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Bitcoin, Ethereum Prices Fall as Increase in Selling Pressure Causes Drop in Values of Most Cryptocurrencies

Bitcoin price in India and international markets dropped on Friday, after days of seeing its value rise. Industry experts say that at present, the selling pressure on investors has increased, triggering a period of volatility for crypto assets. On Friday, the world’s most popular cryptocurrency opened with a loss of 2.22 percent to trade at $28,245 (roughly Rs. 23.2 lakh). While it remains the most expensive cryptocurrency, BTC is currently trading at a similar price on both national as well as international exchanges. In the last 24 hours, the value of Bitcoin has dropped by $613 (roughly Rs. 50,370).

“Bitcoin dropped for the second consecutive session due to an increased selling pressure,” Edul Patel, CEO of crypto investment platform Mudrex told Gadgets 360. Selling pressure garners heat when majority of the traders begin selling, indicating that the majority is betting on the market price to decrease. “This resulted in the loss of the rally and wiped out the weekly gains of Bitcoin. Despite this, there is still substantial support down to the late-March lows of $26,500 (roughly Rs. 21 lakh) and Bitcoin has seen a 40 percent increase over the past six weeks.”

Ethereum followed Bitcoin in a conventional market movement and reflected a loss of 0.10 percent at the time of publishing. The value of Ether is hovering around the mark of $1,940 (roughly Rs. 1.60 lakh) after having fallen by $157 (roughly Rs. 12,899) in the last three days.

On Friday, most cryptocurrencies saw their prices fall alongside Bitcoin and Ether. These included altcoins like Tether, Binance Coin, USD Coin, Ripple, and Cardano as well as Dogecoin, Polygon, Solana, and Polkadot.

Shiba Inu, Avalanche, and Tron also saw their values drop on Friday.

“Market performance has been sideways with a downward bias in the last 24 hours. The two-day continuous drop could be triggered by a $400 million (roughly Rs. 3,268 crore) sell order on Binance. On the regulatory front, the US seems to be lagging as market liquidity seems to be moving away from the country. Greed seems to be on a decline, as the crypto fear and greed index stands at 50, down two points in the last 24 hours and lowest since March 15,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

The overall crypto market valuation dipped by 1.45 percent over the last 24 hours. As of Friday, the crypto market cap stood at $1.20 trillion (roughly Rs. 98,26,980 crore), showed the data by CoinMarketCap. In the otherwise top-to-bottom loss-ridden price chart, LEO and Bitcoin SV managed to record miniscule price hikes.

While there are several factors that could have led to the crypto market hitting a speed breaker after rallying for days, it could also be due to the possibility of stricter oversight that could make it risky for miscreants to engage with the sector. The European Parliament on Thursday overwhelmingly backed the European Union’s (EU) first set of rules to regulate the cryptoasset markets.

Called MiCA — or Markets in Crypto Assets — these rules largely revolve around consumer protection and prevention of market manipulation and financial crimes in the crypto sector. The MiCA bill is aimed at preventing insider dealing, unlawful disclosure of inside information, and market manipulation of crypto-assets.

“The crypto market faces headwinds, but long-term tailwinds for Bitcoin are highlighted in 3iQ’s 2023 Outlook. Key market indicators showed a ‘Sell’ sentiment amidst prices of BTC and ETH decreasing after a good run in the past few days. Investors must proceed with caution,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin, Ether Price Rally Halts as Cryptocurrency Values Fall; Dogecoin Price Rises: Details

The crypto market witnessed a halt in its price rally on Tuesday, after days of continuous growth in values of the digital currencies. Bitcoin recorded a drop of 2.25 percent on Tuesday, taking its price to $29,353 (roughly Rs. 24 lakh). On both national as well as international exchanges, Bitcoin has settled at its highest price in the last eight months. However, it is worth noting that over the last 24 hours, the value of BTC has dropped by $607 (roughly Rs. 49,784).

Ether followed Bitcoin towards the loss-making side of the crypto price chart on Tuesday. Incurring a loss of 0.68 percent, ETH is currently trading at $2,081 (roughly Rs. 1.7 lakh) as per Gadgets 360’s crypto price tracker.

“Over the last 24 hours, Bitcoin has been trading below the $30,000 level (roughly Rs. 24.6 lakh) due to the strengthening of the US dollar, leading to an increase in bearish activity. The bears are attempting to push towards the $29,200 (roughly Rs.23.9 lakh) support zone, while the immediate resistance levels are currently at $29,800 (roughly Rs. 24 lakh) and $30,000 (roughly Rs. 24.6 lakh). If these resistance levels are successfully broken, it might lead to another increase. Meanwhile, Ethereum has been able to maintain its position above the $2,000 level (roughly Rs. 1.6 lakh), but if it falls below this level, it could invite the bears back into the market,” Edul Patel, the CEO of Mudrex crypto investment told Gadgets 360.

A large section of the crypto price chart reflected losses on Tuesday. These include Binance Coin, Ripple, Cardano, Polygon, Solana, Polkadot, and Avalanche.

Tron, Chainlink, Uniswap, Cosmos, and Monero also recorded price dips.

The overall crypto market cap dropped by 1.30 percent in the last 24 hours. At the time of writing, the crypto market valuation stood at $1.25 trillion (roughly Rs. 1,02,83,799 crore), showed CoinMarketCap. “The SEC further tightened rules for crypto platforms by labeling them as securities and compelling them to abide by existing laws. The increase in Treasury Yield, anticipated rate hike by the Fed has impacted crypto prices,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Despite the otherwise lowly trading altcoins, some did manage to record small profits on Tuesday. These include Tether, USD Coin, Dogecoin, Litecoin, Binance USD, and Wrapped Bitcoin among others.

