Bitcoin Price Drops Below $66,000 as US Govt Moves Tokens Linked to Silk Road, Ether Also Dips

Bitcoin, that was trading at $69,535 (roughly Rs. 58 lakh) at the start of this week, has dropped notably. The asset incurred a loss of over two percent in the last 24 hours

Bitcoin price dropped notably on Monday, incurring a loss of over two percent in the last 24 hours on international exchanges. The asset was trading at the price point of $69,535 (roughly Rs. 58 lakh) at the start of this week, which has now fallen to $65,625.38 (roughly RS. 54.9 lakh) on global exchanges.

On Indian exchanges, the value of BTC tumbled by around one percent, bringing its price within the range of $66,090 (roughly Rs. 55.3 lakh) and $70,230 (roughly Rs 58.8 lakh).

“BTC is under pressure after the US government moved Bitcoin tokens linked to Silk Road. A decisive move above the $66,500 (roughly Rs. 55.6 lakh) resistance could drive the price higher in the coming sessions. However, if Bitcoin fails to break past this resistance, it may decline further,” Mudrex CEO Edul Patel told Gadgets360.

The US government has reportedly moved BTC tokens linked to the now defunct dark web marketplace Silk Road, which were earlier seized by the US government. The tokens, now valued at around $2 billion (roughly Rs. 16,746 crore), were moved by the US Marshals Service into a crypto wallet.

Ether price also saw a slight dip of 1.28 percent in the last 24 hours on Monday. On international exchanges, ETH is trading at the price point of $3,272 (roughly Rs. 2.73 lakh) whereas in India, the price of ETH stands at $3,482 (roughly Rs 2.91 lakh).

“With Grayscale's ETF having a net $120 million (roughly Rs. 1,004 crore) outflows in the day, ETH also traded lower below the $3,300 (roughly Rs. 2.76 lakh) mark. Ethereum however has a major support around the $2,800 (roughly Rs. 2.34 lakh) mark even if the downtrend continues,” CoinSwitch markets desk told Gadgets360.

Among other cryptocurrencies, Tether, USD Coin, Dogecoin, Cardano, Shiba Inu, and Polkadot — joined BTC and ETH in reflecting losses. At the same time, Binance Coin, Solana, Ripple, Chainlink, Near Protocol, Litecoin, and Leo made some profits.

The overall crypto market capitalisation also dipped by nearly one percent in the last 24 hours to claim the capitalisation of $2.37 trillion (roughly Rs. 1,94,27,517 crore1,94,27,517 crore), as per data from CoinMarketCap.

“As we navigate these turbulent times, it's crucial for investors to stay informed and approach the market with a balanced perspective,” Avinash Shekhar, Co-Founder of Pi42 told Gadgets360.

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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