Bitcoin, Ether, Dogecoin, Shiba Inu See Big Drops as Global Crypto Market Cap Slides 5 Percent

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Bitcoin prices have continued their slip despite hints of recovery on Thursday morning. Bitcoin is currently trading at $60,879 (roughly Rs. 45.2 lakh) on Indian exchange CoinSwitch Kuber while global exchanges like CoinMarketCap value the most popular cryptocurrency at $55,950 (roughly Rs. 41.5 lakh). Talking percentages, the past 24 hours have seen Bitcoin slide 7.55 percent, dipping well below the $60,000 (roughly Rs. 44.7 lakh) mark that it's been hovering around for the past few days. This also marks the cryptocurrency's lowest valuation in over a month, a stark contrast from the $68,990 (roughly Rs. 51.18 lakh) all-time high achieved last week.

Bitcoin's struggles appear to have percolated to every other crypto asset too, as the global crypto market capitalisation saw a 5 percent dip overall. Ether dropped 6.84 percent over the past 24 hours to be valued at $4,406 (roughly Rs. 3.27 lakh) on CoinSwitch Kuber while values on global exchanges see an average dip of 5.28 percent to $4,042 (roughly Rs. 3 lakh). Gadgets 360's cryptocurrency price tracker shows that the Ethereum-based cryptocurrency has seen a correction of more than 15 percent since its November 10 all-time high of $4,870 (roughly Rs. 3.61 lakh).

“The crypto market witnessed a volatile 24 hours as BTC dropped towards the $57,000 [roughly Rs. 42.3 lakh]. The largest altcoin, Ether, moved closer to the $4000 [roughly Rs. 2.96 lakh] mark. All of the top 30 cryptos, barring the stablecoins, ended in red. With the weekend approaching, the coming 24 hours would likely remain volatile,” states Edul Patel, CEO and co-founder of AI-driven crypto investment platform, Mudrex.

The crypto market tracker certainly isn't a pleasant sight today as red dominates the 24-hour change tab. Cardano, Polygon, Ripple, Polkadot, and Tether saw big slips.

Meme coins Dogecoin and Shiba Inu did show minor signs of recovery mid-week but saw big dips through Thursday. While DOGE is currently trading at $0.23 (roughly Rs. 17.80) down by 9.21 percent in the past 24 hours, Shiba Inu is valued at $0.000042 (roughly Rs. 0.003149), down a whopping 11.95 percent.

On Thursday, Prime Minister Narendra Modi said all democratic nations must work together to ensure cryptocurrency “does not end up in wrong hands, which can spoil our youth” during a keynote address. PM Modi's first public comments on the topic of cryptocurrencies happened after he convened a high-level meeting with market players last week, held to discuss issues related to crypto regulation and to hear concerns over the current state of affairs in the unregulated crypto market in India.

The government aims to introduce and pass a cryptocurrency law in the parliamentary session that begins this month.

Closer home, the Chinese government isn't letting up any pressure on its internal crackdown on crypto as popular cryptocurrency news outlets now appear to have begun suspending operations. Crypto outlets ChainNews and Odaily have both become inaccessible over the past few days and neither of the outlets have stated a reason. Instead, both outlets have continued their activity on Twitter and Telegram, apps that are banned in China.


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.

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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Cryptocurrency Scams, Hacktivism Will Rise in 2022: Norton

Norton claims that cyber activism will gain momentum next year, and crypto scams are likely to increase as more users buy in. Furthermore, the cybersecurity firm predicts that scammers will target people suffering through natural disasters. Norton warns that 2022 will see more hacking, more scammers, and a bigger need for online security. The next year is likely to see more casual investors in the cryptocurrency market, hinting at more scams in the segment. Phishing campaigns to steal users' login credentials or tech support scams to separate people from their money will likely see a rise.

Cybersecurity predictions for the next year have been listed out by Norton. At the top, the firm predicts a rise in cryptocurrency scams as several countries look to regulate it. The rise in casual investors who do not fully understand the nuances of how cryptocurrencies work will enable scammers to take advantage of it. “Scammers have been using those misunderstandings to separate people from their coins, and with this new set of new users, we expect a big increase in the number of scams out there. They will likely look like some of the old scams, but also, we expect to see new and creative attempts to target this new, larger set of potential victims,” the company notes.

Norton also says that the need to go online during the pandemic and having all identity documents online may cause theft, stealing of identity, and other scams. The firm also predicts that cybercriminals might carry out phishing campaigns to steal login credentials or tech support scams to separate people from their money. While most attacks are for money, some bend towards using cyber intrusion as a form of protest.

The company adds that hacker activists, or hacktivists, will use their knowledge to achieve political outcomes. They do this by disrupting governments, spreading fear, or bringing some information to light. Hacktivism and cyber terrorism were alive and well in 2021, revealing information governments would have preferred to keep secret. Norton expects to see these attacks continue, if not increase, given their reach and potential influence.

In 2022, Scammers will continue to exploit disaster struck users. Norton says that whenever there is money flowing from insurance companies or the government to the victims of natural disasters, there is someone who will try to exploit that situation, either by committing fraud with stolen identities or scamming people directly. If the trend continues, and there are more and more natural disasters and extreme weather events, Norton expects to see more scammers ready to cash in.

Lastly, Norton predicts that artificial intelligence and machine learning will increase cybercrimes. It will allow users to manipulate some forms of media and extract value from large datasets. It predicts that as deepfake technology gets better and easier to use, it will become a useful tool for criminals, scammers, stalkers, and activists.


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.

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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