Crypto Crash Alert: The global crypto market has fallen below $3 trillion in value. According to CoinMarketCap, it was $4.28 trillion in October and has now fallen to $2.95 trillion.
The value in rupees has fallen by nearly 100 lakh crore rupees from approximately 379 lakh crore rupees to 261 lakh crore rupees, which means the value has fallen by more than 30% in about a month.
Persentage of Bitcoin in crypto market –
Bitcoin accounts for approximately 58% of the crypto market, while Ethereum accounts for 12% and others for 30%. Bitcoin has fallen to ₹7.6 million in value within a month, a drop of approximately ₹3.4 million from its all-time high of ₹11 million.
It’s worth noting that Bitcoin reached this level on October 7th. This means that Bitcoin has fallen by more than 30% in about a month. Besides Bitcoin, cryptocurrencies like Ethereum and Solana have also declined. Ethereum has fallen from ₹4.15 lakh to ₹2.48 lakh.
2 reasons for the decline
*Macroeconomic uncertainty and Fed policy: Uncertainty over Federal Reserve rate cuts has led to a sell-off in risky assets like crypto, creating fear among investors.
*Mass deleveraging and liquidations:
When a large number of people borrow money to buy crypto and the price drops even slightly, everyone’s holdings are automatically sold due to a lack of funds. This selling further accelerates the decline. This chain reaction continues.
Bitcoin –
Bitcoin is called the “gold” of the digital world. It is a digital currency that operates without the control of any bank or government. That is, it is decentralized. No single authority has control over it.
Just like you send messages on WhatsApp, you can send Bitcoins anywhere in the world via the internet. Their number is also limited.
How does blockchain work?
Bitcoin works in the blockchain system.When a block is filled, it is locked and linked to the previous block. Computers called nodes check and store this information, ensuring it is correct and secure.
Blockchain is also very secure, as it uses mathematics and code to store data. Since many computers hold copies of the blockchain, it is difficult to hack.
Future of Bitcoin
If more people and companies use Bitcoin, it could grow even larger. It could become like regular money online, but this requires new technology and government approval.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