On Monday, April 29, Bitcoin entered the trading floor at the price of $63,192 (roughly Rs. 52.6 lakh) after registering a loss of 0.57 percent in India. On international exchanges like Binance, Bitcoin is trading at an almost similar price of $63,102 (roughly Rs. 52 lakh). According to market analysts, Bitcoin's short-term indicators and sentiment are leaning towards a bearish outlook.
“It looks like a bearish trend is forming for BTC and we can expect a few days of slow movement. The immediate resistance is around $63,400 (roughly Rs. 52.8 lakh),” said Parth Chaturvedi, head of 'investments, CoinSwitch Ventures at Gadgets360.
Most altcoins, as of Monday, were in losses according to Gadgets360's crypto price tracker.
These include Tether, Binance Coin, Solana, Ripple and Dogecoin.
Cardano, Shiba Inu, Avalanche, Polkadot and Chainlink have also seen smaller but notable price reductions along with Polygon, Near Protocol and Leo.
“Following Bitcoin Halving, Crypto Assets Witness More Volatility, With Major Tokens Maintaining Neutral Sentiment. A recent decline triggered by Bitcoin's fall led to liquidations that broadly affected altcoins Rajagopal Menon, Vice President, WazirX told Gadgets360. “Price declines could also be influenced by the decline in the Japanese Yen against the USD.”
The global crypto market capitalization fell by 0.73 percent in the last 24 hours. The valuation of the sector, at the time of writing, was $2.35 trillion (roughly Rs. 1.95,96,121 crore) according to CoinMarketCap.
Taking a different price path than Bitcoin, the second most valued cryptocurrency, Ether, managed to mint small gains on Monday. The value of ETH currently stands at $3,130 (roughly Rs. 2.61 lakh) after registering a gain of 2.35 percent. On international exchanges, the price of ETH is $3,218 (roughly Rs. 26.8 lakh), CoinMarketCap showed.
Only a handful of cryptocurrencies managed to fall behind ETH on the profit side of the crypto chart on Monday. These include Tron, Litecoin, Cronos, Neo Coin, Qtum and Iota.
“This week's macro events, such as the Fed funds rate and unemployment rate announcements, may introduce additional volatility to the market,” CoinDCX's research team told Gadgets360.
In other news, fintech giant Stripe has announced the reintroduction of crypto payments later in 2024. The company will allow payments only for the USDC stablecoin on the Solana, Ethereum and Polygon blockchains. Meanwhile, in the United States, Metamask's parent company, Consensys, filed a complaint against the SEC over the company's “unlawful usurpation of authority” over Ethereum.
Cryptocurrency is an unregulated digital currency, is 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.
