Tag: zcash

Crypto Market Watch: Bitcoin, Ether Remain Sluggish Despite Small Gains; Losses Strike Stablecoins

Bitcoin registered a small gain of 0.7 percent on Friday, April 26. The most expensive cryptocurrency is trading at the price point of $26,421 (roughly Rs. 21.8 lakh), marking one of its lowest trading values in at least two months on both national as well as international exchanges. The leading crypto had been maintaining a steady position up until the second week of May, but it recently slipped below its crucial support level of $26,500 (roughly Rs. 22 lakh). In the last 24 hours, Bitcoin managed to rise by $414 (roughly Rs. 34,240).

Despite Bitcoin’s sluggish market movement, its sell-side risk ratio has touched an all-time low, the CoinDCX research team told Gadgets 360. A market indicator, the sell-side risk ratio is the sum of all on-chain profits and losses, divided by the overall capitalisation.

“This development indicates that investors have shown reluctance to sell their Bitcoins within the current price range, regardless of whether it would result in profit or loss. Such behaviour is typically observed when sellers on both ends become exhausted, signalling the potential for significant price movements on the horizon. This revelation brings a glimmer of anticipation to the market, as traders eagerly await the upcoming developments in the world of crypto,” the CoinDCX team said.

Ether tagged along with Bitcoin and registered a small profit of 1.46 percent. ETH, at the time or writing, was trading at $1,807 (roughly Rs. 1.49 lakh), showed the crypto price tracker by Gadgets 360. Over the last day, the second-most expensive cryptocurrency did grow by $32 (roughly Rs. 2,646).

Memecoins Shiba Inu and Dogecoin also reeled in minor gains alongside Polygon, Litecoin, Leo, Cosmos, and Uniswap.

Stellar, Bitcoin Cash, Cronos, and EOS Coin also recorded miniscule profits to trade in greens on Friday.

“The slight increase could be attributed to positive weekly unemployment data in the US. The crypto fear and greed index fell by two points since yesterday, but remains in the neutral zone with 49 points,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.

Overall, however, the uncertain macroeconomic climate has contributed to a decline in the crypto market, fuelled by concerns surrounding inflation, crypto regulations, and the ongoing debt ceiling stalemate in the US.

A divergence of opinions among US’ central bankers regarding potential interest rate hikes recently floated up in the Federal Open Market Committee minutes. This has intensified the traders’ focus on the forthcoming Core PCE inflation data for April, set to be released later in the day.

In the last 24 hours, the valuation of the crypto market went up by 0.73 percent to sit lowly at $1.11 trillion (roughly Rs. 91,75,000 crore), showed the data by CoinMarketCap.

“Market fluctuations have led to an increase in outflow of assets which led to the decline of the total market capitalisation. It is, however, noteworthy that there has been a sudden surge of regulatory developments in the last couple of days, especially after the IOSCO announcement. The World Economif Forum has followed in with its own set of regulations which promote international collaboration,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

Stablecoins, meanwhile, settled with losses on Friday. These include Tether, USD Coin, and Binance USD.

Binance Coin, Cardano, Solana, Tron, and Avalanche have also been trading in the reds alongside most stablecoins.

In other news, OpenAI’s CEO Sam Altman’s crypto project Worldcoin — a decentralised open-source protocol — has raised $115 million (roughly Rs. 95 crore) in a Series C funding round despite the bearish market sentiment.

Another major strategic event to highlight is the final resolution and sale of $2 billion (roughly Rs. 16,545 crore) worth of assets held by Celsius to a group of investors led by Fahrenheit.

Samsung Galaxy A34 5G was recently launched by the company in India alongside the more expensive Galaxy A54 5G smartphone. How does this phone fare against the Nothing Phone 1 and the iQoo Neo 7? We discuss this and more 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.

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Bitcoin, Ether Record Losses Amid US’ Debt Ceiling Discussions; Most Altcoins Fall

Bitcoin on Friday, May 19, recorded a loss of 1.67 percent to trade at the price point of $26,785 (roughly Rs. 22 lakh) on both national as well as international exchanges. The value of Bitcoin dropped by $542 (roughly Rs. 44,850) in the last 24 hours, in the backdrop of US thinking of re-adjusting its debt ceiling. The US, at this time, is undergoing a financial slowdown that is also pressured by major debts that the country has acquired since 2009. To control the situation, the US is considering altering the limit on borrowing more capital from entities like the World Bank or the International Monetary Fund among others. This limit is called the debt ceiling.

Ether slipped by 0.91 percent value-wise to trade at $1,800 (roughly Rs. 1.48 lakh). The second most valued cryptocurrency after Bitcoin, Ether lost $23 (roughly Rs. 1,903) in the last 24 hours.

