No major changes in Bitcoin, ETH prices, markets remain slow

The entire crypto market, including Bitcoin, did not see any major changes over the weekend. Volatility continues to hamper profit growth for several cryptocurrencies. Taking Bitcoin as an example, on Monday, April 15, the trading price of Bitcoin fell by 1.40%. According to Gadgets360’s crypto price tracker, Bitcoin is currently priced at $62,897 (approximately Rs. 52.5 lakh) in India. On international exchanges like Binance, BTC is trading at $67,320 (approximately Rs. 56 lakh).

Mudrex CEO Edul Patel said in an interview with Gadgets360 that the decline in Bitcoin prices was mainly due to increased liquidations and rising geopolitical tensions between Iran and Israel.

“Bitcoin’s price range appears to be between $60,000 (~Rs 50 Lakh) to $73,000 (~Rs 6.09 Lakh). However, bulls are defending the $60,775 (~Rs 5.07 Lakh) level. Bitcoin’s Immediate support is at $64,500 (approximately Rs. 5.38 lakh) level and resistance is at $67,900 (approximately Rs. 5.66 lakh) level,” said Patel.

On Monday, the prices of a handful of cryptocurrencies fell alongside BTC. These include Tether, Tron, Monero, Qtum and Circuits of Value.

Unlike Bitcoin, Ethereum saw some price gains over the weekend. ETH is trading at $3,126 (approximately Rs. 2.60 lakh), up slightly by 3.93%. While ETH has managed to reflect these small profits in recent days, the asset is still far away from its all-time high of $4,500 (roughly Rs. 3.75 lakh) reached in November 2021. On Binance, ETH is worth $3,024 (roughly Rs. 2.52 lakh).

“Technical analysis for ETH (+7.3%) shows a strong trend formation, suggesting the best is yet to come. Some analysts are even predicting ETH to cross $6,000 (roughly Rs. 5 lakh),” Parth Chaturvedi, Head of Investments at CoinSwitch Ventures Tell Gadgets360.

On Monday, most cryptocurrencies lagged behind Ethereum and managed to post profits. These include Binance Coin, Solana, USD Coin, Ripple, Dogecoin, and Cardano.

Avalanche, Shiba Inu, Bitcoin Cash, Polkadot, Chainlink, Polygon, Litecoin and Uniswap also recorded small gains.

In the past 24 hours, the overall market value of cryptocurrencies has increased by 5.42%. As of Monday, the market was valued at $2.37 trillion (roughly Rs. 2,840 crore) coin market cap.

In other news, Bloomberg reported that BTC and ETH ETFs may soon be launched in Hong Kong; even before the BTC halving event. This could unleash demand of up to $25 billion (roughly Rs. 2,08,583 crore) as investors from mainland China could move billions of dollars through the Shanghai-Hong Kong Stock Connect scheme, Matrixport reported.

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.