Indian markets observed a substantial decline exceeding 4400 points on a Tuesday, triggered by the intense competition between two significant political factions in India's ongoing 2024 general elections counting process. Concurrently, the cryptocurrency market faced significant fluctuations.

The ongoing vote counting process encompasses all 543 constituencies in India for the 2024 general elections, with Prime Minister Narendra Modi seeking reelection for a third term. The Bharatiya Janata Party (BJP) led by Modi and other coalition partners forming the National Democratic Alliance (NDA) are competing against a coalition of opposition parties collectively known as I.N.D.I.A.

By midday IST, the competition between the political fronts remained neck and neck, leading to a sharp decline in the Indian stock markets. The Sensex witnessed a drastic drop of 4464 points, representing a 5.84% decline and closing just below the 72,025 mark. Simultaneously, the cryptocurrency market experienced substantial volatility.

The initial signals from the market were bleak, with the Sensex falling by 183 points (0.24%) before the market opened, reaching 76,285.78, and the Nift dropping 84.40 points (0.36%) to 23,179.50.

The significant plunge in the Sensex had a ripple effect on the banking sector, causing the Nifty PSU Bank index to decline by 5.33% to 7,579.75. Major banks such as Bank of Baroda, Indian Bank, Central Bank of India, Canara Bank, and Punjab National Bank encountered substantial drops in their share prices, ranging from 4.98% to 7.09%.

In the realm of cryptocurrencies, Bitcoin witnessed a tumultuous journey. Its price surged to $70,299 before retracting to $68,898. Bitcoin's trading volume spiked by 43.20%, reaching $30.47 billion. The market's volatility can be attributed in part to concerns over recent U.S. inflation data and anticipation of upcoming economic reports.

Ethereum also saw notable price movements, climbing to $3764.38 before falling to $3,847.75. The approval of form 19-b for Ethereum Spot ETFs by the U.S. Securities and Exchange Commission (SEC) spurred trading activity, boosting its 24-hour volume by 20.02% to 13.93 billion.

Conversely, Tether remained relatively stable, hovering around $0.9998 and maintaining a firm position at $0.9994. Tether's trading volume surged by 17.45% to 62.87 billion, reflecting a growing inclination towards stablecoins amid market turbulence.

As the counting progresses in the general elections in India, experts predict far-reaching implications of the election results, particularly on sectors like web 3 and blockchain technology domains.