BTC, ETH Open With New Week Losses, Most Altcoins Cascade Down Crypto Price Ladder
Bitcoin stepped into the late April 2022 phase with minor, but consistent losses. On Monday, April 18, BTC traded at $41,895 (approximately Rs.32 lakh). According to Indian exchange CoinSwitch Kuber, BTC posted a minor loss of 0.53 percent. The ruling coin of the crypto space also witnessed a decline on the international exchanges. For example, on Binance and Coinbase, the value of bitcoin has dropped by about 1.5 percent. The trading price of BTC on the global exchange platform is currently around $39,838 (approximately Rs.30 lakh).
Consistent minor losses since last week have pulled the value of bitcoin back from the $40,000 (approximately Rs 30.5 lakh) mark. a few weeks ago,
Ether also rallied down the price chart after seeing a small drop due to market volatility. According to Gadgets 360’s crypto price tracker, Ether is down 0.91 percent bringing its trading price to $3,147 (roughly Rs.
A few weeks ago, the ETH price was hovering near the $3,500 (approximately Rs.2.65 lakh) mark.
Most of the popular cryptocurrencies also joined Bitcoin and Ether and entered the week with prices.
These include Binance Coin, Ripple, Cardano, Terra, Avalanche and Polkadot.
Dogecoin and Shiba Inu also failed to see any bounce in prices.
The research team at CoinDCX tried to explain the market volatility to Gadgets 360, saying, “It appears that tax season has put a lid on any significant price increases, as investors are unable to meet their respective obligations.” To sell assets and rebalance portfolio.”
However, it is worth mentioning that despite a slow start to the week, some cryptocurrencies posted gains.
These include Tether, USD Coin, Solana and Binance USD.
Most of the receiving altcoins are stablecoins, pegged to the US dollar.
Analysts expect the market conditions to improve in the coming days.
“Continued corporate interest in crypto has ensured continued buying pressure, cushioning major macro-induced selloffs. As regulatory clarity also begins to take shape, we may soon be ushered in a new era of recognized interest in digital assets. You can enter,” the CoinDCX team said.
Meanwhile, Russia may soon legalize crypto payments in the country amid the ongoing war with Ukraine and economic instability following the conflict.
Russia’s Ministry of Finance has reportedly completed a bill addressing crypto payments in the country. The bill is named “On Digital Current” and would require people to trade and use cryptocurrencies after completing a rigorous identification process.
After briefly crossing the $2 trillion mark (approximately Rs 1,52,39,826 crore) in March, the crypto sector currently has a total market cap of $1.80 trillion (approximately Rs 1,37,92,882 crore).
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.