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Bitcoin Opens with Small Gains, Stablecoins Join ETH and SOL in Seeing Losses

Bitcoin opened with a small gain of 0.59 percent on Wednesday, January 11. While the profit was minor, Bitcoin did manage to retain its recently risen price point. The oldest crypto asset is currently priced at $17,385 (roughly Rs. 14.2 lakh). In terms of numbers, Bitcoin's value rose by $195 (roughly Rs. 15,952) in the last 24 hours. However, the overall crypto price charts reflected reds next to a bunch of cryptocurrencies.

Ether forged its own trajectory rather than tailing behind Bitcoin. ETH value dropped by 0.23 percent bringing its price to $1,327 (roughly Rs. 1.08 lakh), showed the crypto price tracker by Gadgets 360.

Rallying behind Bitcoin with small gains, both meme coins Shiba Inu and Dogecoin made a mark.

Profits were further recorded by Tron, Avalanche, Wrapped Bitcoin, Monero, and Elrond.

Comparatively lesser talked-about cryptocurrencies including Zcash, Iota, SushiSwap, and BrainTrust also emerged among profit-making altcoins.

The overall crypto market valuation spiked by 0.75 percent in the last 24 hours. At the time of writing, the global crypto market cap stood at $855.68 billion (roughly Rs. 69,94,181 crore), showed CoinMarketCap.

It is notable that in the first ten days of 2023, the global crypto market cap has risen by $55 billion (roughly Rs. 4,49,622 crore).

“The spike in value could be attributed to the accumulation of whales in the past two days. If Bitcoin can maintain this upward momentum, it could reach the resistance level of $17,500 (roughly Rs. 14.2 lakh) by the end of the week,” Edul Patel, the CEO and Co-Founder of crypto investment platform Mudrex, told Gadgets 360.

Despite the cumulative gains that have been recorded by the crypto industry, some altcoins are still seeing daily losses.

Today, stablecoins such as Tether, USD Coin, Ripple, and Binance USD — opened with price dips.

Binance Coin, Cardano, Polygon, Polkadot, Solana, and Litecoin — also stepped into the trading market with price dips.

While the year of 2023 is expected to see several nations bring-in their respective crypto laws, Nepal has decided to take a different route all together.

The telecom regulator of Nepal, this week, has instructed all the Internet service providers (ISPs) to remove all the crypto trading platforms from operating there. The ISPs who fail to comply with the directions have been threatened with serious legal actions.

On the other hand, Israel, taking a more pro-crypto approach, has opened the drafted crypto rules for comments from the public, before sealing them officially in the coming days.

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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. 



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