Bitcoin 6f4b6y Ether Fare Better After Saturday’s Crypto Crash, Majority Dog Coins Also Surge in Value

Bitcoin and Ether prices steadied on Monday following a rout over the weekend. 1l2nx

By Shomik Sen Bhattacharjee | Updated: 7 December 2021 11:12 IST

Bitcoin, Ether Fare Better After Saturday’s Crypto Crash, Majority Dog Coins Also Surge in Value

Photo Credit: Pexels/ Karolina Grabowska 3t332l

Bitcoin steadied on Monday following a rout over the weekend

Highlights

Bitcoin loses out in India while global markets show recovery signs
Ether shows quicker signs of recovery after Saturday dip
Shiba Inu leads the dog coin charge while Dogecoin slips

ment

Cryptocurrency market saw a sharp dip over the weekend and most of the big cryptocurrencies haven't been able to chart a turnover just yet. Bitcoin, which fell by close to 12 percent on Saturday, is trading at $54,211 (roughly Rs. 40.8 lakh) on Indian exchange CoinSwitch Kuber, down by 0.45 percent from its opening valuation after a 0.45 percent dip on Thursday. Global exchanges like CoinMarketCap, meanwhile, saw Bitcoin do fairly better through Monday, rising by 4.05 percent to be valued at $51,141 (roughly Rs. 38.52 lakh). As per CoinGecko, Bitcoin's value has dropped by over 11.6 percent over the past week.

cryptocurrency price tracker reveals that the Ethereum-based, despite the weekend dip, has dropped by only 2 percent in value over the past week.

Elsewhere, things are a bit of a mixed bag for altcoins. Kishu Inu ing their biggest gains through the day.

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Speaking of dog coins, Shiba Inu went up by 4.92 percent to be valued at $0.000037 (roughly Rs. 0.002808).

Investor appetite for risk assets improved with early signs suggesting that the Omicron variant of the coronavirus may not be as deadly as feared. As well as easing macroeconomic fears, sentiment on Bitcoin has been helped by data from Glassnode showing that long-term holders maintained their bullish bets during the most recent selloff.

Through Monday, we also saw a couple of cyberattacks involving crypto come to the fore. Cryptocurrency exchange Bitmart emerged as the latest victim of a severe hack. An alleged $196 million (roughly Rs. 1,479 crore) stored as various cryptocurrencies were stolen from Bitmart in this attack. The stolen tokens were directed to the unidentified hacker(s) hiding under the pseudonym “Bitmart Hacker”.

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Elsewhere, US law enforcement seized 39.9 Bitcoins from an Exodus wallet, worth approximately $2.3 million (roughly Rs. 17.3 crore) from a Russian citizen suspected of being associated with infamous hacker group REvil, known for their ransomware attacks. The Federal Bureau of Investigation (FBI) in a complaint unsealed last week states that the wallet contained REvil ransom payments belonging to an identified as Aleksandr Sikerin, who has been found employing ransomware viruses to break into databases of American infrastructure facilities.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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