Bitcoin and the broader crypto market have corrected yet again on Wednesday as investors decide to turn risk-averse preparing for the biggest rise in US interest rates in three decades. In terms of value, the world’s most popular cryptocurrency dropped by a whopping 5.01 percent through Wednesday, dropping below $43,000 (roughly Rs. 32 lakh) across global exchanges for the first time in almost two weeks. At the time of writing, the value of Bitcoin has fallen by 4.24 percent in the past 24 hours and stands at $45,934 (roughly Rs. 34.5 lakh) on Indian exchange CoinSwitch Kuber.
On global exchanges, the price of Bitcoin stands closer to the $44,000 (roughly Rs. 33 lakh) mark at $43,779 (roughly Rs. 33 lakh) losing 3.69 percent in value over the past 24 hours. As per CoinGecko data, the correction over the past couple of days has seen BTC slip by 7.8 percent in value week-to-day.
Ether, the world’s second-largest cryptocurrency has had a positive showing through March but the first week through April hasn’t quite been the same. At the time of publishing, Ether is valued at $3,393 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto’s value at $3,230 (roughly Rs. 2.5 lakh), where the coin has seen a dip of 3.9 percent over the past 24 hours.