“Bitcoin experienced a downward trend primarily influenced by ongoing debt ceiling discussions in Washington, DC., and other regulatory developments. While Bitcoin has registered an eight percent decrease month-to-date, it still boasts a remarkable 61 percent increase year-to-date. Similarly, Ethereum has mirrored Bitcoin’s performance, declining by over 1 percent in the past 24 hours. Ethereum has faced setbacks in the past five days, resulting in a five percent decrease month-to-date and a significant 62 percent decrease overall,” Edul Patel, CEO of crypto investment firm Mudrex, told Gadgets 360.

Usually, the price movement of BTC and ETH sets the tone for the trajectories of other cryptocurrencies as well.

Binance Coin, Cardano, Dogecoin, Solana, Polygon, Litecoin, Polkadot, and Tron followed BTC and ETH on the loss trail.

Price dips also impacted Shiba Inu, Avalanche, Chainlink, Uniswap, Cosmos, and Cronos.

The crypto market has observed slight selling pressure in the last 24 hours. Global crypto market capitalisation is at $1.12 trillion (roughly Rs. 92,72,681 crore), down 1.34 percent in the last 24 hours.

Small profits were recorded by Tether, USD Coin, Ripple, Binance USD, LEO, Stellar, and Bitcoin Cash.

“In token-specific action, Ripple (XRP) is launching a platform for CBDCs, enabling central banks, governments, and financial institutions to issue their unique forms of digital currency. XRP is trading around $0.4 (roughly Rs. 33), up 4.1 percent in the last 24 hours,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360. “The crypto fear and greed index is down 3 points, currently in the neutral zone with 48 points. This hints toward a cautious overhang amongst investors.”

Insiders from the Indian crypto space have also pointed out that bears in the Bitcoin market may take advantage of this uncertain climate of the sector.

“The outcome of the expiry will determine Bitcoin’s short-term performance, with potential effects on its price. Meanwhile, Bitcoin’s mining difficulty level skyrockets to a record high, accompanied by a surge in hash rate to 350 TH/s. This indicates the strengthening security and resilience of the Bitcoin network, bolstered by a greater number of miners contributing their computational power to validate transactions and uphold the decentralized nature of the blockchain,” the research team at CoinDCX told Gadgets 360.

In other news, Bitcoin Frogs, the non-fungible token (NFT) launched on Bitcoin Ordinals, emerged as the most actively traded collection in the last 24 hours as of yesterday, surpassing even popular collections like Bored Apes.

Google I/O 2023 saw the search giant repeatedly tell us that it cares about AI, alongside the launch of its first foldable phone and Pixel-branded tablet. This year, the company is going to supercharge its apps, services, and Android operating system with AI technology. We discuss this and more 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. 

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Bitcoin Trades at Over $27,000, Ether Joins Majority Altcoins in Registering Profits

Majority cryptocurrencies managed to record small profits on the crypto charts on Wednesday, May 17. Bitcoin did manage to maintain its value above the mark of $27,180 on Wednesday, after days of trading lowly on both, national as well as international exchanges. With a miniscule gain of 0.50 percent, Bitcoin stepped into the market charts today at the price point of $27,082 (roughly Rs. 22.3 lakh). Industry insiders believe that investors monitoring the debt ceiling negotiations could be the ones pulling away any form of risky investments for now, causing this dip in BTC price.

“Investors are monitoring debt ceiling negotiations. Resolving the issue may bolster Bitcoin as a hedge in the macroeconomic landscape. The rising debt ceiling would benefit risk assets, safeguarding wealth for market participants,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Ethereum bagged 0.81 percent in gains to trade at $1,823 (roughly Rs. 1.50 lakh). The second most expensive cryptocurrency after Bitcoin, Ether, rose by $14 (roughly Rs. 1,152) in the last 24 hours.

Speaking to Gadgets 360, the research team of CoinDCX noted that the once strong correlation between BTC and ETH has shown signs of weakening in the current year.

“This indicates at an impending shift in the market dynamics. Recent data reveals that the 30-day rolling correlation between BTC and ETH prices dropped to 77 percent, the lowest since 2021 and significantly weaker than the 96 percent observed just two months ago. This divergence suggests that the relationship between these two are evolving, signalling a potential regime change in the crypto market,” the CoinDCX team said. This decreased correlation is expected to stimulate greater trading activity within Bitcoin and Ethereum pairs going forward.

Stablecoins Tether, USD Coin, Ripple, and Binance USD tagged behind BTC and ETH to record small profits.

