Bitcoin Drops to $95,000; Majority of Altcoins Experience Losses
On February 12, Bitcoin fell by 2.43 percent to $95,873, while Ethereum dropped 3.46 percent to $2,606. Most altcoins saw losses, leading to a 2.81 percent decline in overall market cap, now $3.14 trillion. A few cryptocurrencies like Cardano and Monero posted small gains. Investor sentiment remains cautious after comments from the Federal Reserve Chair regarding interest rates.
On Wednesday, February 12, Bitcoin experienced a decline of 2.43 percent on international exchanges, bringing its trading price down to $95,873 (approximately Rs. 83 lakh) according to data from CoinMarketCap. In India, Bitcoin’s value fell by about 2.25 percent, indicating a price of $97,992 (around Rs. 85 lakh). This downturn in the crypto market followed a statement by Federal Reserve Chair Jerome Powell, indicating that there is currently no urgency to lower interest rates.
Ethereum also saw a decline, losing 3.46 percent on global platforms with its price standing at $2,606 (approximately Rs. 2.26 lakh). Similarly, on Indian exchanges, Ether dropped over three percent, trading at $2,743 (about Rs. 2.38 lakh). The CoinSwitch Markets Desk noted that trader interest in Ether is low compared to its competitors and highlighted a significant resistance level at $3,000 (around Rs. 2.60 lakh).
A majority of altcoins recorded losses alongside Bitcoin and Ether. Notable cryptocurrencies such as Avalanche, Polkadot, Uniswap, Litecoin, and Leo were affected negatively. Other assets including Solana, Binance Coin, Dogecoin, Tron, Shiba Inu, and Stellar also saw price drops within the last 24 hours. Overall, the cryptocurrency market capitalization fell by 2.81 percent to approximately $3.14 trillion (about Rs. 2,72,56,565 crore).
Despite the downturn, a few cryptocurrencies, such as Cardano and Monero, managed to record minimal gains. Other small gainers included Iota and Dogefi. Avinash Shekhar, Co-Founder and CEO of Pi42, remarked on the rapid evolution of the crypto market, emphasizing the importance of strategic positioning and attention to both established and emerging assets in navigating this dynamic space.
In conclusion, Bitcoin and Ethereum experienced notable declines amid a broader downturn in the cryptocurrency market following comments from the Federal Reserve. While most altcoins faced losses, a few cryptocurrencies managed to maintain slight gains. Observers are urged to strategize and remain informed, as the market continues to develop rapidly and presents both risks and opportunities.
Original Source: www.gadgets360.com
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