BTC, at the time of writing, is trading at $16,111 (roughly Rs. 13 lakh) after incurring losses of 2.37 percent.
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More cryptocurrencies saw losses than profits, as the turbulent month of November 2022 inches closer to its end. Bitcoin on Monday, November 28, opened with a value loss of 2.37 percent. BTC, at the time of writing, is trading at $16,111 (roughly Rs. 13 lakh). This is the second consecutive week where the oldest cryptocurrency has failed to break past this price point. On international exchanges like Binance and Coinbase as well, BTC struggled with small losses and traded at a similar price point.
Interestingly, rival meme coins Shiba Inu and Dogecoin, unconventionally found themselves on different sides of the crypto charts today.
“A rise in demand can help bulls gain more power to break above the current levels. The broader crypto market came under intense selling pressure the last week due to Genesis dealing with a liquidity crunch,” Edul Patel, CEO and Co-Founder of Mudrex told Gadgets 360.
The global crypto market valuation dropped by 2.47 percent in the last 24 hours and presently stands at $819.58 billion (roughly Rs. 67,02,464 crore), as per CoinMarketCap.
The month of November has been full of ups and downs for the crypto market. The FTX crypto exchange collapsed due to liquidity crunch, and ended up declaring bankruptcy earlier this month.
In the market movements that followed, over $200 billion (roughly Rs. 16,30,024 crore) were wiped off from the market.
Amid the ongoing market slump, the list of crypto firms resorting to slash its work force has been growing longer.
Just last week, Lemon Cash, an Argentina-based crypto exchange laid off 38 percent staff of the crypto exchange, making for around a hundred employees in an attempt to keep its business afloat.