Bitcoin, ETH See Price Drops, Stablecoins Show Stronghold Amid Turbulent Market

The cryptocurrencies that had been riding on high horses these recent weeks, witnessed minor setbacks on Wednesday, February 22. Bitcoin fell by almost 3.40 percent on both, national as well as international exchanges. The oldest and most expensive cryptocurrency currently stands at the price point of $24,060 (roughly Rs. 19 lakh). In the last 24 hours, the value of Bitcoin reduced by $860 (roughly Rs. 71,225). The bear market sentiment, while weakened, has not shrugged completely off the market sentiment.

Ether followed Bitcoin to trade in losses. With a value dip of 3.68 percent, the price of ETH was recorded at around $1,642 (roughly Rs. 13.6 lakh), as per the crypto price tracker by Gadgets 360. In the last 24 hours, ETH has dropped by $61 (roughly Rs. 5,052).

Other loss-making cryptocurrencies include Binance Coin, Cardano, Polygon, Solana, Polkadot, Litecoin, and Avalanche.

These were further joined by Tron, Uniswap, Cosmos, Chainlink, and Monero.

Dogecoin and Shiba Inu also recorded losses.

“This shift in momentum within the crypto markets might have been influenced by uncertainties surrounding the SEC and Paxos, resulting in a change in sentiment,” Edul Patel, the Co-Founder and CEO of Mudrex told Gadgets 360.

Paxos, the stablecoin issuer that wholly owned and managed the Binance USD stablecoin, is facing a lawsuit from the SEC that accuses Paxos of issuing the BUSD coin as an unregistered security. Both the parties have been engaging in private conversations where Paxos has claimed that BUSD was not a security.

In the backdrop of this ongoing chaos, the overall crypto market valuation slipped by 3.16 percent to stand at $1.09 trillion (roughly Rs. 90,58,388 crore), data by CoinMarketCap showed.

Only stablecoins such as Tether, USD Coin, and Binance USD managed to retain small gains alongside Leo and Bitcoin Cash.

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