Bitcoin price in India dropped marginally by 0.15 percent on Friday, September 24, a day after witnessing a hike. The world’s largest valued cryptocurrency is currently trading at $47,243.04 (roughly Rs. 34,84,000). Despite today’s marginal dip, Bitcoin has shown an improvement in the market after its values briefly dropped below $40,000 (roughly Rs. 29,49,852.51) earlier this week. Analysts had blamed the upheaval in China’s real estate market to have caused this fluctuation in the crypto-trading space.
Along with Bitcoin, Ethereum also dropped by 1.61 percent. The world’s second most valued cryptocurrency is presently trading at $3,296.77 (roughly Rs. 2,43,124.63) as per the Gadgets 360 cryptocurrency price tracker.
Cardano, that had risen in value on September 23, also dropped by 0.29 percent to trade at $2.43 (roughly Rs. 179).
The drops in cryptocurrency prices have stirred an interesting trend in the market, reports have observed. Crypto whales — entities holding a large number of coins of a particular cryptocurrency – have been buying these dips.
For instance, Bitcoin’s recent price slumps led world’s third-largest whale wallet of the cryptocurrency to add 729 coins worth around $31 million (roughly Rs. 228 crores) at current value in the last two days, reports revealed. The mysterious whale wallet whale wallet now has 112,000 Bitcoins in possession that amount to $4,857 billion (roughly Rs. 35,805 crores), according to the data by BitInfoCharts.
Recently, El Salvador President Nayib Bukele, whose Central American country made Bitcoin a legal tender this month, had also bought the dip to increase his country’s Bitcoin holdings.
We just bought the dip.
150 new coins!
El Salvador now holds 700 coins.#Bitcoin????????
— Nayib Bukele ???????? (@nayibbukele) September 20, 2021