Bitcoin News

Bitcoin and Ether prices fell significantly Wednesday after a profit-taking session.

Popular cryptocurrencies’ prices fell significantly on Wednesday, owing to increasing profit-taking activity. Profit booking activity significantly increased in the last 24 hours, causing considerable value erosion.

Crypto Market

Bitcoin, which was hovering about $48,000 just a few days ago, has suddenly dropped below $45,000. At 1 p.m., it was down more than 1.4 percent. Bitcoin’s market capitalisation has fallen to $848 billion, down more than 32 billion from Tuesday.

Ether, the world’s second-most popular cryptocurrency, dropped 3% and was selling at little over $3,000 at the time. The market capitalisation of Ether has fallen to $357 billion.

All other cryptocurrencies, including XRP, Cardano, Litecoin, Dogecoin, Polkadot, and Uniswap, dropped dramatically between 2 and 9%.

The cryptocurrency market is anticipated to remain under pressure over the next 24 hours, so traders should proceed with care.

Expert Comments

“The previous 24 hours were yet another profit booking session,” Edul Patel, CEO and Co-founder of Mudrex, a worldwide algorithm-based crypto trading platform, said of the virtual coin market. The majority of the other Altcoins have given up their recent gains.”

“BTC investors are on the verge of panic, as the cryptocurrency has once again fallen below the psychological barrier of $45,000. “As a result of this collapse, numerous additional short positions have been created, pushing the markets farther lower,” he said.

“Over the next 24 hours, we can expect the markets to continue under pressure.”

CryptocurrencyPrice (US Dollar)24-hour changeMarket cap (Billion)Volume (24 Hours)
Bitcoin45,165.28-1.32%$848.64$36.92 billion
Ether3,051.95-3.22%$357.35$30.10 billion
Dogecoin0.299790-7.91%$39.21$4.55 billion
Litecoin169.99-5.04%$11.62$2.19 billion
XRP1.11-4.77%$111.45$7.75 billion
Cardano2.00-2.79%$64.81$3.40 billion

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.