Conventionally popular cryptocurrencies like Binance Coin, Cardano, Dogecoin, Solana, Polygon, Litecoin, Polkadot, and Tron among others also managed to see minor price hikes.

The overall crypto market rose by 0.44 percent in the last 24 hours, taking the sector valuation to $1.13 trillion (roughly Rs. 93,23,054 crore) as per CoinMarketCap.

Only a small number of cryptocurrencies settled with losses. These include Leo, Bitcoin Cash, Cronos, Elrond, Bitcoin SV, Braintrust, and Circuits of Value.

In another major update from the crypto world, the European Union states have given the final nod to the world’s first comprehensive set of rules to regulate crypto-assets called MiCA. An EU finance minister meeting in Brussels approved rules that were thrashed out with the European Parliament, which gave its approval in April.

The passing of the MiCA legislation in the EU does intensify the pressure on other nations including India, that are still in the process of framing their crypto laws.

Google I/O 2023 saw the search giant repeatedly tell us that it cares about AI, alongside the launch of its first foldable phone and Pixel-branded tablet. This year, the company is going to supercharge its apps, services, and Android operating system with AI technology. We discuss this and more 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. 

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Bitcoin Loses $30,000 Pricing Over Weekend; Ether Joins Most Altcoins in Recording Dips

Bitcoin touched its highest price point of over $30,000 (roughly Rs. 24.5 lakh) for the first time in around eight months in April. Stepping into May, the most expensive cryptocurrency did, however, record losses. The trading value of Bitcoin on Monday, May 1, stood at $28,560 (roughly Rs. 23.3 lakh) after incurring a loss of 2.38 percent. Over the weekend, Bitcoin value dropped by $850 (roughly Rs. 69,510) on both national exchanges such as CoinSwitch, Kuber, and WazirX, and international exchanges like Coinbase and CoinMarketCap among others.

Bitcoin’s value tumble showed a ripple effect on the pricings of other altcoins. Ether, for instance, slid by 2.70 percent on the price ladder on Monday. ETH, at the time of writing, was trading at $1,847 (roughly Rs. 1.5 lakh) as per Gadgets 360’s crypto price tracker. Over the weekend, ETH rate dropped by $58 (roughly Rs. 4,745).

Among other cryptocurrencies to have seen losses, Cardano, Polygon, Solana, Polkadot, and Litecoin made a mark.

Both memecoins DOGE and SHIB failed to gather profits and settled with small losses alongside Avalanche, Chainlink, Cosmos, Uniswap, and Monero.

The overall crypto market valuation fell by 1.13 percent in the last 24 hours. As per CoinMarketCap, the crypto market cap currently stands at $1.18 trillion (roughly Rs. 96,39,140 crore).

This dip in the prices of most cryptocurrencies comes in the backdrop of another interest rate hike that could be announced by US’ financial authority later this week.

“The crypto community will be closely watching the FOMC meeting tomorrow for strategising their next move. It is highly anticipated that Fed may hike the interest rates by 25 basis points as a part of its continued efforts to tame inflation,” Dhruvil Shah, Vice President of Technology at Liminal digital wallet platform, told Gadgets 360.

Only a few cryptocurrencies managed to record profits on Monday. These include Elrond, Cartesi, Underdog, as well as stablecoins Tether and USD Coin.

“The stability in the job market and signs of inflation cooling down may encourage Fed to end its aggressive rate hikes which will boost liquidity and drive the market momentum in the coming weeks,” Shah added.

The Vivo X90 Pro has finally made its debut in India, but is the company’s flagship smartphone for 2023 equipped with enough upgrades over its predecessor? We discuss this and more 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. 

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Bitcoin Inches Close to $30,000 Mark After Four-Day Slump, Crypto Chart Shows More Gains Than Losses

Bitcoin, that stepped into the last week of April with lower prices, managed to bounce back to recovery after four days of losing ground. The cryptocurrency on Friday, April 28, recorded a gain of 1.22 percent to trade at $29,410 (roughly Rs. 24 lakh) on both, national as well as international exchanges. This is the closest Bitcoin has been this week to the mark of $30,000 (roughly Rs. 24.5 lakh). In the last 24 hours, the most expensive cryptocurrency rose by $452 (roughly Rs. 36,960) in value.

Ether incurred a small loss of 0.03 percent on Friday. The value of the second-most expensive cryptocurrency stood at $1,905 (roughly Rs. 1.55 lakh) at the time of writing, as per Gadgets 360’s crypto price tracker.

“Investors and traders are now focusing on the upcoming FOMC interest rate decision next week. Bitcoin has managed to maintain its position due to concerns about banking instability. Its immediate resistance is $29,800 (roughly Rs. 24.3 lakh) and its support is $29,250 (Roughly Rs. 23.9 lakh),” Edul Patel, CEO of Mudrex crypto investment platform told Gadgets 360.

