The crypto market reeled back profits for majority popular cryptocurrencies over the last weekend of February 2023. Bitcoin on Monday, February 27, opened with minor profits of around 1.50 percent on national exchanges such as CoinSwitch and WazirX as well as on international exchanges like Coinbase and Binance among others. At the time of writing, BTC’s trading value stood at the mark of $23,540 (roughly Rs. 19.5 lakh). Despite the fresh gains, it is noteworthy, that over the weekend, the value of BTC has decreased by $423 (roughly Rs. 35,066).
Ether rose in value by 2.25 percent, stepping into Monday. The second-most valuable cryptocurrency after Bitcoin is hovering over the price point of $1,638 (roughly Rs. 1.35 lakh), showed the crypto price tracker by Gadgets 360. ETH value has not fluctuated too much over the weekend.
“The prices of both top two cryptocurrencies recorded slight downfalls over the weekend because investors indulged in analysing the employment data published last week,” Edul Patel, the CEO and Co-Founder of crypto investment platform Mudrex told Gadgets 360.
As part of its employment data, the US recently revealed that the inflation in its labour market remains resilient and could intensify in the coming days.
While stablecoins such as Tether, USD Coin, and Ripple recorded losses, majority popular cryptocurrencies followed BTC and ETH on the gain trail with minor profits.
These include Binance Coin, Cardano, Polygon, Solana, and Polkadot.
Dogecoin and Shiba Inu also reeled-in profits. But only miniscule.
Tron, Litecoin, Avalanche, Uniswap, Chainlink, and Monero also followed the minor profit suit.
Overall, the global crypto market valuation rose by 1.27 percent in the last 24 hours. As per CoinMarketcCap, the market cap stands at $1.07 trillion (roughly Rs. 89,10,393 crore).
Cosmos, LEO, Bitcoin Cash, and Cronos recorded losses.
Meanwhile, the International Monetary Fund (IMF) has laid out a nine-point action plan for how countries should treat crypto assets, with point number one a plea not to give cryptocurrencies such as bitcoin legal tender status.
The IMF said that its directors agree that the widespread adoption of crypto assets “could undermine the effectiveness of monetary policy, circumvent capital flow management measures, and exacerbate fiscal risks.”
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by String Reveals. String Reveals shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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