Bitcoin Price Drops Below $55,000 (Roughly Rs. 46 lakhs) After Months of Stagnation

The price of most cryptocurrencies fell on Monday, creating buying opportunities for potential buyers.

Bitcoin price saw a decline of 4.09 percent over the last 24 hours on Monday, reaching $55,160 (roughly Rs. 46 million) on international exchanges like CoinMarketCap. At the same time, the Bitcoin price on Indian exchanges such as BuyUCoin, CoinDCX, and WazirX is currently hovering at $55,000 (roughly Rs. 45 million) with a range of $61,740 (roughly Rs. 5.1 million). Some changes are being observed in the digital currency prices after months of stagnation.

Like the world's most popular digital asset, the price of Ether also fell on Monday due to ongoing market pressure. Last week it was trading at $3,448 (roughly Rs. 287,000), but currently it is valued at $2,911 (roughly Rs. 240,000) on international exchanges. In India, ETH is trading at $2,879 (roughly Rs. 200,000). The value of the asset on domestic and Indian exchanges fell by around 4 percent.

“The decline is primarily due to selling pressure from the German and US governments seizing Bitcoin sales and refunds to Mt. Gox users, while Bitcoin is up over the past week but fell below its 200-day moving average,” CoinSwitch's market department told Gadgets 360.

The price of most cryptocurrencies fell on Monday, creating buying opportunities for potential buyers. Solana, Ripple, Dogecoin, Cardano, and Avalanche recorded losses along with BTC and ETH.

Shiba Inu, Polkadot, Chainlink, Leo, and Polygon were also in the red on Monday.

The total value of the digital currency market has decreased by 4.63 percent in the last 24 hours. According to CoinMarketCap, the market capitalisation of the cryptocurrency sector was $2.02 trillion (roughly Rs. 1,685,837.4 million) at the time of writing.

Meanwhile, the prices of some digital currencies rose on Monday. These include Tether, USD Coin, Tron, and Status.

Analysts are pinning their hopes on the expected approval of crypto ETFs in the US, which could further increase the value of the underperforming cryptocurrencies. Since VanEck has applied for the Solana ETF in the US and the likelihood of approval remains uncertain, we also expect significant price movement in Solana.

“Despite the recent market decline, we see investors accumulating Bitcoin. The EMA could lead to a rally towards the 50-day SMA,” said co-founder and CEO of Pi42.

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