Industry insiders predict that some more upcoming developments around the crypto sector could trigger upheaval in the market. “In an effort to regulate stablecoins, the Bank of English and the Financial Conduct Authority are planning to consult on new rules which brings stablecoin under existing payment legislation. In parallel, the US’s SEC is approaching crypto regulations by considering them as securities. The SEC has categorized six cryptos as securities in its lawsuit against a crypto exchange — Bittrex. Of the tokens included in the lawsuit, Algorand is by far the largest market capitalisation. It is down by ~4.8 percent in the last 24 hours as of today morning,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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ETH Crosses $2,000 First Time in Eight Months, BTC Rally Leads Most Altcoins Towards Gains

The crypto price chart brimmed with profits next to majority cryptocurrencies on Friday, April 14. Bitcoin, continuing its price rally, garnered daily profits of 1.04 percent. The value of Bitcoin reached $30,646 (roughly Rs. 24.9 lakh) on Friday. In the last 24 hours, BTC grew substantially by $587 (roughly Rs. 47,870). The support for BTC is located at the point of $30,400 (roughly Rs. 24.7 lakh), while resistance lies at the $30,800 (roughly Rs. 25 lakh) level, experts have predicted.

Following the completion of its Shanghai upgrade, Ether outshone Bitcoin in-terms of bagging profits. On Friday, ETH value spiked by 9.90 percent to reach its eight-month high of $2,107 (roughly Rs. 1.71 lakh). ETH price rose by $199 (roughly Rs. 16,230) in the last 24 hours, as per Gadgets 360’s crypto price tracker.

ETH has increased by 135 percent since its lowest cycle in June 2022.

“As expected, liquid staking protocols are in the green, with a market capitalisation of $14.3 billion (roughly Rs. 1,16,657 crore), up 10.5 percent in the last 24 hours. ETH is trading in the $2.1k zone despite some fearing a massive dump after the Shapella upgrade. The crypto fear and greed index have jumped 7 points to regain the scoring for 68, hinting towards increasing investor confidence,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

The hike in the prices for BTC and ETH paved the way for majority altcoins reeling-in gains.

These include Binance Coin, Cardano, Polygon, Solana, Polkadot, and Litecoin.

Avalanche, Tron, Chainlink, Uniswap, and Cosmos also saw profits.

“The crypto market continues to react to the US inflation data. In contrast, Ethereum outdid BTC by surging over 10 percent and is now trading at the $2,000 (roughly Rs. 1.6 lakh) level after the successful Shanghai upgrade. Overall, the market sentiment appears optimistic at the moment,” Edul Patel, CEO, Mudrex told Gadgets 360.

The overall crypto market valuation grew by 4.37 percent to touch $1.29 trillion (roughly Rs. 1,04,86,788 crore) in the last 24 hours, as per CoinMarketCap.

For the third consecutive day, stablecoins Tether, USD Coin, and Binance USD settled with losses on the price charts.

Wrapped Bitcoin, Monero, and Braintrust also recorded losses.

“With an anticipated credit crisis looming in the US, crypto is gaining back its status of hedge against inflation, making the case for decentralisation stronger,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Bitcoin, Ether Retain Profits Throughout Weekend, So Far April Seems Fruitful for Investors

Bitcoin, over the weekend, did not lose its grip on its recovered price and continued to trade above the $28,000 (roughly Rs. 22.9 lakh) mark throughout Saturday and Sunday. With a small profit of 0.81 percent, Bitcoin touched the price point of $28,287 (roughly Rs. 23 lakh) on Monday, April 10. Over the weekend, the first ever cryptocurrency grew by $272 (roughly Rs. 22.2 lakh) in terms of its value. Bitcoin’s healthy trading value has ushered a big number of cryptocurrencies onto the profit-making side of the price charts.

Ether, that is set to get its new Shanghai upgrade later this week, also did not drop in value over the weekend. The value of Ether on Monday, stood at $1,858 (roughly Rs. 1.5 lakh) with a gain of 0.17 percent.

A big bunch of cryptocurrencies followed BTC and ETH towards the greener side of the crypto price chart, showed the tracker from Gadgets 360.

Tether, Binance Coin, Binance USD, Wrapped Bitcoin, and Monero — all recorded profits.

Both memecoins DOGE and SHIB also recorded small gains alongside Zcash, Dash, and Qtum.

“Institutional investors continue to be bullish about crypto despite strict market regulations. DeFi has witnessed a lot of user interest and crypto as an asset continues to be an important part of portfolios for larger investors,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

The overall crypto market rose by 0.50 percent in the last 24 hours, showed data by CoinMarketCap. At the time of writing, the market valuation of the crypto sector stood at $1.19 trillion (roughly Rs. 96,96,113 crore).

“Most cryptocurrencies experienced an uptick in value as the market responded to the non-farm payrolls report, which indicated that the US economy gained 236,000 jobs in the previous month over the weekend,” Edul Patel, CEO of Mudrex crypto investment platform told Gadgets 360.

Meanwhile, a significant chunk of the crypto listings did see losses on Monday.

These include Cardano, Polygon, Polkadot, Litecoin, Tron, and Avalanche among others.

Despite the constant volatility associated with the crypto assets market, players from the sector are continously expanding operations to other nations.

Binance for instance, launched its business in Argentina last week.

While India is set to discuss crypto laws with the World Bank and the IMF in the coming days, Hong Kong is gearing to take active steps to push Web3 initiatives.

Smartphone companies have launched many compelling devices over the first quarter of 2023. What are some of the best phones launched in 2023 you can buy today? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Affiliate links may be automatically generated – see our ethics statement for details.

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