Crypto Market in Red, Bitcoin Price less than USD 61,000, Ether Gains More than 1 Percent, Solana, Polygon

Bitcoin, the largest cryptocurrency by market capitalization, was down by about one percent on Friday. Its price on Indian exchanges was around $61,452 and on international exchanges it was around $60,577. CPI data in America being higher than analysts’ estimates has had an impact on the crypto market.

However, the second largest cryptocurrency Ether was up more than one percent. Its price was around $2,438 on Indian exchanges and $2,407 on international exchanges. Apart from this, the prices of Avalanche, Cardano, Litecoin, Polkadot, Cronos, Ripple and Bitcoin SV have increased. The cryptocurrencies that declined included Solana, Binance Coin, Stellar and USD Coin. In the last one day, the market capitalization of crypto had declined by about one percent to about $ 2.12 trillion.

The markets desk of crypto app CoinSwitch told Gadgets360, “Bitcoin was down for the fourth consecutive day. The main reason for the volatility in the market is the CPI data in the US being higher than analysts’ estimates.” In a report issued by the Board of the International Organization of Securities Commissions (IOSCO), it has been said that the interest of retail investors in the crypto segment remains intact. This trend is visible in developed countries as well as emerging markets. It has been said that for young retail investors, the major source of information related to investment in this segment is unauthorized and dubious sources. There is a possibility of financial loss due to this.

To prevent cases of fraud in this segment, the United Nations Office on Drugs and Crime (UNODC) has suggested imposing penalties on unlicensed crypto firms. UNODC estimates that crypto-related scams caused losses of approximately $37 billion in Southeast Asia last year. Social media is also used in these scams. UNODC has advised the governments of Southeast Asian countries to be more cautious as well as take measures to prevent cases of crypto-related fraud. Recently, the Delhi High Court had ordered the Ministry of Communications to remove 38 websites imitating a crypto firm.