Bitcoin trades at $63,000, most altcoins plunge into losses

On Monday, April 29, Bitcoin hit the trading rink at a price point of $63,192 (approximately Rs 52.6 lakh) after registering a loss of 0.57 percent in India. On international exchanges like Binance, Bitcoin is trading at almost the same price of $63,102 (approximately Rs 52 lakh). According to market analysts, short-term indicators and sentiment for Bitcoin lean towards a bearish outlook.

“It looks like a bearish trend is forming for BTC, and we can expect some slowing in the coming days. Immediate resistance lies around $63,400 (roughly Rs. 52.8 lakh),” Parth Chaturvedi, investment lead at CoinSwitch Ventures, told Gadgets360.

According to Gadgets360’s crypto price tracker, most altcoins found themselves in the red as of Monday.

These include Tether, Binance Coin, Solana, Ripple and Dogecoin.

Minor but notable price cuts have also been seen by Polygon, Near Protocol and Leo, as well as by Cardano, Shiba Inu, Avalanche, Polkadot and Chainlink.

“Following the Bitcoin halving, volatility has increased across crypto assets, with top tokens maintaining neutral sentiment. “Altcoins were broadly impacted as a result of Bitcoin’s recent decline,” Rajagopal Menon, vice president of WazirX, told Gadgets360. “The decline in prices could also possibly be influenced by the decline of the Japanese yen against the US dollar.”

The total crypto market cap declined by 0.73 percent in the last 24 hours. At the time of writing, the sector was valued at $2.35 trillion (approximately Rs 1,95,96,121 crore). coinmarketcap,

Taking a different price trajectory than Bitcoin, Ether, the second most valuable cryptocurrency, managed to post modest gains on Monday. ETH is currently priced at $3,130 (approximately Rs 2.61 lakh) after registering a gain of 2.35 percent. On international exchanges, ETH is priced at $3,218 (roughly Rs. 26.8 lakh), CoinMarketCap showed.

Only a few cryptocurrencies managed to lag behind ETH on the profit side of crypto charts on Monday. These include Tron, Litecoin, Cronos, Neo Coin, Qtum and Iota.

“This week’s macro events, such as the Fed’s funds rate and unemployment rate announcements, could bring additional volatility to the market,” the CoinDCX research team told Gadgets360.

In other news, fintech giant Stripe has announced plans to restart crypto payments in late 2024. The company will enable payments only for the USDC stablecoin on Solana, Ethereum, and Polygon blockchains. Meanwhile, in the US, MetaMask’s parent company ConsenSys filed a complaint against the SEC over ‘unlawful seizure of rights’ on Ethereum held by the company.

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