Bitcoin and Ethereum prices rise slightly after Bitcoin halving

On Monday, April 22, Bitcoin joined most cryptocurrencies on the losing side of the crypto charts. According to Gadgets360’s cryptocurrency price tracker, the asset is worth $62,734 (roughly Rs. 52.3 lakh) at the time of writing, with a profit of 2.20%. However, on international exchanges such as Binance, Bitcoin is trading at a slightly higher price of $64,493 (approximately Rs 53.80 lakh). The asset went through its fourth halving process last weekend, which reduced Bitcoin miners’ incentives to add new blocks to the blockchain. This slows down the rate at which new BTC tokens enter circulation.

“Bitcoin price is surging after the fourth halving event. The rebound indicates strong buying interest at lower levels. BTC has surged 137% in the past year. Neither bulls nor bears are currently dominant, which suggests that in the short term It could move sideways between $62,000 (approximately Rs 5.17 crore) and $66,000 (approximately Rs 55 lakh),” Mudrex CEO Edul Patel told Gadgets360.

Ethereum prices were up 2.61% after entering the trading arena on Monday. The asset was trading at $2,985 (approximately Rs. 2.49 lakh).

“Overall, the market looks bullish after the Bitcoin halving, especially as tensions over the Iran-Iraq war subside. ETH is currently trading below the 50 EMA D. The key resistance for ETH is $3,656 (~Rs 3.05 Lakh) ,” the CoinDCX team told Gadgets360.

Most cryptocurrencies, along with BTC and ETH, reflected profits on Monday. These include Ripple, Dogecoin, Cardano, Binance Coin, Solana, and USD Coin.

Litecoin, Uniswap, Bitcoin Cash, Polkadot, Chainlink, Avalanche, Shiba Inu and Bitcoin Cash also posted gains on Monday.

“Shiba Inu (SHIB) is approaching a critical moment, approaching its 50-day EMA, a key position in the conflict between bulls and bears. A break above the $0.00003 (roughly Rs. 0.0025) mark could push SHIB further higher.” Rajagopal Menon, Vice President, WazirX Tell Gadgets360.

According to data, the overall market value of cryptocurrencies has surged 1.12% in the past day, and is currently valued at $2.43 trillion (approximately Rs. 202,711,810 million). coin market cap.

Cryptocurrencies such as Polygon, Elrond and Augur all posted losses.

Market analysts advise investors and traders to remain cautious in the coming days.

Shivam Thakral, CEO of BuyUcoin, told Gadgets360: “There is likely to be significant volatility this week, which may favor bulls as the Hong Kong ETF is gearing up for launch and the economic calendar is irrelevant.”

Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risks. The information provided in this article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV is not responsible for any losses incurred as a result of any investment based on any perceived recommendations, predictions or any other information contained in the article.