Majority altcoins that tumbled down the price ladder in the backdrop of Bitcoin’s volatile movement this week, also managed to regain some profits.

USD Coin, Ripple, Cardano, Dogecoin, as well as Polygon registered profits on Friday.

Minor gains were also minted by Solana, Polkadot, Litecoin, Binance USD, and Tron.

“Investor sentiments seem to be more bullish than yesterday as the crypto fear and greed index has jumped five points from yesterday and stands at 64,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

The overall crypto market valuation went up by 0.63 percent in the last 24 hours and is now at $1.21 trillion (roughly Rs. 99,00,546 crore).

Only a few altcoins recorded losses, which include Tether, Binance Coin, Shiba Inu, and Bitcoin Cash.

Industry insiders are confident that the coming times will be more Web3-friendly, which in-turn will make the crypto sector safer and more stable for investors to dabble in.

“Google Cloud has partnered with Polygon Labs to simplify the process of building, launching, and scaling Web3 products and decentralized applications (dapps) on the Ethereum-based layer 2 blockchain. Simultaneously, Franklin Templeton, the investment giant, has revealed that its FOBXX fund is now available on Ethereum via the layer 2 blockchain Polygon. The firm has emphasized that it recognizes the benefits of blockchain technology. Additionally, investors are looking forward to the upcoming Federal Open Market Committee (FOMC) meeting next week. General expectation revolves around another but last interest rate hike from the Feds amidst recession concerns,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

There are more developments taking place centred around the blockchain industry. In conversation with Gadgets 360, Indian exchange CoinDCX shared an observation that more traditional financial firms are adding blockchain technology to their offerings, indicating wider adoption by institutions.

Sharing an example, CoinDCX said, “Franklin Templeton, which manages $1.4 trillion (roughly Rs. 1,14,44,650 crore) in assets, announced on Wednesday that its OnChain U.S. Government Money Fund is now supported on the Polygon network, giving investors access to the Ethereum blockchain. The company stated that integrating blockchain technology into its system would result in operational efficiencies such as increased security, faster transaction processing, and reduced costs.”

Xiaomi launched its camera focussed flagship Xiaomi 13 Ultra smartphone, while Apple opened it’s first stores in India this week. We discuss these developments, as well as other reports on smartphone-related rumours and more 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. 

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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. 

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Bitcoin, Ether Prices Dip as Shiba Inu, Stablecoins Record Profits

Bitcoin registered a loss of 1.50 percent on national and international exchanges on Friday, and the oldest cryptocurrency was trading at the price point of $17,406 (roughly Rs. 14.4 lakh). BTC, in the last 24 hours, has effectively lost up to $328 (roughly Rs. 27,168) to trade at current prices. The cryptocurrency, so far in the last two months, has not been managed to trade above the level of $18,000 (roughly Rs. 14.90 lakh). More losses than gains were recorded on the crypto price charts, as the market opened for trade amid fluctuations on Friday.

Ether moved in alignment with Bitcoin and met with price dips. With a loss of 1.50 percent, ETH is trading at $1,270 (roughly Rs. 1.05 lakh), as per the crypto price tracker by Gadgets 360.

Most altcoins recorded minor price dips on Friday. These include Binance Coin, Cardano, Polygon, Litecoin, Solana, Tron, Uniswap, and Avalanche.

Interestingly, Shiba Inu minted profits and surpassed its rival Dogecoin that saw its price fall.

Shiba Inu was joined by a several stablecoins on the profit-making side of the crypto price charts. Tether, USD Coin, and Binance USD reeled in gains on Friday.

Polkadot, Monero, Bitcoin SV, Zcash, and Neo Coin also bagged small but significant profits.

“Binance’s BNB token came under selling pressure (down 7 percent) as rumour mills continued to shill the idea of massive withdrawals from the platform. Meanwhile, OkX’s OKB token was a gainer in Binance’s loss (up 9 percent), as it’s one of the few remaining large crypto exchanges. One of the top gainers for the week was Telegram’s TON (up ~30 percent last week) after their founder announced plans to launch a wallet and DEX,” Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch told Gadgets 360.

The overall crypto market fell by 1.30 percent in the last 24 hours. At present, the total market valuation stands at $850 billion as per CoinMarketCap.

“Closer home, CRE8, an Indian Rupee denominated Virtual Digital Asset (crypto) index was down 2.1 percent in the past seven days. The Index value stood at Rs. 2,363.51 at 8 AM, December 16, 2022. BTC and ETH continue to be the top assets by market capitalisation,” Chaturvedi noted.

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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