Bitcoin falls to two-month low; Ether, most altcoins see losses

The crypto price chart plunged into losses on Wednesday, May 1. Bitcoin recorded a significant decline of 5.20 percent on Wednesday. With this, the price of the oldest cryptocurrency on Indian exchanges fell to a two-month low of $60,170 (roughly Rs. 50.2 lakh), according to crypto price tracker by Gadgets360. According to foreign exchanges like CoinMarketCap, Bitcoin is trading at $60,099 (approximately Rs 50.1 lakh). Bitcoin has fallen by more than 16 percent during April and is once again retesting the important support zone.

Ether joined Bitcoin on the loss side of the crypto chart. After a loss of 5.27 percent, ETH is currently valued at $3,004 (approximately Rs 2.50 lakh). coinmarketcap, Internationally, ETH is trading at $2,997 (approximately Rs 2.50 lakh).

CoinSwitch Markets Desk told Gadgets 360, “While the move can be attributed to a pending technical fix, another catalyst for this was Changpeng Zhao, the former CEO of Binance, the world’s largest crypto exchange, whose sentencing was announced yesterday. Was.”

Zhao has been sentenced to spend four months in jail. Last year, he pleaded guilty to enabling money laundering through Binance. Earlier, Zhao had agreed to pay a fine of $50 million (about Rs 417 crore).

“Many are seeing this as a positive development, as Binance can now officially be free from US regulators, except for the fine they paid. The Coinswitch team said, the BNB token will be one of the cryptos that investors will keep an eye on in the coming days and weeks.

Most cryptocurrencies are trading with losses as of Wednesday. These include Solana, Ripple, Dogecoin, Cardano, Shiba Inu and Avalanche.

“Shiba Inu’s volatility has decreased, potentially indicating an upcoming rally. Despite limited price movements, recent trading patterns indicate accumulation of investors, setting the stage for potential price action,” Rajagopal Menon, Vice President, WazirX, told Gadgets360.

Along with Polygon, Near Protocol, Leo and Litecoin, Polkadot and Chainlink are also suffering losses.

In the last 24 hours, the total crypto market cap declined by 4.28 percent, bringing the valuation of the sector to $2.22 trillion (approximately Rs 1,85,33,026 crore). coinmarketcap,

Meanwhile, Tether, LEO, Cosmos, Iota, Dogecoin and Nano Dogecoin managed to maintain their lead on the crypto charts.

However, market analysts predict that the price of altcoins will rise in the coming days.

“The launch of the Bitcoin and Ethereum spot ETF in Hong Kong will provide new opportunities for local and global investors. While Bitcoin has consolidated resistance around $63,000 (roughly Rs. 52.5 lakh), the launch of the ETF could attract institutional interest, potentially igniting market activity,” Menon said.

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