At the time of writing, BTC was trading at $17,716 (roughly Rs. 14.6 lakh)
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One day after majority cryptocurrencies recorded profits and the crypto market valuation rose by over three percent, the price charts for cryptocurrencies was hit by volatility once again. Bitcoin on Thursday, opened with a loss of nearly one percent. At the time of writing, BTC was trading at $17,716 (roughly Rs. 14.6 lakh). The world's most popular cryptocurrency also saw tiny price dips on international exchanges. As per Binance and CoinMarketCap, BTC is trading at the price point of $17,734 (roughly Rs. 14.4 lakh).
Along with altcoins, stablecoins pegged against the US dollar also settled with losses.
The overall crypto market valuation slipped by 1.12 percent in the last 24 hours. The current crypto market cap stands at $861.07 billion, as per CoinMarketCap.
After the collapse of crypto exchange FTX exchange, a large part of the global investor community has pulled back from the crypto sector.
A recent report, the Organisation for Economic Cooperation and Development (OECD) explains why the crypto market cap has not managed to show any recovery. The OECD has said that institutional investors were quicker to leave the crypto market amid the slump, as compared to retail investors.
Last year around the holiday season in December, the crypto market recorded profits as more people indulged in gifting crypto presents, especially in the US. This year, the holiday spirit has not yet managed to achieve the same effect on the crypto sector.