The past few weeks have pushed Bitcoin below the $60,000 price (roughly Rs. 50 lakh) for the first time in two months. As of Friday, May 3, Bitcoin was trading at $57,690 (roughly Rs. 48 lakh) on Indian exchanges. With a loss of around 0.15 percent, the value of Bitcoin in the forex stands at $59,790 (roughly Rs. 49.85 lakh). For most of this week, Bitcoin has been in losses after showing a major rally in April.
“This price drop suggests that there is buying activity at the lower level. Bitcoin has yet to recover and has gained enough strength to make a sharp move due to macroeconomic factors and geopolitical tensions, making sideways trading is more likely. Resistance for Bitcoin is seen at $60,300 (approx. Rs. 50.2 lakh), with support at $58,800 (approx. Rs. 49 lakh),” said Edul Patel, CEO of Mudrex at Gadgets360.
Ether, which has been showing mixed price movement for days, found itself on the losing side of the crypto chart on Friday. At the time of writing, ETH was priced at $2,907 (roughly Rs. 2.42 lakh) after posting a loss of 1.85 percent.
“Ethereum has witnessed a rally driven by strong spot Ethereum ETFs in Hong Kong and increased network activity. Ethereum's next resistance levels are forecast at $3,100 (roughly 2.58 lakh of Rs.) and $3,300 (roughly Rs. 2.75 lakh),” Patel added.
Tether, Solana, Cosmos and Braintrust joined Bitcoin and Ether on the losing side of the crypto chart.
Apart from these, most of the altcoins are making minor but noticeable gains from Friday. These include Ripple, Dogecoin, Cardano, Shiba Inu and Avalanche.
Tron, Chainlink, Polygon, Near Protocol, Litecoin, Leo, Uniswap and Cronos also posted gains on May 3.
In the last 24 hours, the global crypto market valuation increased by 3.46 percent to reach $2.23 trillion (roughly Rs. 1,85,85,957 crore), according to CoinMarketCap.
“While spot BTC ETFs saw a combined outflow of $563 million (roughly Rs. 4,692 crore) on Wednesday, BlackRock predicts that there will be a new wave of inflows from different types of investors that will include sovereign wealth funds, funds of pensions and endowments. The company expects a cumulative demand for exposure to BTC through ETFs,” said Parth Chaturvedi, Head of Investments at CoinSwitch Ventures to Gadgets360.
Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
