Bitcoin Market Update: BTC Faces Four Consecutive Days of Depreciation, While ETH Records Modest Increase

Bitcoin, currently the largest cryptocurrency in terms of market capitalization, has faced a challenging day, witnessing a decline of approximately one percent

Bitcoin price today: Cryptocurrency market slipped on Friday, with Bitcoin witnessing a decline of nearly 1% as recent Consumer Price Index (CPI) data from the United States came in higher than anticipated. This led to a slight market correction, especially in response to the CPI data.

As of 6:35 am, Bitcoin was trading at around $61,452 on Indian exchanges and nearly $60,577 on international exchanges. Among other cryptocurrencies, Ether rose marginally by over 1%, trading at about $2,438 on Indian exchanges and $2,407 on international exchanges.

Avax, Carda, Litecoin, Polkadot, Cronos, Ripple, and Bitcoin SV witnessed price increases, while Solana, Binance Coin, Stellar, and USD Coin saw declines.

The total market cap of cryptocurrencies also decreased by about 1% to reach nearly $2.12 trillion.

CoinSwitch market desk noted that Bitcoin has now faced four consecutive days of depreciation, mainly due to the recent CPI data from the U.S. While institutional participation in crypto has been increasing, a report by the International Organization of Securities Commissions (IOSCO) highlighted the interest of retail investors in cryptocurrencies.

According to the report, younger retail investors might be turning to unverified and dubious sources for investment information, leading to potential financial risks.

In light of the increasing crypto-related scams, the United Nations Office on Drugs and Crime (UNODC) has recommended imposing penalties on unlicensed cryptocurrency firms. Southeast Asia is reported to have lost an estimated $37 billion in crypto-related scams last year, prompting the UNODC to urge governments in the region to be vigilant and take меры по предотвращению убытков.

In a separate development, the Delhi High Court ordered the Ministry of Communications to shut down 38 websites that were impersonating a legitimate crypto firm, highlighting the measures being taken to curb crypto-related fraud.

The above is the detailed content of Bitcoin Market Update: BTC Faces Four Consecutive Days of Depreciation, While ETH Records Modest Increase. For more information, please follow other related articles on the PHP Chinese website!