Cryptocurrency markets turn bearish as Bitcoin falls below $67,000 mark

Prices for most cryptocurrencies have fallen over the past 24 hours as the cryptocurrency market has taken what experts call a “bearish turn.” On Tuesday, April 2, Bitcoin fell 1.24%. With this, the value of the asset fell back to $66,102 (approximately Rs. 5.51 million). Market analysts have been calling $67,000 (approximately Rs 5.58 lakh) a key price point for BTC, above which the asset is expected to rise easily, but now that BTC has fallen below that price, analysts are worried that BTC may fall further below.

“The market has been bearish over the past 24 hours. Bitcoin is currently trading below the 20 EMA D, indicating bearish sentiment. In the coming days, attention will be focused on BTC ETF inflows and US macroeconomic announcements.” CoinDCX Research Team told Gadgets360 while commenting on the market conditions.

On Tuesday, Ethereum price fell by 3.71%. Its current trading value is $3,270 (approximately Rs. 2.72 lakh). The value of ETH has fallen by $125 (approximately Rs. 10,420) in the past 24 hours.

“ETH has experienced a sharp correction after hitting a recent high of $4,093 (roughly Rs. 3.41 lakh), with the price down nearly 25%. Traders are still immersed in speculation about the possible approval of an Ethereum ETF spot in May, ” ZebPay transaction desk told Gadgets360.

Most cryptocurrencies joined BTC and ETH in the red on Tuesday. These include Binance Coin, Solana, Ripple, Dogecoin, Cardano, Avalanche, and Shiba Inu.

Other altcoins in the red as of Tuesday include Polkadot, Tron, Chainlink, Polygon, Litecoin, Uniswap and Near Protocol.

“The top 20 cryptocurrencies by market capitalization are currently in the red. Based on the market performance in the past 24 hours, the total liquidations in the cryptocurrency market exceeded $490 million (approximately Rs. 4,084 crore), of which 134.74 million BTC liquidations USD (approximately Rs. 1,123 crore).” CoinSwitch Markets Desk said Gadgets 360.

The overall valuation of the cryptocurrency market plunged 5.92% in the past 24 hours.The current cryptocurrency market capitalization is $2.52 trillion (approximately Rs. 2,10,07,274 crore), as per coin market cap.

Stablecoins such as Tether and USD Coin, along with altcoins such as Bitcoin Cash, Leo, Monero and Iota, posted modest gains on Tuesday.

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