Why Crypto Market is Down: Popular tokens are constantly struggling to gain a foothold in the cryptocurrency market. Today, i.e. on Thursday, May 12, according to the Indian exchange Coin Switch Kuber, there has been a decline of 9 percent in bitcoin.
The price of bitcoin in India was $31,119 at the time of writing this article. The world’s oldest cryptocurrency on global exchanges has suffered even more. The price of bitcoin was trading at $28,625 (about Rs 22 lakh) on global platforms like Binance and Coinbase.
Dogecoin and Shiba Inu have suffered heavy losses today. There has been a huge drop of 30 percent in SHIB and a loss of 27 percent for DOGE. Ether has suffered more today. The world’s second largest cryptocurrency lost 13.87 percent in the opening itself.
According to data from CoinMarketCap, the global cryptomarket capitalization currently stands at $1.17 trillion (about Rs 91,01,968 crore). In the midst of the ongoing bearish wave, market experts are expecting that the prices will bounce once again.
The CoinDCX research team told that conductive regulation not only protects users from danger, but it also ensures the growth of newly created markets like cryptocurrencies. Apart from this, it also plays a similar role for emerging technologies such as Web3. The team said to Gadgets 360 that now more countries of the world will adopt crypto regulation.
Meanwhile, crypto-related firms are constantly raising funds to expand the scope of their services. For example, KuCoin recently raised $150 million (approximately Rs 1,158 crore) in funds from Circle Ventures and Jump Crypto. This confidence of the firms for cryptocurrencies also raises hopes of a rebound in the market.