Bitcoin briefly hits $70,000 ahead of upcoming halving event

Cryptocurrency market sentiment was mixed on Monday, April 8, with more losses than profits. Gadgets360’s cryptocurrency price tracker showed Bitcoin inching up 0.03%, taking its trading value to $66,570 (approximately Rs 5.54 lakh) in India. On international platforms such as CoinMarketCap, the value of BTC touched the $70,000 (approximately Rs. 5.82 million) mark and stabilized at around $69,427 (approximately Rs. 5.77 million). With Bitcoin’s fourth halving approaching, the asset is expected to see some volatility.

“Bitcoin has gained 147% in the past year. If Bitcoin continues to rise above the current threshold, this may indicate that bulls have a slight advantage. The asset has been trading in a tight range over the past few days, showing indecision. Bitcoin has not yet gained enough strength to make big moves,” Mudrex CEO Edul Patel told Gadgets360.

As of Monday, multiple cryptocurrencies had suffered losses. These include Tether, Solana, Ripple, Dogecoin, Cardano, Avalanche and Shiba Inu.

Polkadot, Chainlink, Polygon, Litecoin, Near Protocol and Uniswap also joined BTC in losses.

“BlackRock’s inclusion of Goldman Sachs, Citigroup, UBS, and Citadel Securities as authorized participants in the iShares Bitcoin Trust triggered significant volatility in BTC prices over the weekend,” Parth Chaturvedi, head of investments at CoinSwitch Ventures, told Gadgets360. “Additionally, The U.S. labor market continues to show resilience, with the government reporting 303,000 new jobs were added last month. These numbers indicate a strong economy, which typically leads to higher inflation, higher interest rates, and lower risk assets including cryptocurrencies.”

Despite the volatility, Ethereum still posted a profit of around 1% on Monday. Gadget360’s cryptocurrency price tracker shows that ETH is worth $3,273 (roughly Rs. 2.72 lakh) at the time of writing. However, according to CoinMarketCap, ETH is worth $3,426 (approximately Rs. 2.85 lakh).

“ETH has shown better performance compared to BTC over the past few days, with the ETH/BTC pair seeing a slight rebound. The key resistance for ETH is $3,650 (roughly Rs. 3.03 lakh),” CoinDCX The research team told Gadgets360.

Bitcoin Cash, Tron, Monero, and Neo Coin also edged higher along with ETH.

The overall cryptocurrency market capitalization increased by 0.06% in the past 24 hours. According to the valuation of the industry, the current valuation of the industry is USD 2.59 trillion (approximately Rs. 21,568,846 crore) coin market cap.

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.