was trading at $2,730.

Bitcoin, ether

In terms of rupee, Bitcoin was trading at 32,88,979 following the decline of 3.4 per cent, while Ethereum weakened by 4.91  per cent and was trading at 2,16,007.

Among other cryptocurrencies, XRP was plunged by 3.65 per cent, Solana fell by 7 per cent, Cardano was down by 5 per cent, Polkadot was down by 4 per cent, Steller fell by 5 per cent and Avalanche was down by 5 per cent.

Other cryptocurrencies, Dogecoin went down by 3.3 per cent to trade at $0.1274, Shiba Inu was trading at $0.00002487 due to a reduction of 2.3 per cent.

Suggestion for Indian Bitcoin buyers

According to the market expert, the support price of Bitcoin (BTC) holds between $37,000 to $40,000. They recommended the buyers to keep it above $37,000, which is a breakout level.

China to test digital currency

Considering the demand for digital currency, China is ready to start the trials of its digital currency namely the digital Yuan. It is reported to help it against any economic sanctions as Russia is facing for invading Ukraine.

RBI also set to lunch digital rupee

It is important to note that RBI governor Shaktikanta Das earlier said that Cryptocurrency is a threat to financial stability as its privately created. However, RBI will launch its digital rupee by the year 2022-23, calling it a digital version of the normal rupee.

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