Bitcoin Prices / Why the shine of Bitcoin has faded, it has become cheaper by Rs 12 lakh in 6 days

Bitcoin Prices: The world's largest cryptocurrency bitcoin is witnessing a continuous decline these days. The price of bitcoin has come down by about Rs 12 lakh from its lifetime high. There are two main reasons behind this decline: first, profit booking by investors after high valuation, and second, the policy of the US Federal Reserve, which is not favorable for the crypto market.

Bitcoin price: How far has the decline reached?

In the Indian market:

According to data from Coin Market Cap, the value of bitcoin in India has come down by about Rs 12 lakh from its highest level. On December 17, bitcoin was at its lifetime high of Rs 91,59,463, which has now come down to Rs 79,70,860.

This means that bitcoin has fallen by Rs 11,88,603. If an investor had 10 bitcoins, he would have suffered a loss of about Rs 1.18 crore. Experts believe that bitcoin prices may fall further in the Indian market.

In the foreign market:

The decline in the price of bitcoin continues in the foreign market as well. On December 17, bitcoin was at a high of $ 1,08,268.45, but now it has come down to $ 93,690.73.

Thus, the price of bitcoin in the foreign market has fallen by $ 14,577.72, causing a loss of about 13.46% to investors.

Current prices:

Indian market:

Bitcoin is currently trading at around Rs 81,85,938. During the trading session, it had reached a low of Rs 79,70,860.

Foreign market:

Bitcoin is trading at $ 95,916.47 in the foreign market, while at the low of the day it fell to $ 93,690.73.

Major reasons for the fall of bitcoin

Profit booking:

When the price of bitcoin reached its highest level, many investors started taking profits. This increased the pressure on the prices and a decline was seen.

Federal Reserve Policy:

Recently the US Federal Reserve cut the policy rate by 25 basis points. However, only a 50 basis point cut has been projected for next year, which is in contrast to the possibility of a 1% cut earlier.

This change is proving to be unfavorable for the cryptocurrency market, as investors are now turning to safe and stable investments.

What's next?

Experts believe that bitcoin prices may fall further in the near future. Indian and global investors should be cautious about this volatility and keep an eye on market movements.

Note: The cryptocurrency market is extremely volatile. Be sure to do thorough research and professional advice before investing.