The crypto sector is undergoing a phase of volatility now that Bitcoin is approaching its fourth halving process later this month. Bitcoin on Wednesday, April 10 recorded a loss of 2.30 percent. With this, the value of Bitcoin has fallen to $66,147 (roughly Rs. 55 lakh) as per Gadgets360's crypto price tracker. On international exchanges like Binance, Bitcoin is trading at a slightly higher price point of $69,058 (roughly Rs. 57.4 lakh).
“The market demand for Bitcoin seems slightly fazed amidst the ongoing price fluctuations. Bitcoin's hull moving average indicates a ‘Sell' sentiment reflecting the broader market pulse. The US CPI data is the next focal point for the market and could provide some insights into the rate cuts by the Fed. There is still ambiguity around rate cuts which is being anticipated in June,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Ether saw a bigger loss than Bitcoin on the price chart. On Wednesday, Ether recorded a loss of 3.28 percent to trade at the price point of $3,190 (roughly Rs. 2.65 lakh) in India. On Binance, Ether is trading at $3,514 (roughly Rs. 2.92 lakh).
“Ethereum supporters continue to struggle in their faith for an ETF amidst lack of updates from the SEC. Despite attempting to surpass the $3,650 (roughly Rs. 3.03 lakh) level, ETH encountered a fadeout. To regain bullish momentum, ETH needs to clear and sustain above this level,” the CoinDCX team told Gadgets360.
Tether, Binance Coin, Solana, Dogecoin, Cardano, Avalanche, Shiba Inu, and Polkadot -- all followed BTC and ETH on the loss-trail.
Tron, Chainlink, Polygon, Litecoin, Uniswap, Leo, Cosmos, and Stellar also reflected losses on Wednesday.
“The biggest losers among the top cryptos remained memecoins, as WIF (-18 percent), PEPE (-12 percent), and DOGE (-7.4 percent) all continued to struggle as markets slumped. With the Solana network congested for almost a week now, the price action has also started to reflect this, with Solana prices trading below the $170 (roughly Rs. 12,145),” the CoinSwitch Markets Desk told Gadgets360.
Only a small number of altcoins managed to see profits on Wednesday. These include Ripple, Ripple Cash, Qtum, Iota, and Braintrust.
The overall crypto market dropped by 3.22 percent in the last 24 hours. The current valuation of the sector stands at $2.59 trillion (roughly Rs. 2,15,55,443 crore), as per CoinMarketCap.
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