Most cryptocurrencies reflected losses on the crypto price charts on Tuesday, February 28. Bitcoin, that recorded a small loss of 0.63 percent, is presently trading at the price point of $23,437 (roughly Rs. 19.3 lakh) on both, national as well as international exchanges. Throughout February, BTC came close to breaching the mark of $25,000 (roughly Rs. 20.6 lakh) several times but could not. Industry experts have time and again noted that once BTC rises in value, its next resistance point would be at around $31,000 (roughly Rs. 25.6 lakh).
Ether tailed behind Bitcoin to trade in minor losses. As per Gadgets 360's crypto price tracker, the price of ETH stands stuck at $1,628 (roughly Rs. 1.34 lakh).
While BTC values dropped by $103 (roughly Rs. 8,520) in the last 24 hours, ETH price increased by $10 (roughly Rs. 826).
Majority cryptocurrencies recorded losses on the last day of February 2023.
These include stablecoins such as Tether, USD Coin, Ripple, and Binance USD as well as popular altcoins such as Binance Coin, Cardano, Polygon, and Solana.
It is expected that the stablecoin Binance USD could see more losses in the coming days now that the Coinbase crypto exchange has decided to delist it amid its ongoing issues with the SEC. At the time of writing, the Binance USD coin was trading at $1 (roughly Rs. 82.68).
Memecoins DOGE and SHIB also failed to reel-in any gains amid the volatile market.
The overall crypto market valuation dropped by 0.47 percent in the last 24 hours. As per CoinMarketCap, the crypto market cap stands at $1.07 trillion (roughly Rs. 88,49,113 crore).
Only a small bunch of altcoins managed to retain profits on the price chart.
These include Tron, Bitcoin Cash, Cronos, EOS Coin, NEM, and Circuits of Value.
Meanwhile, in a latest study, Arcane researcher Jaran Mellerud has claimed that Iceland is the most ‘stable' BTC mining region in the world. Its independent energy production system as well as its cool climate make Iceland a favourable destination for crypto mining operations.
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 NDTV. NDTV 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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