BTC, ETH post losses as volatility continues to impact price charts

The volatility factor in the cryptocurrency industry is far from over, as several cryptocurrencies are still struggling to find stable trading price points. On Wednesday, April 3, Bitcoin fell 0.33%. So far, its transaction value has reached $65,448 (approximately Rs. 5.45 million). The value of BTC fell by $654 (approximately Rs. 54,546) in the past 24 hours. This is the third day in a row that the price of the most expensive crypto asset has fallen.

“The negative sentiment and selling pressure surrounding Bitcoin has been ongoing since the beginning of the quarter. First, the Federal Reserve announced on Tuesday that it now plans to sell the 51,680.33 Bitcoins seized by Silk Road, worth over $3.4 billion, BuyUcoin CEO Shivam Thakral told Gadgets360 .

Ethereum joined Bitcoin in the red on Wednesday. The asset is currently trading at $3,262 (approximately Rs. 2.72 lakh) after suffering a loss of 0.19%. On the last day, the price of ETH fell by $8 (roughly Rs. 667).

As the Bitcoin halving approaches, the crypto market is experiencing volatility. Other macroeconomic factors and industry developments also increased pricing uncertainty for crypto-assets at the time, exposing many to losses.

USD Coin, Ripple, Cardano, Avalanche, and Polkadot all reflected losses on price charts on Wednesday.

Uniswap, Leo, Cosmos, Cronos, and Stellar also experienced value losses.

“The cryptocurrency market has experienced yet another correction, with many of the top 10 cryptocurrencies by market capitalization posting losses. Investor sentiment continues to remain bullish on expectations of increased institutional demand for spot BTC ETFs and the BTC halving. Due to BTC The market is likely to experience a short-term correction during the pre-halving retracement period. With investor sentiment high, we may see the cryptocurrency market surge again,” CoinSwitch Markets told Gadgets360.

The overall valuation of the cryptocurrency industry fell by 0.61% in the past 24 hours. According to reports, this number has dropped to $2.49 trillion (approximately Rs. 207,73,908 crore) coin market cap.

Some of the cryptocurrencies that managed to gain momentum on Wednesday include Tether, Solana, Binance Coin, Dogecoin, and Shiba Inu.

Other profitable altcoins include Bitcoin Cash, Chainlink, Tron, Litecoin, and Near Protocol.

Market analysts advise investors to exercise caution before making investment decisions.

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.