Bitcoin Recoups Losses After Hitting Lowest in 6 Months, Ether Drops: Details

  • Cryptocurrency News
Bitcoin Recoups Losses After Hitting Lowest in 6 Months, Ether Drops: Details
Credit: © Reuters.

By Malvika Gurung -- The largest cryptocurrency in terms of market capitalization Bitcoin ( BitbnsINR ) climbed 2.98% to $36,197.47, or Rs 29,46,105 at 10:10 am on Tuesday after declining over 7% a day before, to hit its lowest value in 6 months.

In a volatile session on Monday, the price of Bitcoin tanked 7.4% to $33,650, its lowest since July 24, amid growing geopolitical tension revolving around the Ukraine issue.

The crypto had hit its all-time high of $69,000 in November. At the time of writing this piece, its value tumbled 48% from the all-time high.

The crypto’s price plummeted after NATO announced commanding forces to standby and reinforce Eastern Europe with more ships and fighter jets, amid growing tension between Russia and Ukraine.

All this was secondary to the investors looking out for the Federal Reserve's two-day policy meeting starting Tuesday, to expectedly confirm draining the liquidity pool soon, which increased the valuations of growth stocks.

Experts believe that Bitcoin will continue facing headwinds until macroeconomic conditions reflect the change. 

As per the chief market strategist at Bannockburn Global Forex, due to a strong pull-back in broad markets led by risks, cryptocurrencies have been falling. 

Besides, the second-largest cryptocurrency Ether ETH/INR dropped 2.25% to $2,380.46 at 10:25 am on Tuesday, as per CoinDesk.

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