On Monday, April 29, Bitcoin entered the trading ring at $63,192, or around Rs. 52.6 lakh, following a 0.57 percent decline in India. At around Rs. 52 lakh, or $63,102, Bitcoin is selling at a nearly same price on foreign platforms like Binance. Market analysts claim that the sentiment and short-term indications for Bitcoin point to a negative future.
“There seems to be a bearish trend forming for BTC, and we can expect some slow-moving days ahead. Immediate resistance is around $63,400 (roughly Rs. 52.8 lakh),” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Majority altcoins, as of Monday, found themselves curling under losses as per Gadgets360’s crypto price tracker.
These include Tether, Binance Coin, Solana, Ripple, and Dogecoin.
Minor but notable price reductions have also been clocked by Cardano, Shiba Inu, Avalanche, Polkadot, and Chainlink alongside Polygon, Near Protocol, and Leo.
“Following Bitcoin’s halving, crypto assets witness heightened volatility, with top tokens maintaining neutral sentiment. A recent plunge sparked by Bitcoin’s decline resulted in liquidations affecting altcoins widely,” Rajagopal Menon, Vice President, WazirX told Gadgets360. “The price drops could also possibly influenced by the Japanese yen’s downturn against the USD.”
The overall crypto market cap tumbled by 0.73 percent in the last 24 hours. The sector valuation, at the time of writing, stood at $2.35 trillion (roughly Rs. 1,95,96,121 crore) as per CoinMarketCap.
Taking a different price trajectory than Bitcoin, the second most valued cryptocurrency Ether managed to mint small gains on Monday. The value of ETH presently stands at $3,130 (roughly Rs. 2.61 lakh) after it recorded a profit of 2.35 percent. On international exchanges, the price of ETH is $3,218 (roughly Rs. 26.8 lakh), showed CoinMarketCap.
Only a handful of cryptocurrencies managed to trail 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’s fund rate and unemployment rate announcements, may introduce additional volatility to the market,” the CoinDCX Research Team told Gadgets360.
In other news, fintech giant Stripe has announced the reintroduction of crypto payments later in 2024. The company will enable payments for only USDC stablecoin on Solana, Ethereum, and Polygon blockchains. In the US, meanwhile, Metamask’s parent company Consensys filed a complaint against the SEC over ‘unlawful seizure of authority’ over Ethereum held by the company.
