Bitcoin continues to decline, Ether and some other altcoins gain marginally

Stepping into the second week of December, the entire cryptocurrency market looked sluggish. Only a handful of crypto tokens registered an increase. According to Indian exchange CoinSwitch Kuber, the world’s oldest cryptocurrency, Bitcoin, continues to decline as the token started the week trading at $54,553 (roughly Rs. On international exchanges such as CoinMarketCap and Binance, bitcoin prices are hovering around $49,000 (approximately Rs 37 lakh) and have suffered minor losses.

On the other hand ether Got a slight edge. Gadgets 360 Crypto Price Tracker As per reports, Ether is currently trading at $4,652 (approximately Rs. 3.4 lakh) with a marginal increase of 0.94 percent at the time of writing this news.

Whereas USD Coin And Polygon Including only a few cryptocurrencies showed slight gains. Other popular altcoins followed in the footsteps of Bitcoin. Tether, Cardano, ripple, Polkadot, Dogecoin And Shiba Inu I too remained red in colour.

But what is certain is that none of the cryptocurrencies has shown significant gains or significant declines. All remained around their current level. Industry experts predict that there is a possibility of a sharp change in the trend of the market.

“Altcoins bore the brunt of the sell-off, with bitcoin also seeing an intraday drop of 25 percent. This is its highest single day stumping since May 2020. The coming week could bring another volatile phase for the market. If prices do not return to their previous levels in the next few weeks, we could be entering a cyclical beer market.” The CoinDCX team told Gadgets 360.

The volatility in the crypto market came after last week, when the US Securities and Exchange Commission (SEC) rejected WisdomTree’s proposal for a second spot bitcoin exchange-traded fund (ETF).

Eight Maine cryptocurrency firms, including Coinbase Global’s CFO Alesia Haas, and FTX Trading CEO Sam Bankman-Fried, are due to appear before the US House Financial Services Committee on December 8. The meeting will be the first of its kind where crypto players and US government officials will discuss ways to regulate this rapidly growing sector.